Stablecoin issuer Tether has become one of the most active corporate buyers of Bitcoin (BTC), adding more coins to its treasury over the last 12 months than most spot exchange-traded funds (ETFs).
On September 8, Tether CEO Paolo Ardoino shared data showing the company acquired more than 27,700 BTC in the past year. Of this total, approximately 7,900 BTC were added to the reserves backing its stablecoin, USDT, while 19,800 BTC were allocated to Twenty One Capital (XXI), a digital asset treasury fund Tether contributes to.
These acquisitions place Tether’s buying activity ahead of several mid-tier ETFs, including VanEck’s HODL, Bitwise’s BITB, Ark 21Shares’ ARKB, and WisdomTree’s BTCW. However, its purchases are still outpaced by major funds like BlackRock’s IBIT (394,600 BTC), Grayscale’s mini Bitcoin trust (44,200 BTC), and Fidelity’s FBTC (27,900 BTC).
Tether officially began its structured Bitcoin acquisition strategy in May 2023, committing to allocate 15% of its quarterly profits to the cryptocurrency. This policy has established the company as one of the few major corporations with a standing plan to convert profits into Bitcoin.
Despite its clear strategy, Tether’s Bitcoin holdings have faced recent scrutiny. Following claims that the company had sold off a significant portion of its Bitcoin to fund a gold purchase, Ardoino clarified that the decrease in visible reserves was due to transfers into the XXI fund, not liquidations. He affirmed that Tether’s reserve strategy remains diversified, including holdings in Bitcoin, gold, and real estate.
Tether’s total Bitcoin holdings now stand at 100,521 BTC, valued at roughly $11.36 billion. According to data from Bitcoin Treasuries, this makes the company the third-largest corporate holder of Bitcoin globally, behind only MicroStrategy and Block.one.
