Tether Increases Its Bitcoin Holdings by $700 Million to Diversify Its Portfolio

Tether, the issuer of $140 billion stablecoin leader USDT, increased its Bitcoin holdings by $700 million.

Stablecoin issuer Tether has topped up its Bitcoin holdings by a further $700 million.

The new addition brings Tether’s total BTC holdings to 82,983, now valued at $7.7 billion at current market prices.

The company also has around $6 billion in its U.S. dollar stablecoin, less than $300 million in its other stablecoins and Crypto.com’s CRO token.

In May 2023, Tether announced it would begin buying Bitcoin to diversify its portfolio and revenue streams. It also generates BTC through its mining operations. It was unclear whether the latest addition was purchased outright or generated from its mining business at press time.

Tether CEO Paolo Ardoino has expressed ambitions to venture into other technological sectors, including artificial intelligence and energy. According to a previous report, Tether could bring some of its AI plans to fruition by early 2025. The British Virgin Island-incorporated firm also backs AI startup Northern Data Group and other technology-focused entities.

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Other crypto-savvier companies are also bolstering their Bitcoin reserves. MicroStrategy recently acquired $209 million in BTC for its corporate treasury.