KEY POINTS
Stablecoin issuer Tether (USDT) added 8,888 Bitcoins to its stack in the first quarter of 2024, bringing its total holdings to about 75,354 BTC. The latest addition is worth over $618 million, while its total BTC holding is worth $5.2 billion at the current market price.
Industry sources claim that Tether is now the seventh-largest holder of Bitcoin. Before the latest purchase, Tether was 11th in the list of largest Bitcoin holders.
Meanwhile, on April 1, Tether announced the Completion of System Organization Control (SOC) 2 Type 1 Audit. “This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security,” said Ardoino in a press release.
In May 2023, Tether revealed that it would strengthen its reserves portfolio by purchasing more Bitcoins, allocating up to 15% of its net operating income. At the end of March 2023, it admitted to having approximately $1.5 billion in BTC. Tether’s Bitcoin holdings are in self-custody.
“The decision to invest in Bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset,” commented Ardoino.
Tether’s market cap at 10:28 am ET on April 1, 2024, was $104.45 billion according to CoinMarketCap data. The market cap of the second-largest stablecoin, USDC, was $32.48 billion. Tether crossed the $100 billion market cap for the first time on March 4.
