The bitcoin race. Michael Saylor’s company, MicroStrategy, is the undisputed leader in bitcoin accumulationwith a treasure of 189,150 BTC. But more and more other companies began to to copy its strategy, which consists of considering Bitcoin as a store of value. The issuer of the USDT stablecoin, Tetherthus accumulated a nice jackpot in the king of cryptos.
8,888 more bitcoins for USDT issuer’s treasury
If MicroStrategy started to stack bitcoins from August 2020the society Tether (yet in the crypto universe since 2014 with its stablecoins) only got into it since September 2022.
Tether has not been idle, however, since they are already tens of thousands of BTC which sit in its treasury. It is notably The Block which reports the last purchase dated stablecoin issuer. Crypto media quotes analyst Tom Wan from 21.co, which thinks he has identified Tether’s Bitcoin address few months ago.
If this address is indeed the correct one, the group of Paolo Ardoino would have bought 8,888 bitcoins at the end of the last quarter of 2023. Or the equivalent of $379 million at the current price of BTC (around $42,600).
Tether has accumulated a reserve that is close to $3 billion in BTC
In total, Tether’s alleged BTC address (which has no never made official the thing since Tom Wan’s assumption in August 2023), would have amassed a nice hoard of 66,465 bitcoins (see the screenshot of the address, below).
At Bitcoin price at the time of writing this represents a small fortune of almost $2.84 billion ! This would also make Tether the 10th biggest Bitcoin whale in terms of the number of BTC on a single address.
It must be said that, since May 2023, Tether has announced that it will use 15% of its profits to buy bitcoins. And like the stablecoins of the group are doing well – especially USDT, always the #1 US dollar stablecoin -, Tether has no reason not to continue accumulating BTC, again and again.