Tether’s Bitcoin wallet swells to 66,400 BTC, tallying up unrealized gains of over $1B

Tether has importantly accrued its Bitcoin holdings, present comprising much than 66,000 BTC, with an estimated worth exceeding $2.8 billion.

According to data shared by CryptoQuant laminitis Ki Young Ju, Tether’s BTC holdings surged to 66,400 from the 57,500 recorded astatine the opening of the year—indicating an acquisition of astir 8,900 BTC successful the last 4th of 2023.

Tether Bitcoin Holdings (Source: CryptoQuant)

This strategical determination aligns with Tether’s program to allocate up to 15% of its realized concern profits toward acquiring BTC for its stablecoin reserves.

An address, “bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4,” perchance belonging to Tether, is the 11th-largest Bitcoin holder, according to Bitinfocharts data. 21.co Research Analyst Tom Wan discovered the aforesaid code past year. The wallet presently boasts an unrealized nett of $1.1 billion.

Despite the notable summation successful its Bitcoin holdings, Tether has not officially disclosed its BTC code and has yet to respond to inquiries from CryptoSlate as of property time.

BTC mining investments

In addition, the stablecoin issuer is engaged successful strategical investments successful BTC mining.

Last November, the institution committed to put astir $500 cardinal successful BTC mining activities implicit six months. CEO Paolo Ardoino expressed the company’s ambition to elevate its stock of the wide computing powerfulness connected the Bitcoin web to 1%.

The steadfast is actively pursuing the constitution of mining facilities successful Uruguay, Paraguay, and El Salvador, each boasting a important capableness ranging from 40 to 70 megawatts.

USDT’s increasing supply

Over the past year, Tether’s USDT stablecoin has experienced a significant surge, witnessing a robust 38% summation successful its marketplace capitalization from $66 cardinal to an awesome $91 cardinal successful 2023.

This affirmative momentum has persisted into the caller year, with the stablecoin’s marketplace capitalization reaching $95.08 cardinal arsenic of property time.

The important maturation has prompted concerns wrong the assemblage regarding Tether’s quality to conscionable redemption demands with capable reserves.

Addressing these worries, Cantor Fitzgerald CEO Howard Lutnick emphatically reassured the assemblage that Tether diligently upholds the indispensable reserve requirements for its stablecoins.

The station Tether’s Bitcoin wallet swells to 66,400 BTC, tallying up unrealized gains of implicit $1B appeared archetypal connected CryptoSlate.