Home NewsStory Tether Boosts Bitcoin Holdings: Acquires 8,888 BTC in Q4 2023, Becomes 11th-Largest Holder

Tether Boosts Bitcoin Holdings: Acquires 8,888 BTC in Q4 2023, Becomes 11th-Largest Holder

by Ouess

Tether expanded its bitcoin (BTC) holdings in the final quarter, acquiring an additional 8,888 BTC for $380 million, as reported by The Block.

A wallet linked to Tether now reveals a bitcoin balance of 66,465, ranking it as the 11th-largest holder of the cryptocurrency according to Dune Analytics.

In a strategic move to diversify from traditional assets like U.S. Treasury bonds supporting its USDT stablecoin, Tether announced in May 2023 that it would allocate up to 15% of its profits into bitcoin. With a market capitalization surpassing $95 billion, USDT remains the world’s largest stablecoin.

According to the latest attestation report, Tether holds $72.6 billion in government bonds and $1.7 billion in bitcoin, among other investments.

While Tether has faced scrutiny over the quality of its assets, Cantor Fitzgerald CEO Howard Lutnick, serving as a custodian for Tether, reassured skeptics this week about the legitimacy of its holdings.

The Switzerland-based company initiated its bitcoin purchases in September 2022.

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
Social Media Auto Publish Powered By : XYZScripts.com
Skip to content