Tether Accumulates 150,000 Bitcoin, Securing Its Place Among Top Corporate BTC Holders

Tether has increased its Bitcoin reserves to approximately 150,000 BTC, establishing the company behind the USDT stablecoin as one of the largest corporate holders of the digital asset.

CEO Paolo Ardoino announced the figure during his keynote address at the Plan ₿ Forum in Lugano, Switzerland, on November 3. Based on current market prices, Tether’s Bitcoin portfolio is valued at approximately $11.5 billion.

The latest figure places Tether second only to Strategy among major corporate Bitcoin treasury holders. Its growing position also reflects how the stablecoin issuer is converting a portion of its business earnings into long-term Bitcoin investments.

The company began implementing this approach in May 2023, when it announced plans to use as much as 15% of its net realized operating profits to purchase BTC.

Tether’s 150,000 BTC Treasury Surpasses Most Corporate Buyers

Tether’s Bitcoin holdings have grown substantially, putting the company ahead of most businesses that have adopted BTC as a treasury asset.

Strategy remains the largest corporate Bitcoin holder, with 849,327 BTC. Tether’s reported 150,000 BTC position represents roughly 18% of Strategy’s holdings, making it a significant participant in the corporate Bitcoin accumulation market.

The stablecoin issuer also holds a larger Bitcoin reserve than companies such as Metaplanet and Strive, whose reported treasuries remain below the 50,000 BTC mark.

During his presentation, Ardoino also discussed Tether’s expanding presence in the global cryptocurrency market. He said the company serves more than 730 million users worldwide and adds approximately 30 million wallets every quarter.

Tether’s Bitcoin accumulation program was introduced in 2023 as part of a broader treasury strategy. Under the policy, the company can direct a portion of its operating profits toward BTC purchases, allowing it to expand its holdings through internally generated earnings.

Bitcoin is not Tether’s only investment focus. The company has also committed capital to gold, energy projects, Bitcoin mining operations and various technology businesses. However, its BTC portfolio remains one of its most prominent long-term investments.

Strong USDT Earnings Provide Funding for Bitcoin Purchases

Tether’s ability to accumulate Bitcoin is closely connected to the profitability of its stablecoin business.

The company generated approximately $4.5 billion in net operating profit during the first three quarters of 2026. Around $1.5 billion of that amount came from the third quarter alone.

USDT circulation remained near $184 billion during the reporting period. Tether continued to generate most of its income through holdings of US Treasury bills and reverse repurchase agreements.

Its third-quarter attestation showed total reserve assets of $191.45 billion, compared with liabilities of $183.50 billion. The resulting excess reserves reached $7.95 billion, almost twice the $4.1 billion reported at the end of June.

Tether also disclosed $132.4 billion in direct and indirect exposure to US Treasury bills. These holdings provide a significant source of income that supports the company’s wider investment activities.

This funding model gives Tether a different route to Bitcoin accumulation compared with businesses that depend on capital markets. Strategy, for example, has used stock offerings and debt issuance to finance additional BTC purchases. Tether can instead allocate part of the profits generated by its existing operations toward building its Bitcoin treasury.

Latest Bitcoin Figure Exceeds Tether’s September Reserve Disclosure

The newly disclosed 150,000 BTC position is also higher than the Bitcoin reserve value included in Tether’s third-quarter USDT attestation.

The September 30 report valued the company’s Bitcoin reserves at approximately $8.37 billion. Ardoino’s November 3 disclosure, however, placed its total Bitcoin holdings at around $11.5 billion.

The difference highlights the growth in Tether’s reported Bitcoin position and the scale of its treasury strategy.

Tether’s expanding reserve demonstrates how a profitable stablecoin issuer can use its operating income to establish a major position in the cryptocurrency market. USDT’s extensive global reach provides the company with a recurring business model that can support further investments in Bitcoin.

Although Strategy continues to dominate corporate Bitcoin ownership by a considerable margin, Tether has emerged as a major treasury holder in its own right. Its profit-funded purchasing strategy also distinguishes it from companies that rely primarily on borrowing or issuing shares to acquire BTC.

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