Tether Adds Nearly $100 Million in Bitcoin to Its Reserves as Holdings Near $9 Billion

Tether, the world’s largest stablecoin issuer, appears to have quietly expanded its bitcoin reserves again—moving nearly $100 million worth of BTC into one of its primary reserve wallets, according to on-chain data.

Blockchain analytics platforms Arkham and Nansen both flagged the movement late Thursday, noting that about 961 BTC—valued at roughly $97.3 million—were transferred to a Tether-linked wallet labeled “bc1qj.” The transaction originated from a Bitfinex hot wallet, suggesting the funds came through the exchange Tether shares a parent company with, iFinex.

Although Tether has not officially confirmed the acquisition, the transfer aligns with its established pattern of periodically accumulating bitcoin and moving it into its reserve wallet. The company’s last significant transfer occurred in late September, when it added 8,888 BTC worth around $1 billion.

Unclear Whether It’s a Purchase or a Reallocation

Because the latest coins were moved from Bitfinex, analysts remain uncertain whether Tether purchased new bitcoin or simply reallocated existing reserves. The Block has reached out to the company for clarification.

Tether began building its bitcoin holdings in 2022 and formalized the practice in May 2023, pledging to allocate 15% of its net profits each quarter to bitcoin purchases as part of its diversification strategy.

With this latest move, Arkham estimates Tether now holds around 87,296 BTC, worth nearly $8.9 billion at current prices. That makes it the second-largest known private company holder of bitcoin after Block One, and the third-largest overall when including public firms, according to Bitcoin Treasuries data.

Buying the Dip?

On-chain analyst Ember suggested Tether may have taken advantage of bitcoin’s recent price pullback. Based on the withdrawal price from Bitfinex, Ember estimated an average purchase cost of around $49,121 per BTC, leaving Tether with a substantial unrealized profit of about $4.55 billion.

Bitcoin is currently trading near $100,545, according to price data—down roughly 21% from its October peak of nearly $126,000, but still up 8% since the start of the year.

Billion-Dollar Profits and Expanding Reach

Tether’s recent Q3 attestation report showed bitcoin reserves valued at $9.9 billion as of September 30, suggesting consistency with the holdings tracked on-chain. The address in question now ranks among the top six single bitcoin holders globally, behind only a few major exchange cold wallets and the infamous Mt. Gox hack address.

Beyond bitcoin, Tether’s financial footprint continues to grow rapidly. The company reported over $10 billion in profits across the first three quarters of this year, driven largely by interest earnings on its vast holdings of U.S. Treasurys—now exceeding $135 billion. That positions Tether among the world’s top 20 holders of U.S. government debt, comparable to countries like Brazil and South Korea.

With fewer than 200 employees, Tether generated an estimated $13 billion in profit in 2024, while broadening its investments across artificial intelligence, data centers, telecommunications, energy, and bitcoin mining. It also recently unveiled USAT, a new U.S.-regulated, dollar-backed stablecoin aimed at American users, complementing the global reach of USDT, which now accounts for around $183 billion of the total $290 billion stablecoin market.