Bitcoin
$60,903.38+0.05%
Ethereum
$2,918.33+0.02%
Binance Coin
$591.94+1.28%
Solana
$146.52+1.45%
XRP
$0.50710412+0.62%
Toncoin
$6.89+0.78%
Dogecoin
$0.14376598-0.78%
Cardano
$0.44117287-1.48%
Shiba Inu
$0.00002262-0.22%
Avalanche
$33.64-0.19%
Tron
$0.12696787+0.01%
Wrapped Bitcoin
$60,994.32+0.05%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest event covering all sides of crypto & Web3
17
DAYS
08
HR
50
MIN
37
SEC
Markets

Tether Reportedly Bought 8.9K Bitcoin for $380M, Remaining 11th-Largest BTC Holder

The stablecoin issuer announced in May 2023 that it would start buying bitcoin in an effort to diversify the backing of its USDT stablecoin.

By Helene Braun
AccessTimeIconJan 18, 2024 at 3:46 p.m. UTC
Updated Mar 8, 2024 at 8:10 p.m. UTC
Stablecoin issuer Tether reportedly purchased another 8,888 bitcoin for $380 million. (Nikhilesh De/CoinDesk)
Stablecoin issuer Tether reportedly purchased another 8,888 bitcoin for $380 million. (Nikhilesh De/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Tether added to its bitcoin (BTC) holdings at the end of the fourth quarter, buying 8,888 more BTC for $380 million, The Block reported.

An address associated with the company shows bitcoin holdings of 66,465, which makes it the 11th-largest holder of the cryptocurrency, according to a ranking by Dune Analytics.

In an effort to shift away from cash and cash-like assets such as U.S. Treasury bonds backing its USDT stablecoin, Tether announced in May 2023 that it would start allocating as much as 15% of its profits into bitcoin. USDT is the world's largest stablecoin with a market capitalization of over $95 billion.

In its latest attestation report, Tether held $72.6 billion in government bonds and $1.7 billion in bitcoin, among other allocations.

The company has long been under the microscope for the quality of its assets, but Cantor Fitzgerald CEO Howard Lutnick, whose firm acts as a custodian for Tether, this week reassured skeptics that its holdings are legit.

The Switzerland-based company first purchased bitcoin in September 2022.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Helene Braun
Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
TetherUSDTBitcoin