According to the report at the end of June, this amount was approximately 98,930 $BTC. Accordingly, the number of Bitcoins supporting $USDT reserves increased by approximately 1,130 $BTC in the third quarter. The majority of the $2.57 billion increase in the value of Bitcoin in the reserve portfolio stemmed not from new purchases, but from the rise in Bitcoin’s price.
Ardoino did not disclose where the approximately 50,000 Bitcoin not listed in the reserve report is held or when it was purchased. Therefore, the statement does not mean that Tether recently purchased 50,000 $BTC in a single transaction.
The company had previously stated that private investments, financed with excess capital and profits, were held separately from $USDT reserves under the umbrella of Tether Investments. While it’s possible the difference stems from these investments, Ardoino did not directly confirm this.
Tether announced in May 2023 that it would allocate up to 15% of its net operating profit to regular Bitcoin purchases. The company also stated its plan to hold Bitcoins under its own control rather than through third-party custodians. Its latest reserve report shows assets of $191.45 billion against liabilities of $183.50 billion.
*This is not investment advice.
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