Stablecoin issuer Tether is one of the largest corporate accumulators of Bitcoin over the last 12 months, adding more coins to its treasury than nearly all spot exchange-traded funds (ETFs).
On Sept. 8, Tether CEO Paolo Ardoino shared data showing that the stablecoin issuer secured more than 27,700 BTC in the past year.
Of that amount, around 7,900 BTC were placed directly into the reserves backing USDT, while an additional 19,800 BTC were allocated to Twenty One Capital (XXI), a digital asset treasury fund to which Tether contributes.

The purchases put Tether ahead of several mid-tier ETF inflows, including VanEck’s HODL, Bitwise’s BITB, Ark 21Shares’ ARKB, and WisdomTree’s BTCW.
Yet the stablecoin operator’s buying remains modest compared with heavyweights like BlackRock’s IBIT, which absorbed 394,600 BTC, Grayscale’s mini Bitcoin trust, which added 44,200 BTC, and Fidelity’s FBTC with 27,900 BTC.
Ardoino’s breakdown highlights how the company has divided its Bitcoin strategy between backing its stablecoin and building longer-term investment positions.


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Tether’s Bitcoin embrace
Tether began its structured Bitcoin acquisition in May 2023, pledging to allocate 15% of quarterly profits to the asset. That commitment established the company as one of the few major corporate actors with a standing policy to direct profits into Bitcoin.
However, its strategy has also faced scrutiny. Recently, YouTuber Clive Thompson claimed Tether had sold more than $1 billion worth of Bitcoin to help fund a $1.6 billion gold purchase, citing changes in the company’s public asset disclosures.
Ardoino responded by saying the decline in visible Bitcoin reserves was tied to transfers into XXI, not liquidations. He reiterated that Tether plans to maintain a diversified reserve strategy that includes Bitcoin, gold, and real estate.
Despite the debate, Tether’s holdings now total 100,521 BTC, valued at roughly $11.36 billion at current market prices.
Data from Bitcoin Treasuries ranks the company as the third-largest corporate holder of Bitcoin worldwide, trailing only Strategy, which recently rebranded as Strategy, and Block.one.