Tether adds $700m Bitcoin to reserve address

Tether, the issuer of the $140 billion stablecoin leader USDT, increased its Bitcoin assets by $700 million.

Tether added 7,629 Bitcoins (BTC), worth nearly $700 million, to its institutional crypto reserve address on December 30, according to transaction data from on-chain insight provider Arkham.

The (USDT) stablecoin operator currently holds 82,983 BTC worth $7.7 billion at a Bitcoin price of $92,300. It also holds $6 billion worth of US dollar stablecoins, while other stablecoins and Crypto.com’s CRO token hold less than $300 million.

In May 2023, Tether announced that it would begin purchasing Bitcoin to diversify its portfolio and revenue streams. The company also accumulates BTC through mining activities. As of press time, CEO Paolo Ardoino had not confirmed whether the latest addition of BTC was purchased directly or generated from the mining business.

The firm’s CEO, Paolo Ardoino, expressed its aim to enter other technological sectors, including artificial intelligence and energy. According to a previous report, Tether could implement some of its AI plans as early as 2025. The British Virgin Island-based company also supports AI startup Northern Data Group and other tech-focused organizations.

Other crypto-savvy companies are also increasing their Bitcoin reserves. MicroStrategy recently purchased $209 million worth of BTC for its corporate treasury.