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Tether Added Nearly 8.9K Bitcoin to Holdings in First Quarter: On-Chain Data

The stablecoin issuer's BTC stack now tops 75,000 tokens worth about $5 billion.

By Stephen Alpher
AccessTimeIconApr 1, 2024 at 3:22 p.m. UTC
Updated Apr 1, 2024 at 3:24 p.m. UTC
Tether 's logo painted on a wooden background.
Tether 's logo (Nikhilesh De/CoinDesk)
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Tether, the issuer of USDT, the world's largest stablecoin based on market cap, added just shy of 8,889 bitcoin (BTC) in the first quarter, according to on-chain trackers such as Arkham Intelligence.

Though Tether made no official announcement of the action, a wallet believed to belong to the company shows as having 8,888.8888 bitcoin moved to it on March 31. Tether, of course, has made no secret of its intention to use a portion of its profits to acquire bitcoin.

That wallet is now the holder of 75,354 bitcoins worth about $5.2 billion at BTC's current price of $69,000, putting Tether's profit at roughly $3 billion.

Read more: Tether's USDT Stablecoin Touches $100B Market Cap, Benefiting From Crypto Trading Frenzy

Edited by Sheldon Reback.

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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.

Stephen Alpher
Stephen Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Follow @SteveAlpher on Twitter

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