In the second quarter of 2023, Tether, the company behind the world's most widely used stablecoin USDT, purchased 1,529 Bitcoin.

Tether's CTO, Paolo Ardoino, confirmed the acquisition of BTC, stating that the company spent approximately $45.4 million to add the additional Bitcoin to its balance sheet.

The acquisition aligns with the strategy Tether outlined earlier in the year. In May, the company announced that it would begin allocating up to 15% of its quarterly profits to Bitcoin, a move that may rival prominent Bitcoiner Michael Saylor, the executive chairman of the software intelligence company MicroStrategy.

This week, MicroStrategy revealed that it added 467 BTC (roughly $14.4 million) to the company's treasury in July while Bitcoin's price stabilized around the $30,000 mark for several months.

As a result of this acquisition, MicroStrategy's holdings now total 152,800 BTC, while Tether's ownership has reached over 54,000 BTC following its Q2 purchase.

On July 31st, Ardoino also highlighted other developments from the recent quarter for Tether. 

This includes:

  • Tether's operational profits were over 1 billion. Mainly due to interest earned from T-Bills.
  • Excess reserves were at $3.3B. Essentially, reserves on top of the company’s 100% reserves.
  • $72.5 billion in overall exposure in US T-Bills which includes direct ownership, overnight reverse repos, and look through held by money market funds.
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