Tether becomes a Bitcoin whale

Tether is turning into a silent whale. In the first quarter of 2024, the publisher of stablecoins, buys BTC worth $627 million.

In the first quarter of 2024 bought Tether 8,888 additional Bitcoin (BTC) worth the equivalent of US$627 million (USD).

This was first reported by The Block.

The stablecoin issuer now owns 75,354 BTC for the equivalent of $5.2 billion.

Tether does not disclose its Bitcoin holdings. The Block was, however, able to to confirm this address as Tether's BTC address.

The company is now the seventh largest Whale in the world.

Bitcoin accumulation is part of Tether's strategy to hedge the stablecoin USDT with securities. Previously, the company focused on U.S. dollars and government bonds. Now the company, led by Paolo Ardoino, plans to rely increasingly on cryptocurrencies for hedging.

With a market capitalization of $104 billion, USDT is the largest US dollar stablecoin in the world.