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Tether has added another 951 Bitcoin (BTC) to its reserves, reinforcing a long-term accumulation policy that increasingly resembles a standing corporate treasury program rather than a short-term trade.
In a report, MEXC Ventures—issuer of the world’s largest stablecoin, USDt (USDT)—said Tether purchased roughly $70 million worth of BTC. The transaction reportedly lifted Tether’s total holdings to 97,141 BTC.
The purchase was flagged through on-chain monitoring and attributed to a wallet labeled “Tether: BTC Reserve.” Analysts said the wallet matches a reserve address previously acknowledged by Tether CEO Paolo Ardoino.
At a BTC price of around $74,650, MEXC Ventures estimated Tether’s Bitcoin position at approximately $7.2 billion.
The report emphasized that the market significance is tied to Tether’s stated policy. Since 2023, Tether has committed to allocating up to 15% of its realized operating profit into Bitcoin, and MEXC Ventures argued the company has continued to execute that approach consistently.
MEXC Ventures said this places Tether among a narrower group of BTC buyers that accumulate based on business performance rather than short-term market timing. A rules-based allocation can create recurring demand even when prices move sideways or volatility rises, because purchases are linked to profitability rather than sentiment.
Tether’s ability to sustain the program is tied to stablecoin issuance economics. With USDT’s market capitalization at roughly $185 billion, MEXC Ventures noted that Tether benefits from yields generated by reserve assets largely concentrated in U.S. Treasuries and other cash-equivalents.
The report cited market estimates that Tether generated more than $10 billion in net profit in 2025, supported by elevated risk-free rates and the scale of its reserve portfolio.
MEXC Ventures also pointed to “excess reserves” of around $6.3 billion relative to liabilities of about $186.5 billion, describing this as a factor supporting confidence in the USDT peg.
The report framed Tether’s use of alternative assets such as Bitcoin and gold as portfolio diversification rather than a shift away from conservative reserve management.
MEXC Ventures estimated Tether holds about $17.4 billion in physical gold. It described Bitcoin as being treated as a decentralized, long-duration asset—often characterized as “digital gold”—with a fixed supply narrative that aligns with treasury-style accumulation.
From a market-structure perspective, MEXC Ventures said the most direct impact is incremental and persistent buy-side pressure. Unlike discretionary buyers attempting to time bottoms, a profit-linked policy can translate into steadier inflows during consolidations—such as Bitcoin’s mid-April trading range around the $74,000 level—potentially smoothing sentiment during choppy conditions.
More broadly, the report said Tether’s approach signals evolving corporate treasury norms within crypto. Historically, reserve assets were dominated by cash, bank deposits, and short-dated government paper. Tether’s growing BTC position suggests that a cash-generative firm can incorporate Bitcoin into a long-term treasury mix without necessarily compromising core business obligations.
MEXC Ventures concluded that Tether has become a large-scale, structurally motivated accumulator with more than 97,000 BTC. It said further purchases remain plausible depending on quarterly profitability and the size of excess reserves, adding that analysts expect Bitcoin markets to track not only spot ETF flows but also the “always-on” accumulation behavior of major, industry-native players such as Tether.
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