The world’s largest stablecoin issuer, Tether, purchased 8889 bitcoins during the first quarter of 2024. It brings Tether’s total BTC holding to 75,354, which is equivalent to $5.2 billion at the current market price. Tether’s latest round of Bitcoin purchases, which makes it the seventh largest Bitcoin holder, is equivalent to $618 million.
In May 2023, Tether unveiled a new investment strategy under which it committed to using up to 15% of its net operating income to buy bitcoins to strengthen its reserves portfolio. At the end of March 2023, Tether admitted it had Bitcoin worth $1.5 billion at the market price then.
Tether’s current market cap is approximately $104.5 billion. It first topped $100 billion on March 4, 2024. Tether’s closest rival, USDC’s market cap, is $32.48 billion.
In November 2023, Tether announced its foray into bitcoin mining with an investment of $500 over the next six months, aiming to achieve 1% of bitcoin mining computing power.
Tether CEO Paolo Ardoino stated that the investments would come from the company’s profits and would not be part of Tether stablecoin’s reserves.
Ardoino emphasized that Tether is not in a rush to become the largest miner in the world but sees mining as a learning and growth opportunity. With the rising institutional interest in Bitcoin, Tether aims to capitalize on this trend and expand its presence in the mining sector.
Tether isn’t chasing the top spot in Bitcoin mining. Instead, they see mining as a chance to learn and grow their business. With more institutions investing in Bitcoin, Tether wants to be a part of that growth by expanding its mining operations, said Ardoino.
