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International Business Times
International Business Times
Business
Nica Osorio

Tether's Bullish Move Cements Status As Major Bitcoin Player With $380 Million Bet

Tether Bitcoin United States Crypto Cryptocurrency
Pay with Tether (Credit: YouTube Screenshot/Tether Official YouTube Channel)

KEY POINTS

  • Tether disclosed its Bitcoin holdings, amounting to a substantial $1.5 billion, during the first quarter of 2023
  • The wallet address associated with Tether has accrued a profit of $1,118,103,460.75 from its Bitcoin portfolio
  • Tether reported a staggering $3.2 billion in excess reserves as of September 2023

Tether, the stablecoin issuer of the world's largest stablecoin by market capitalization USDT, solidified its standing as a major Bitcoin holder when it made a strategically significant acquisition of 8,888 BTC toward the end of the previous fiscal quarter, bringing its total Bitcoin holdings to 66,465.

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