Bitcoin news: Tether keeps stacking BTC, adding $70M in tokens to stablecoin reserve
Tether added $70 million in Bitcoin to its reserves, increasing its holdings to over 97,000 BTC.Summary
Tether, the issuer of the USDT stablecoin, has purchased an additional $70 million worth of Bitcoin, bringing its total holdings to over 97,000 BTC, valued at approximately $7.16 billion. This move is part of Tether's strategy, implemented in 2023, to allocate up to 15% of its realized operating profits into Bitcoin. The company generates these profits from its core stablecoin business and investments in U.S. Treasury holdings. With this latest acquisition, Tether ranks among the largest Bitcoin holders globally, surpassing MicroStrategy if it were a public company. Tether's reserves are predominantly composed of cash-like assets, including significant exposure to U.S. government debt and gold, with substantial excess reserves providing a buffer against its liabilities.
(Source：CoinDesk)