Tether buys Bitcoin again in the second quarter, with a total value of $1.676 billion, second only to MicroStrategy.

The world's largest stablecoin issuer, Tether, bought more Bitcoin in the second quarter, as confirmed by Chief Technology Officer Paolo Ardoino. Tether spent approximately $45.4 million to purchase 1,529 Bitcoins in the second quarter.

Bitcoin's Total Value Reaches $1.676 Billion by the End of June

In its March reserve report, Tether disclosed the details of its reserves in Bitcoin and precious metals for the first time. It announced that starting from May, it would allocate up to 15% of realized net operating income, such as realized USD gains from treasury bills, to purchase Bitcoin. Tether stated that purchasing Bitcoin is part of its conservative and prudent investment decision-making process aimed at strengthening, increasing, and diversifying its reserves. Through this framework, Tether aims to enhance transparency and provide a clearer picture of the company's performance and capital allocation strategy.

According to its published reserve report, the value of Bitcoin in USD increased by $176 million in the second quarter, reaching a total value of $1.676 billion. Based on the Bitcoin price of $30,700 at the end of June, Tether holds approximately 54,600 Bitcoins.

Bitcoin Magazine reported that Tether's CTO, Paolo Ardoino, confirmed that Tether paid around $45.4 million to add BTC to its balance sheet. Tether purchased 1,529 Bitcoins in the second quarter of 2023 at a cost of approximately $29,693 per Bitcoin.

Currently, Tether holds Bitcoin worth $1.676 billion, equivalent to 54,600 Bitcoins. This far exceeds the second-place holder Marathon Digital in the list of publicly traded companies holding Bitcoin, closing in on the leader, MicroStrategy.

Of course, MicroStrategy, the largest Bitcoin Hodler, continues to buy Bitcoin and even plans to raise more funds to increase its holdings! For more details, please see: MicroStrategy Buys More Bitcoin, Riding the AI Wave, Turning Losses into Profits with Tax Revenue