Stablecoin issuer Tether now holds over $5 billion worth of Bitcoin, according to public blockchain data.
Arkham Intelligence data—which tracks the crypto giant’s wallet—reveals that the company now holds over 75,354 Bitcoin, worth more than $5.1 billion as of this writing, after the firm bought 8,889 BTC in the first quarter of this year.
Tether is the company behind the third-biggest cryptocurrency by market cap, USDT. The company is one of the biggest Bitcoin holders, and has said its strategy is to keep buying the largest digital asset by market cap.
Tether said last year that it would regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. The idea is to use the asset to hold in the reserves it uses to back its stablecoin.
The stablecoin—a digital coin backed by U.S. dollars or other real world assets—is the backbone of the crypto-economy; it’s widely used by traders for buying and selling digital assets and has a much higher 24-hour trading volume mark than Bitcoin.
Tether is a somewhat controversial company: in the past, it has been criticized for not being transparent enough about what backs USDT. And news reports have claimed the cryptocurrency is used to break the law, though that allegation isn't unique to USDT.
Tether today reported a net profit of $1.48 billion, with the company behind the world’s biggest stablecoin saying it was “very optimistic for the future.”
In a Wednesday blog post, the sometimes controversial company summed up its 2023 Q1 assurance report—prepared by accounting firm BDO Italia—by revealing that its reserves reached an all-time high of $2.44 billion, a $1.48 billion increase over the same quarter last year.
The company also said that most of its reserves were held in cash and...
The price of Bitcoin is now below $69,000 per coin, having dropped nearly 3% in the past day. CoinGecko data shows that the asset is now priced at $68,567. Last month, the biggest digital coin hit a new all-time high ahead of the impending halving, and was closing in on $74,000.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
