Tether completed a decisive purchase, acquiring 8.888 BTC in a trade valued at roughly $778–800 million and lifting its disclosed reserves above 96.000 BTC. The transaction was the capstone of a wider fourth-quarter accumulation that market observers estimate at about 9.850 BTC, or $876 million, underscoring Tether’s active treasury strategy.
On‑chain trackers and market reports indicated the single Dec. 31 transfer of 8.888 BTC was the decisive increment that raised Tether’s total to about 96.185 BTC. Some analysts aggregated the quarter’s trades and reported a broader figure — roughly 9.850 BTC bought in Q4, equivalent to about $876 million.
The single New Year’s‑Eve transfer was reported as valued between $778 million and $800 million.
This move pushed the stablecoin issuer into the top five of identified Bitcoin holders and highlighted a continuing diversification of its reserve mix. The scale and regularity of the buys matter for market liquidity and reserve credibility.
Strategy, governance and Tether market implications
Tether’s accumulation followed a policy announced in May 2023 to allocate up to 15% of quarterly realized operating profits toward Bitcoin purchases. That framework, which the company has applied since, frames the purchases as profit‑driven reserve management rather than levered speculation. Paolo Ardoino, Tether’s chief technology officer, has publicly framed Bitcoin alongside gold as long‑lived reserve assets, a stance reflected in the company’s purchases.
The composition of Tether’s reserves has practical implications. As issuer of the largest stablecoin, Tether’s growing Bitcoin position is a signal to counterparties and markets that it is diversifying liquidity and collateral buffers beyond U.S. Treasuries. At the same time, concentrating tens of thousands of BTC in a single issuer’s treasury introduces idiosyncratic concentration risk; large off‑chain sales or balance shocks would still have the potential to move markets.
Compared with other corporate holders, Tether’s approach differs in financing and intent. The company has used operating profits for accumulation rather than debt financing, which contrasts with some corporates that financed buys through leverage. That distinction affects balance‑sheet risk and the market narrative around corporate adoption of Bitcoin.
Investors and derivatives desks will watch Tether’s next quarterly realized profit disclosures and subsequent reserve filings to judge whether the company sustains its cadence of purchases.
