Tether's total BTC assets have reached 66,465 coins
Tether's total BTC assets have reached 66,465 coins
At the end of the fourth quarter of 2023, Tether, a token startup platform, purchased $380 million worth of Bitcoins, bringing its total BTC holdings to 66,465 coins.
Tether made its first purchase of 33,980 BTC in September 2022, and its second largest purchase was in March 2023, when it bought 15,915 BTC. The most recent purchase was for 8,888 BTC and is the third largest.
According to details published by The Block, Tether first disclosed its Bitcoin reserves in May 2023.
Since the third quarter of 2022, Tether has regularly invested a portion of its profits in Bitcoins as it seeks to convert its stablecoin reserves into cryptocurrencies and move away from US government debt.
"The decision to invest in Bitcoin, the world's first and largest cryptocurrency, is driven by its strength and potential as an investment asset," said Paolo Ardoino, CTO of Tether.
"Bitcoin has proven its resilience and has emerged as a long-term savings asset with significant growth potential," he added.
It's worth noting that, in addition to buying BTCs, Tether is mining them.
In November, Tether said it planned to invest $500 million in BTC over the next six months, including expanding its mining capacity and acquiring stakes in other companies.
It also provided up to $610 million in debt financing to Northern Data AG, a specialty technology company that provides solutions for high-performance computing.
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