Stablecoin issuer Tether (USDT) now owns at least $2.82 billion worth of Bitcoin (BTC), as the company continues to snap up the crypto king at a rapid pace.
According to Ki Young Ju, the founder and CEO of on-chain market intelligence platform CryptoQuant, Tether currently is to cling minimum 66,400 BTC.
“Tether revealed in its recently released quarterly report that it holds approximately $1.6 billion worth of Bitcoin. The amount of Bitcoin Tether holds puts it in roughly 11th place in terms of ownership.
If you look at “the Tether Bitcoin wallet,” it doesn’t match the description in Tether’s quarterly report. While there was no Bitcoin ownership in it [2022’s] In the fourth quarter report, the wallet started accumulating Bitcoin. So Tether has enough Bitcoin. But that’s probably not the only Bitcoin wallet Tether has.”
In an accompanying CryptoQuant after, It is revealed that Tether only held $1.6 billion worth of crypto assets by market capitalization in August. That made Tether the eleventh largest entity in the world in terms of BTC at the time.
In early January, it was revealed that a wallet believed to be owned by Tether was sitting on $1.33 in BTC gains, moving it to the tenth largest entity at the time when it comes to holding Bitcoin.
Tether’s intention to buy the flagship digital asset was reported in November by Bloomberg, which found at the time that the stablecoin issuer was looking to invest $500 million in the crypto king within the next six months.
Tether CEO Paolo Ardoino said at the time that Tether was committed to building BTC mining facilities in South America.
Bitcoin is trading at $42,474 at the time of writing, down marginally over the past 24 hours.
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Featured image: Shutterstock/Kit8.net/Sensvector