Tether, the issuer of USDT, has acquired an additional 8,888 Bitcoin in the first quarter of 2025, valued at approximately $735 million.
The transaction was recorded on April 1, in line with the company’s established pattern of quarterly Bitcoin purchases, and brings Tether’s total Bitcoin holdings to 92,646 BTC.
At current prices, the holdings are valued at roughly $7.8 billion, making it the sixth-largest Bitcoin wallet.
Tether initiated its Bitcoin accumulation in September 2022, and in May 2023 publicly committed to allocating 15% of its net quarterly profits to Bitcoin purchases as part of its diversification strategy.
Despite Bitcoin’s nearly 12% price decline in the first quarter of 2025 — the worst Q1 performance since 2018 — Tether’s strategy remained consistent.
Bitcoin is currently trading around $84,000. Based on acquisition costs, Tether is now sitting on an estimated $3.86 billion in unrealized gains from its Bitcoin reserves.
In addition to Bitcoin, Tether’s Q4 2024 attestation report revealed $13 billion in net profit, largely driven by interest earned on U.S. Treasury holdings.
Other contributing assets included unrealized gains from Bitcoin and gold.
Tether is also expanding beyond its core stablecoin operations.
The company has invested in:
- Bitcoin mining
- Energy infrastructure
- Artificial intelligence initiatives
USDT remains the world’s largest stablecoin, with a circulating supply of approximately 145 billion tokens.
While Tether continues to face scrutiny for not conducting full financial audits, the company relies on quarterly attestation reports for transparency.
In March, Tether hired Simon McWilliams as chief financial officer to lead efforts toward securing a full audit.
The firm is currently in discussions with one of the Big Four accounting firms — Deloitte, EY, PwC, or KPMG — to conduct the audit, which CEO Paolo Ardoino has described as a “top priority.”
