Tether Acquires an Additional 8,888.888 BTC, Becoming the Seventh-Largest Bitcoin Wallet Holder Globally
Tether, the leading stablecoin issuer, quietly bolstered its Bitcoin holdings by around 8,888.888 BTC, amounting to approximately $618 million. This move elevates the company's total Bitcoin stash to roughly 75,354 BTC.
With this accumulation, Tether emerges as the seventh-largest Bitcoin wallet holder globally, securing nearly $5 billion worth of the premier cryptocurrency. Notably, the largest known wallets, attributed to Binance and Bitfinex, hold 248,597 BTC and 180,010 BTC, respectively.
These wallets primarily serve as cold storage for user funds deposited on trading platforms, distinguishing them from exchanges' holdings.
Tether's $3 billion bitcoin accumulation pales in comparison to MicroStrategy's holdings.
Despite Tether's substantial Bitcoin reserves, estimated unrealized gains of around $3 billion pale compared to Nasdaq-listed MicroStrategy's holdings of 214,246 BTC, valued at approximately $14.08 billion.
On-chain analytics firms, including Arkham Intelligence, detected Tether's Bitcoin accumulation, tracing the funds to an address linked with the stablecoin issuer.
Tether Earmarks 15% Profit for Bitcoin Investment, Achieves SOC 2 Type 1 Audit
Tether previously disclosed plans to allocate 15% of its realized net operating profits to invest in Bitcoin, supported by revenue from its diverse portfolio, including U.S. Treasury bills and gold.
Tether recently completed a System Organization Control (SOC) 2 Type 1 audit, underscoring its commitment to providing a secure and transparent environment. This audit, recognized as a benchmark for security compliance, assesses key principles such as Security, Availability, and Processing Integrity.
The SOC 2 Type 1 certification signifies Tether's robust IT controls and dedication to upholding data protection and information security standards.