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.