Tether’s Bitcoin wallet swells to 66,400 BTC, tallying up unrealized gains of over $1B

Tether has greatly elevated its Bitcoin holdings, now comprising more than 66,000 BTC, with an estimated value exceeding $2.8 billion.

In accordance with knowledge shared by CryptoQuant founder Ki Young Ju, Tether’s BTC holdings surged to 66,400 from the 57,500 recorded before all the pieces of the 365 days—indicating an acquisition of roughly 8,900 BTC in the final quarter of 2023.

This strategic walk aligns with Tether’s plot to allocate up to 15% of its realized funding earnings in direction of acquiring BTC for its stablecoin reserves.

An address, “bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4,” potentially belonging to Tether, is the 11th-biggest Bitcoin holder, essentially based fully on Bitinfocharts knowledge. 21.co Analysis Analyst Tom Wan found the same address remaining 365 days. The pockets in the meanwhile boasts an unrealized revenue of $1.1 billion.

Despite the famous compose bigger in its Bitcoin holdings, Tether has now now not officially disclosed its BTC address and has yet to reply to inquiries from CryptoSlate as of press time.

BTC mining investments

In addition, the stablecoin issuer is engaged in strategic investments in BTC mining.

Last November, the company committed to speculate roughly $500 million in BTC mining activities over six months. CEO Paolo Ardoino expressed the company’s ambition to raise its part of the general computing energy on the Bitcoin network to 1%.

The company is actively pursuing the institution of mining facilities in Uruguay, Paraguay, and El Salvador, every boasting a substantial ability ranging from 40 to 70 megawatts.

USDT’s growing offer

Over the final 365 days, Tether’s USDT stablecoin has experienced a predominant surge, witnessing a sturdy 38% compose bigger in its market capitalization from $66 billion to a formidable $91 billion in 2023.

This sure momentum has persisted into the contemporary 365 days, with the stablecoin’s market capitalization reaching $95.08 billion as of press time.

The substantial growth has precipitated considerations exact thru the neighborhood referring to Tether’s ability to meet redemption demands with ample reserves.

Addressing these worries, Cantor Fitzgerald CEO Howard Lutnick emphatically reassured the neighborhood that Tether diligently upholds the wanted reserve requirements for its stablecoins.