Tether CEO Paolo Ardoino Says Stablecoin Issuer Now Holds Over $5,800,000,000 in Bitcoin Reserves

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Daily Hodl2024/10/28 16:00

By:by Mark Emem

Tether chief executive Paolo Ardoino is updating the quantity of Bitcoin ( BTC ) and other assets that the stablecoin issuer currently holds on its balance sheet.

In a post on the social media platform X, Ardoino says Tether now holds over 82,000 Bitcoin, a stash worth approximately $5.8 billion at the prevailing BTC price.

The stablecoin issuer also owns US Treasuries worth approximately $100 billion and gold weighing over 48 tonnes.

Bitcoin is trading at $70,861 at time of writing.

In July, Ardoino disclosed that Tether held approximately 80,000 Bitcoin at the end of Q2 2024, translating to an increase of around 2,000 Bitcoin in the stablecoin issuer’s BTC reserves in just three months.

Also in Q2 of this year, Tether held more than $97.5 billion in US Treasuries, an increase of around $7 billion from the prior quarter. At the time, Ardoino said that outside of the firm’s stablecoin reserves, Tether had built an investment portfolio worth approximately $6.56 billion.

“This capital is not managed as a classic VC (venture capital) fund. Tether invests only in companies and technologies that are aligned with our fundamental company mission: disintermediate, build for independence, build for resiliency, build for the future, build for the apocalypse.”

Tether’s stablecoin USDT is designed to be pegged 1:1 with the US dollar. The market cap of USDT is currently slightly over $120 billion.

In August, the Tether CEO opined that the strategic importance of Bitcoin and gold would increase due to rising geopolitical tensions.

“There’s so much tension starting from Europe: very, very high tension, to the US, to everywhere else in the world. Things are not nice. And so having an exposure to scarce assets like Bitcoin and gold is the way to go.”

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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