At the end of the fourth quarter of 2023, Tether purchased an additional 8,888 BTC worth $380 million. This brings their total Bitcoin holdings to 66,465 BTC, valued at approximately $2.8 billion, according to The Block.
This marks the third time that Tether has made a significant Bitcoin purchase. Their first purchase occurred in September 2022, when they acquired 33,980 BTC.
The second largest purchase was made in March 2023, with 15,915 BTC added to their balance sheet. Although Tether has not officially disclosed their Bitcoin addresses, in August of last year, analyst Tom Wang identified a wallet that he believed belonged to the company.
As a result of their recent purchase, Tether is now the 11th largest holder of Bitcoin. It was not until May 2023 that Tether first revealed their Bitcoin reserves.
Alongside this announcement, the company also declared their intention to invest up to 15% of their profits into the digital asset. This current investment marks the third largest purchase by Tether to date.