Stablecoin issuer Tether has increased its total Bitcoin reserves to over 96,000 BTC, ranking second on the list of private companies holding the largest Bitcoin reserves in the world.
Tether ended 2024 with the purchase of an additional 8,888 Bitcoin on New Year's Eve, bringing its total publicly announced Bitcoin holdings to over 96,000 BTC, according to CEO Paolo Ardoino. This transaction, valued at approximately $780 million, further solidifies the position of the world's largest stablecoin issuer in the race to accumulate digital assets.
Tether 's Bitcoin wallet address currently ranks fifth globally, behind only major exchanges like Binance, Robinhood, and Bitfinex. In the private sector holding Bitcoin treasuries, the company ranks second, reflecting its long-term investment strategy in the leading crypto asset.
The latest purchase is part of a recurring accumulation model that Tether has consistently implemented. The company consistently allocates up to 15% of its profits to Bitcoin every quarter, making this cryptocurrency a key pillar in its reserve diversification strategy.
Controversial multi-asset reserve portfolio
Bitcoin isn't the only hard asset Tether is betting on. In the third quarter of 2024, the company purchased 26 tonnes of gold, a quarterly purchase higher than any publicly reported central bank. Its total gold holdings now stand at 116 tonnes, placing Tether among the top 30 largest gold holders in the world.
The combination of US Treasury bonds, Bitcoin, and gold in reserve portfolios has attracted close scrutiny from analysts. S&P recently downgraded USDT rating from "constrained" to "weak," citing transparency risks and concentration risks. Former BitMEX CEO Arthur Hayes also warned about the increasing weighting of Bitcoin and gold in reserve structures.
Tether 's Bitcoin holdings have fluctuated over the past year. After owning over 100,000 BTC in the first quarter, the company transferred a portion to Twenty One Capital, a Tether backed firm. Ardoino has dismissed speculation about the Bitcoin sale, asserting it was a strategic contribution. Currently, Twenty One Capital holds 43,514 BTC, ranking third among publicly traded companies holding the most Bitcoin, behind only Mara Holdings and Strategy.
Tether 's move comes amid a global wave of Bitcoin accumulation. Japan's Metaplanet recently purchased an additional 4,279 BTC, bringing its total reserves to 35,102 BTC, while Strategy continues to expand the largest corporate Bitcoin treasury with over 670,000 BTC through equity and debt Capital .
