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.

AccessTimeIconApr 1, 2024 at 3:22 p.m. UTC
Updated Apr 1, 2024 at 3:24 p.m. UTC
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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.

Edited by Sheldon Reback.


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Stephen  Alpher

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

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