Continue purchasing Bitcoin
Tether, which issues crypto assets (virtual currency) such as the US dollar stablecoin “USDT”, may currently hold Bitcoin (BTC) worth 403 billion yen.
The company’s address has not been officially announced, but in August of last year, a research analyst at 21.co identified an address that appeared to belong to Tether. That address holds 66,465 BTC at the time of writing this article.
connection: Tether’s Bitcoin holdings are estimated at 55,000 BTC, potentially ranking 11th in the world
Tether itself has recorded its holdings of Bitcoin in its quarterly reserve assets report. The report for 3Q 2023 (July to September) states that it holds the equivalent of $1.7 billion (260 billion yen at the exchange rate at the time). The 4Q (October to December) report is scheduled to be released soon.
The major movement of the address mentioned above is that 8,888 BTC was deposited on January 1st, Japan time. According to data from “Buy Bitcoin Worldwide,” Tether still has 55,000 BTC in its holdings. Combined with Explorer, it is believed that he additionally purchased over 8,888 BTC in the 4Q of last year.
Last May, Tether said it would regularly use up to 15% of its net realized operating profits to purchase Bitcoin. He stated that he believes that holding Bitcoin will help him strengthen and diversify his reserve assets.
When asked for comment by The Block, Tether CEO Paolo Ardoino reiterated his explanation from May last year, saying that he is now using up to 15% of his profits to buy Bitcoin on a quarterly basis. It will be done.
connection: Tether: “Starting this month, we will be purchasing Bitcoin regularly.”
According to data from Dune, addresses believed to belong to the company are ranked 11th in the world in terms of Bitcoin holdings, as before. However, it does not label the address as belonging to Tether.
connection: US Tether reveals its gold and Bitcoin holdings for the first time
Supporting the ecosystem
Tether not only owns Bitcoin, but also supports Bitcoin mining.
Last November, it was announced that it had provided a debt financing facility of 575 million euros (approximately 91.8 billion yen at the exchange rate at the time) to German mining-related company Northern Data Group.
The company operates three core businesses: Bitcoin mining, generative artificial intelligence (AI) cloud services, and data center infrastructure. The purpose of this loan is to promote investment in these business areas.
connection: Tether lends over 90 billion yen to German Bitcoin mining company
What is mining?
In virtual currencies such as Bitcoin that use “proof of work (PoW)” as a consensus mechanism, it refers to the “mining” action of verifying and approving transactions. If mining is successful, you will receive a reward.
▶️Virtual currency glossary
connection: Explains 3 types of Bitcoin mining that even beginners can understand