Tether Reportedly Bought 8.9K Bitcoin for $380M, Remaining 11th-Largest BTC Holder
Summary
Tether increased its bitcoin holdings by purchasing an additional 8,888 BTC for $380 million in the fourth quarter, making it the 11th-largest holder of the cryptocurrency with 66,465 BTC. This move is part of Tether's strategy to diversify from cash and cash-like assets such as U.S. Treasury bonds that back its USDT stablecoin. The company announced in May 2023 that it would invest up to 15% of its profits into bitcoin. Tether's latest attestation report showed $72.6 billion in government bonds and $1.7 billion in bitcoin holdings. Despite scrutiny over its asset quality, Cantor Fitzgerald CEO Howard Lutnick confirmed the legitimacy of Tether's holdings. Tether first bought bitcoin in September 2022.
