Étienne Girard
Tether, the issuer of USDT, has added 8,888 BTC to its bitcoin reserves in the first quarter of 2025, investing approximately $735 million in the latest acquisition. This brings the company’s total bitcoin holdings to 92,646 BTC, valued at around $7.8 billion based on current market prices.
The purchase, recorded on April 1, aligns with Tether’s quarterly accumulation strategy, where bitcoin is added throughout the quarter and transferred to its reserve wallet at quarter-end. With this latest buy, Tether now ranks as the sixth-largest holder of bitcoin in a single wallet.
Tether’s bitcoin accumulation began in September 2022 and gained momentum in May 2023, when the company publicly committed to allocating 15% of its net profits each quarter toward BTC purchases. Since then, the firm has consistently increased its reserves, viewing bitcoin as a key asset in its long-term diversification plan.
With BTC trading around $84,000, Tether currently holds an unrealized profit of approximately $3.86 billion from its bitcoin investments.
Bitcoin’s Q1 2025 Performance: A Challenging Start
Bitcoin faced a 12% decline in Q1 2025, marking its worst first-quarter performance since 2018. Analysts attribute this downturn to macroeconomic instability and shifting investor sentiment.
Despite market fluctuations, Tether remains steadfast in its bitcoin strategy, continuing to accumulate BTC even during price corrections.
Tether’s Expanding Investments Beyond Bitcoin
Tether remains one of the most profitable entities in the crypto sector. Its latest attestation report shows a net profit of $13 billion for 2024, primarily driven by interest earnings from U.S. Treasury holdings and unrealized gains on assets like bitcoin and gold.
Beyond bitcoin accumulation, the company is expanding into bitcoin mining, energy production, and artificial intelligence (AI)—highlighting a broader vision beyond its role as a stablecoin issuer.
Currently, USDT remains the world’s largest stablecoin, with a circulating supply of approximately 145 billion tokens, according to PRIME’s Data Dashboard.
Push for Greater Transparency and Financial Audits
Tether has long been criticized for its lack of full financial audits, relying instead on quarterly attestation reports. In a move to enhance transparency, the company recently appointed Simon McWilliams as Chief Financial Officer to spearhead its efforts toward securing a full audit.
Tether is actively in discussions with a Big Four accounting firm—Deloitte, EY, PwC, or KPMG—to conduct this comprehensive financial review, a process that CEO Paolo Ardoino has labeled a “top priority.”
