Tether Becomes 11th Largest BTC Whale

Tether, the stablecoin issuer, has recently become the 11th largest Bitcoin holder globally, raising curiosity and speculation about its potential impact on the market. Though Tether hasn’t officially disclosed its bitcoin addresses, a research analyst named Tom Wan from 21.co identified an address potentially belonging to Tether, holding approximately 55,022 bitcoins valued at around $1.6 billion.

A reliable source with direct knowledge of the matter verified that Tether indeed holds the 11th position in bitcoin ownership, and this ranking is also maintained on Dune Analytics by 21.co. However, Tether chose not to comment on the matter.

The reported value of holdings aligns with the total bitcoin mentioned in Tether’s second-quarter reserves report, which was published recently. In the first quarter of the same year, Tether revealed its Bitcoin holdings and stated its plans to regularly invest up to 15% of profits in bitcoin while shifting reserves away from US government debt towards cryptocurrencies.

The company emphasized that it expects its BTC holdings to stay within the Shareholder Capital Cushion, aiming to strengthen and diversify its reserves in the process.