The issuer of the market’s largest stablecoin, Tether (USDT), has significantly increased its Bitcoin (BTC) holdings in recent months.
Since the opening of the vault, the company has earned $1.1 billion through investments in the first cryptocurrency. With such data shared on Twitter from EmberCN analytics.
Tether reserves in Bitcoin. Source: “Twitter»
How many bitcoins does Tether have?
Tether currently owns 57,576 BTC, worth approximately $2.4 billion. The average purchase price is $22,480.
53,492 BTC were purchased until March 2023. The remaining volume has increased gradually since May this year. Then Tether representatives announced that they were going to spend up to 15% of the company’s realized profits on the purchase of the main cryptocurrency.
Now the company’s unrealized profit from storing BTC has reached $1.1 billion, an increase of 85%.
Tether plans to become the largest mining company
In mid-November, the issuer announced that it was going to invest $500 million in the construction of mining facilities. Tether installations are already operating in some countries in South America.
The company is currently building farms in Uruguay, Paraguay and El Salvador. According to Tether CEO Paolo Ardoino, by the end of 2025 the issuer plans to increase capacity to 450 megawatts and increase the share of the global hashrate of the Bitcoin network to 1%.
Bitcoin continues to rise
At the time of writing, BTC is trading at $41,617. Over the past 24 hours, the asset rate has fallen by only 0.1%. At the same time, a day earlier, for the first time in 18 months, the price of Bitcoin exceeded the level of $42 thousand.
Source: Cryptocurrency
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