Stablecoin Issuer Tether has been one of Bitcoin’s biggest corporate accumulations in the last 12 months, adding more coins to the Treasury than almost all Spot Exchange Funds (ETFs).
On September 8th, Tether CEO Paolo Ardoino shared data showing that Stablecoin publishers have protected more than 27,700 BTC over the past year.
Of that amount, approximately 7,900 BTC was placed directly in the reserves supporting USDT, and an additional 19,800 BTC was allocated to Twenty One Capital (XXI).
This purchase has led to several intermediate ETF influxes, including Vaneck’s HODL, Bitwise’s BITB, ARK 21Shares’ARKB, and WisdomTree’s BTCW.
However, the purchase of Stablecoin operators remains modest compared to heavyweights like the BlackRock’s IBIT, which absorbed 394,600 BTC, Grayscale’s Mini Bitcoin Trust, 44,200 BTC, 27,900 BTC, and 394,600 BTC with FBTC, and 27,900 BTC with FBTC.
The Ardoino breakdown highlights how it split its Bitcoin strategy between supporting Stablecoin and building long-term investment positions.
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Tether Bitcoin embrace
Tether began a structured Bitcoin acquisition in May 2023 and pledged to allocate 15% of its quarterly profit to assets. That commitment has established the company as one of the few key corporate officials with a permanent policy to direct profits towards Bitcoin.
However, the strategy also faces scrutiny. Recently, YouTuber Clive Thompson claimed that Tether sold over $1 billion in Bitcoin to fund the $1.6 billion in gold purchases and cited changes to the company’s public assets disclosure.
Ardoino responded by saying that the visible decline in Bitcoin reserves is linked to transfers to XXI rather than liquidation. He reiterated that Tether plans to maintain a diverse reserve strategy, including Bitcoin, gold and real estate.
Despite the controversy, Tether’s holdings are currently valued at around $11.36 billion at current market prices.
Data from Bitcoin Treasuries ranks the company as the third largest company holder of the only strategy that has recently been rebranded as a strategy and has been rebranded as Block.One.
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