Tether, the operator of the largest stablecoin by market capitalization, USDT, has significantly increased its Bitcoin reserves by as much as $700 million of the cryptocurrency in a record-breaking top-up. The same could be confirmed on Dec 30 using data on blockchain analytics platform Arkham, which stood at 7,629 Bitcoin.
This latest addition puts Tether’s Bitcoin reserves at 82,983 BTC, approximately 7.7 billion in value at market prices of $92,300. In addition to Bitcoin, Tether added US$6 Billion to its U.S Dollar-backed Stablecoin and a less-than $300,000,000 addition in other stables and Crypto.com’s CRO combined.
Tether Expands Into Bitcoin, AI, and Energy Projects
This is consistent with what the company said in May 2023, when it claimed injecting Bitcoin into its portfolio would reduce huge exposure. At this time, Tether’s chief executive, Paolo Ardoino, commented on how the company is continuously working out ways to increase revenue capture, either by using Bitcoin as a strategic reserve or even by Mining.
Though the source of this newest Bitcoin acquisition is unconfirmed, nobody knows whether Tether acquired or mined the BTC, and the company has not made it clear which of the two it was.
Alongside crypto reserves, Tether has been investing in AI and energy projects. According to Ardoino, those will go live as early as the beginning of 2025. The British Virgin Islands-based parent of Tether also invests in AI startup Northern Data Group, at least according to reports about its wide array of technology-related investments.
Tether ♥️ Bitcoin https://t.co/Snakxf4SO1
— Paolo Ardoino 🤖🍐 (@paoloardoino) December 21, 2024
Tether’s transfer speaks to the wider phenomenon of crypto-cognizant corporations padding reserves in the largest cryptocurrency. MicroStrategy is the leader among venture companies developing business intelligence and also one of the most vocal evangelists for Bitcoin.
Thus, it has recently added more slices of BTC to the corporate treasury, and this time, rounded $209 million, which was added to Bitcoin’s reserves. This deal again points to how strongly this digital asset attracts greater function in the service as a reserve currency.
This makes Tether, with the strategic expansion of its reserves as Bitcoin gains further traction with institutional players, the cornerstone in the cryptocurrency space. According to analysts, such a step shows confidence not just in Bitcoin’s long-term value but in wider adoption at large through decentralized finance solutions.
Tether’s accrual strategy makes the firm one of the largest corporate Bitcoin holders, a sign of the continued change in how traditional and crypto-native businesses manage their reserves.
