Key Takeaways
- Tether bought 8,888 BTC on March 31 to strengthen its Treasury 100,000 BTC.
- Tether’s BTC holdings of 100,521 is the sixth largest single wallet holding.
- A strategy popularised buying BTC as part of the treasury in 2020, and now, over 90 public companies hold BTC on their balance sheets.
Tether has become the sixth largest Bitcoin holder in a single wallet, with its latest 8,888 BTC purchase on March 31. This brings its Q1 BTC value to $745 million.
Tether’s Bitcoin wallet now holds 100,521 BTC worth $8.4 billion, the sixth-largest holding in a single wallet behind Binance and Bitfinex.
Bitcoin Buying Strategy Dominates Tether’s Treasury
Tether first announced its Bitcoin buying strategy in May 2023. The largest stablecoin issuer announced plans to allocate 15% of its profits each quarter to Bitcoin purchases for its reserves, with BTC acquired gradually throughout the quarter and settled at the end.
According to data from Arkham, the latest BTC purchase was made as part of their Q1 2025 profit-sharing strategy, bringing their total BTC holdings to over 100,000 BTC.
Currently, Binance’s cold wallet has the largest single wallet Bitcoin holdings, with approximately 248,597 BTC. It is followed by Bitfinex Cold Wallet, which holds approximately 168,010 BTC.
The third largest single wallet BTC holdings is an unknown wallet with approximately 141,686 BTC.
Tether currently holds a $13 billion treasury, with $8.4 billion in BTC, $4.7 billion in USDT, and nearly $400 million worth of other versions of its stablecoins.
The Bitcoin buying strategy was popularized by Michael Saylor’s founded Strategy, earlier known as MicroStrategy, and was later adopted by numerous other private and public funds.
Over ninety public firms worldwide are buying BTC as part of their treasury reserve.
Bitcoin Whales Continue To Hoard, But BTC Price Stagnant
At a time when large whales such as Tether, MicroStrategy and several small players continue to hoard BTC with a combined total reaching billions, the price of the largest cryptocurrency continues to see a downtrend.
Bitcoin’s over 12% in the first quarter of 2025 is its Q1 in the past seven years. The price decline comes despite periodic BTC purchases worth billions by Strategy and millions by other crypto companies.
In the past three months, MicroStrategy has bought over $4 billion worth of BTC.
The continuous price decline of BTC has given birth to the Paper Bitcoin theory among crypto proponents.
Adam Simeco, a Bitcoin proponent, wrote ,
“Let me get this straight. Strategy and Tether bought a combined $10B of bitcoin, and the price went down.No, just no. I’m calling it paper bitcoin. Show me the addresses. Prove it.”
The phrase “paper Bitcoin” describes Bitcoin derivatives that do not include actual cryptocurrency ownership. Analysts debate its true impact on the price of Bitcoin; some contend that it has a significant influence, while others minimize it.
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