Tether, the leading issuer of the $140 billion stablecoin USDT, has significantly boosted its Bitcoin holdings by $700 million.
According to recent transaction data, Tether added 7,629 Bitcoin (BTC), valued at approximately $700 million, to its corporate crypto reserve address on December 30. This move brings Tether’s total Bitcoin holdings to 82,983 BTC, equivalent to $7.7 billion based on current Bitcoin prices of $92,300. In addition, Tether holds $6 billion in its U.S. dollar stable token and under $300 million in other stablecoins and various tokens.
In May 2023, Tether announced plans to diversify its portfolio by purchasing Bitcoin. The company has been accumulating BTC through its mining operations as well. As of now, it remains unclear if the latest Bitcoin addition was purchased directly or generated through mining activities.
CEO Paolo Ardoino has expressed intentions to explore new technological sectors, particularly artificial intelligence and energy. Previous reports indicate that Tether aims to implement some of its AI initiatives by early 2025. The firm also supports AI-focused startup Northern Data Group and other technology-oriented companies.
In a related trend, various companies within the cryptocurrency space are increasing their Bitcoin reserves. Notably, MicroStrategy recently secured $209 million worth of BTC for its corporate treasury.
