Stablecoin issuer Tether now holds over $5 billion worth of Bitcoin, according to public blockchain data. 

Arkham Intelligence data—which tracks the crypto giant’s wallet—reveals that the company now holds over 75,354 Bitcoin, worth more than $5.1 billion as of this writing, after the firm bought 8,889 BTC in the first quarter of this year. 

Tether is the company behind the third-biggest cryptocurrency by market cap, USDT. The company is one of the biggest Bitcoin holders, and has said its strategy is to keep buying the largest digital asset by market cap. 

Tether said last year that it would regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. The idea is to use the asset to hold in the reserves it uses to back its stablecoin.

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Author: Mathew Di Salvo

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