Tether acquired 8,888 Bitcoin on New Year’s Eve, lifting its disclosed Bitcoin holdings to more than 96,000 by the end of 2025, according to CEO Paolo Ardoino. The purchase further cements the USDT issuer as one of the most active corporate Bitcoin holders, with its main address ranking as the fifth-largest overall, behind Binance, Robinhood and Bitfinex, and placing it second among privately held companies.

The acquisition fits into Tether’s ongoing accumulation strategy, under which up to 15% of quarterly profits are allocated to Bitcoin. The most recent tranche was valued at roughly $780 million at the time it was added to reserves.

Reserves expand beyond Bitcoin

Bitcoin represents only part of Tether’s broader reserve strategy. In the third quarter of 2025, the company purchased 26 tons of gold, exceeding the quarterly buying of any reporting central bank and bringing total gold holdings to 116 tons, a level that places Tether among the world’s top 30 gold holders.

This growing mix of US Treasurys, Bitcoin and gold has attracted closer scrutiny. S&P recently downgraded USDT’s assessment from “constrained” to “weak,” citing transparency and concentration concerns, while former BitMEX CEO Arthur Hayes has also questioned the rising share of Bitcoin and gold in Tether’s reserves.

Tether’s Bitcoin balance has fluctuated at times during the year. After an initial first-quarter purchase, holdings briefly exceeded 100,000 BTC, prompting speculation that the company had reduced its exposure. Ardoino rejected those claims, stating that Bitcoin had instead been contributed to “XXI,” referencing Twenty One Capital, a Tether-backed firm.

Twenty One Capital held 43,514 BTC as of New Year’s Day, making it the third-largest public corporate holder, behind Mara Holdings and Strategy.

Corporate race for Bitcoin exposure

Tether’s year-end allocation took place amid a broader wave of corporate Bitcoin accumulation. In Japan, Metaplanet added 4,279 BTC to its treasury, bringing its total holdings to 35,102 Bitcoin.

Strategy has continued to expand its already dominant position as well, using a combination of equity and debt issuance to grow its Bitcoin reserves beyond 670,000 BTC, reinforcing the trend of corporations treating Bitcoin as a long-term treasury asset.

Sources:

https://www.reuters.com/business/finance/tethers-stablecoin-downgraded-weak-sp-assessment-2025-11-26/

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

https://cointelegraph.com/news/tether-buys-another-8-888-btc

https://x.com/paoloardoino/status/1964655589298225416

https://x.com/CryptoHayes/status/1994915256150495652

https://bitcointreasuries.net/