Tether’s Bitcoin Holdings Reach 150,000 BTC, Making It One of the World’s Largest Corporate Holders
Tether has expanded its Bitcoin treasury to approximately 150,000 BTC, placing the company behind the USDT stablecoin among the world’s biggest corporate Bitcoin holders.
CEO Paolo Ardoino disclosed the figure during his keynote presentation at the Plan ₿ Forum in Lugano, Switzerland, on November 3. At the current market price, the company’s Bitcoin position is valued at roughly $11.5 billion.
The latest disclosure ranks Tether second only to Strategy among major corporate Bitcoin treasury holders. It also demonstrates how the stablecoin issuer is using earnings from its dollar-pegged business to build a significant BTC reserve.
Tether’s accumulation strategy dates back to May 2023, when the company announced that it would direct up to 15% of its net realized operating profits toward Bitcoin purchases.
Tether Becomes One of the Largest Corporate Bitcoin Whales
Tether’s reported 150,000 BTC treasury puts it ahead of most publicly known companies pursuing Bitcoin accumulation strategies.
Strategy remains the dominant corporate holder, with 849,327 BTC in its reserves. Tether’s reported holdings amount to approximately 18% of Strategy’s total position, establishing the stablecoin issuer as another major player in the corporate Bitcoin market.
The company also holds more Bitcoin than several other prominent corporate treasury firms, including Metaplanet and Strive, both of which have reported holdings below 50,000 BTC.
Ardoino discussed Tether’s Bitcoin position while highlighting the company’s growing influence across the cryptocurrency ecosystem. He also said USDT serves more than 730 million users globally, with approximately 30 million wallets being added every quarter.
Tether introduced its Bitcoin investment policy in 2023, allowing the company to use a portion of its operating earnings to purchase BTC. This approach gives it a recurring source of funding for accumulation without depending entirely on external capital markets.
Beyond Bitcoin, Tether has expanded its investments into gold, energy, Bitcoin mining infrastructure and other technology-related businesses. Nevertheless, BTC remains one of its most significant long-term treasury assets.
USDT Business Profits Support Tether’s Bitcoin Accumulation
Tether’s expanding Bitcoin reserve is supported by the strong earnings generated by its stablecoin operations.
The company recorded approximately $4.5 billion in net operating profit during the first nine months of 2026, including $1.5 billion in earnings during the third quarter.
USDT issuance remained around $184 billion over the period. Treasury bills and reverse repurchase agreements continued to represent the primary sources of income for the company.
Tether’s third-quarter attestation reported $191.45 billion in reserve assets against $183.50 billion in liabilities. This left the company with $7.95 billion in excess reserves, up from approximately $4.1 billion at the end of June.
The report also showed that Tether had $132.4 billion in direct and indirect exposure to US Treasury bills, providing a substantial source of recurring returns.
This financial structure gives Tether a different advantage compared with companies that raise money specifically to purchase Bitcoin. Strategy has expanded its holdings largely through equity sales and debt financing, whereas Tether can use a portion of its existing business profits to acquire BTC.
The latest 150,000 BTC disclosure also exceeds the Bitcoin reserve figure included in Tether’s third-quarter USDT report. That attestation valued its Bitcoin reserves at $8.37 billion as of September 30, while Ardoino’s more recent estimate places the company’s total holdings near $11.5 billion.
Tether’s growing treasury demonstrates how profits from a large stablecoin business can support substantial Bitcoin accumulation. With USDT maintaining its position as one of the cryptocurrency industry’s largest dollar-backed tokens, the company has an established earnings base to finance its long-term investment strategy.
Strategy continues to hold a considerably larger Bitcoin reserve, but Tether has established itself as a major corporate BTC holder through its expanding stablecoin business and profit-funded accumulation model.
