Tether's Bitcoin Holdings Surpass $3 Billion, Ranks 10th in BTC Ownership

Tether possibly holds 10th largest Bitcoin wallet, now over $3B

Tether, a key stablecoin issuer, potentially holds the 10th largest Bitcoin wallet. Initially estimating $1.5 billion in BTC holdings, recent data suggests a substantial increase to over $3 billion, equivalent to 66,465.2 BTC. Tom Wan's analysis indicates Tether consolidating its BTC into a secure address.

Utilizing 15% of net profits, Tether invested in Bitcoin last year, backed by U.S. Treasury bills and gold. Differing from fractional reserve banking, Tether predominantly secures its crypto assets with cash and short-term Treasury bills.

Bitcoin surpasses $45,000 amid speculation on US spot ETF

Bitcoin briefly exceeded $45,000 amidst speculation of an imminent approval for a spot Bitcoin ETF in the US. The proposed ETF aims to attract institutional investors seeking exposure without managing private keys.

Financial giants overseeing $27 trillion in assets are delving into Bitcoin following the initiation of a race to introduce the first spot Bitcoin ETF in the US.