January 21, 2024

Analyst Reports Tether Holding Over $2.7 Billion in Bitcoin Amid Continued Accumulation Spree

Stablecoin issuer Tether (USDT) has increased its bitcoin (BTC) holdings to at least $2.7 billion. Tether's aggressive accumulation of the leading cryptocurrency continues unabated.

Ki Young Ju, the founder and CEO of CryptoQuant, disclosed that Tether currently possesses a minimum of 66,400 BTC, signaling a substantial increase in its bitcoin holdings.

Contrary to Tether's quarterly report, which indicated approximately $1.6 billion in bitcoin holdings, CryptoQuant's analysis places Tether at the 11th position in terms of overall BTC holdings. Notably, discrepancies between the reported holdings and those observed in the Tether bitcoin holding wallet suggest the presence of additional bitcoin wallets held by Tether.

In an update on CryptoQuant, it was revealed that Tether's bitcoin holdings were $1.6 billion in August, positioning the USDT stablecoin issuer as the 11th-largest entity globally in terms of BTC holdings. However, recent data indicates a significant surge in Tether's bitcoin holdings, surpassing $2.7 billion.

The accumulation trend by Tether highlighted the stablecoin issuer's plan to invest $500 million in bitcoin over the following six months. Tether's commitment to constructing Bitcoin mining facilities in South America was also announced, reinforcing the company's strategic involvement in the crypto space.

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