Summary
TLDR: Tether, the stablecoin issuer, now holds over $5 billion worth of Bitcoin. The company has purchased 8,889 BTC in the first quarter of this year and holds over 75,354 Bitcoin. Tether is one of the biggest Bitcoin holders and plans to keep buying more. Tether uses Bitcoin to back its stablecoin, USDT. The price of Bitcoin is currently below $69,000 per coin.
Key Points
1. Stablecoin issuer Tether now holds over $5 billion worth of Bitcoin, with over 75,354 BTC in its wallet, after purchasing 8,889 BTC in the first quarter of this year.
2. Tether allocates up to 15% of its net realized operating profits towards purchasing Bitcoin to hold in reserves backing its stablecoin, USDT.
3. Tether’s controversial reputation stems from past criticisms of transparency and allegations of illegal use of USDT, although similar claims are not unique to the stablecoin.