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Tether Added Nearly 8.9K Bitcoin to Holdings in First Quarter: On-Chain Data
The stablecoin issuer's BTC stack now tops 75,000 tokens worth about $5 billion.
Updated Apr 1, 2024, 3:24 p.m. Published Apr 1, 2024, 3:22 p.m.
Tether, the issuer of USDT, the world's largest stablecoin based on market cap, added just shy of 8,889 bitcoin (BTC) in the first quarter, according to on-chain trackers such as Arkham Intelligence.
Though Tether made no official announcement of the action, a wallet believed to belong to the company shows as having 8,888.8888 bitcoin moved to it on March 31. Tether, of course, has made no secret of its intention to use a portion of its profits to acquire bitcoin.
That wallet is now the holder of 75,354 bitcoins worth about $5.2 billion at BTC's current price of $69,000, putting Tether's profit at roughly $3 billion.
Read more: Tether's USDT Stablecoin Touches $100B Market Cap, Benefiting From Crypto Trading Frenzy
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
