Tether (USDT) Buys Bitcoin Dip: Scoops 8,888 BTC for $735M

Tether (USDT) Buys Bitcoin Dip: Scoops 8,888 BTC for $735M

Tether, the company behind the leading stablecoin USDT, has acquired 8,888 Bitcoin (BTC), boosting its total BTC held to 100,521 units, valued at $8.35 billion, according to Arkham Intelligence data.

The acquisition was made before Q1 ended. With BTC prices falling, big players are buying up the most valuable token by market cap.

The purchase was executed on March 31 at around 8 PM UTC as Bitcoin exceeded $83,000. Bitcoin is now trading at about $83,449, up 1.5% in the last 24 hours.

Big BTC Buy!

Although the purchase timing is noteworthy, it’s hardly surprising since Tether CEO Paolo Ardoino is a vocal Bitcoin supporter, or even a Bitcoin maximalist, like Strategy Executive Chairman Michael Saylor.

Joining the Bitcoin Italia Podcast on March 3, Ardoino asserted that Bitcoin will eventually become the only currency in the world, outlasting traditional fiat currencies due to their inherent structural flaws, such as inflationary pressures and centralized control.

Tether just released the attestation for Q4 2024.

Highlights as of 31st December 2024:

– $13.7 billion profit for year 2024
– ~$6 billion profit for Q4 2024
– $113 billion in direct and indirect holdings
– $7 billion in Tether's excess stablecoin reserves (36% increase YoY),… https://t.co/izYONstKuF

— Paolo Ardoino 🤖 (@paoloardoino) January 31, 2025

According to him, Bitcoin is a decentralized, scarce digital asset that will thrive in a future where fiat currencies collapse.

Regarding Tether’s flagship stablecoin, Ardoino sees it as a temporary solution that helps bridge traditional finance and Bitcoin. However, he expects that once fiat currencies collapse due to hyperinflation, USDT will become useless, and Bitcoin will dominate.

USDT is the largest stablecoin in terms of market capitalization. Its total market valuation had surpassed $143 billion as of March 21, 2025. Its dominance has been intact despite the arrival of competing stablecoins, some of which are even backed by big fintech companies.

The Next Big Move?

The crypto giant is reportedly engaging with one of the Big Four accounting firms to conduct its first comprehensive audit. In a statement confirming the discussions, Ardoino said it was Tether’s top priority.

Tether has long relied on quarterly attestations rather than full audits, which has raised concerns about transparency and the backing of its USDT stablecoin.

Having its first comprehensive audit would enhance transparency and trust in Tether’s stablecoin, USDT, as the move provides independent verification of its assets backing the token.

Ardoino has not specified which of the Big Four firms—PwC, EY, Deloitte, or KPMG—is involved in the discussions.

The U.S. is advancing a stablecoin legislative framework through two key bipartisan bills introduced in 2025: the GENIUS Act (Senate) and the STABLE Act (House).

These proposed regulations may prompt the company to transition from quarterly attestations by BDO to monthly audits by a U.S. accounting firm.

Big Players Still Accumulate Bitcoin

Not only Tether, but other big players have also pushed their Bitcoin accumulations.

Earlier on Monday, Michael Saylor’s Strategy also announced the acquisition of 22,048 Bitcoin, worth $1.92 billion. The purchase, made last week, brings the firm’s Bitcoin stash to 528,185 BTC.

According to recent SEC filings, Bitcoin miner MARA Holdings is planning a $2 billion stock offering to purchase more Bitcoin. The company intends to use the proceeds from the at-the-market (ATM) offering for general corporate purposes, including acquiring additional Bitcoin and covering its working capital needs.

The strategy is likely inspired by the Bitcoin approach of Saylor-led Strategy, which has also aggressively accumulated Bitcoin through stock offerings.

A newcomer, GameStop, announced last week that it plans to issue $1.3 billion in convertible senior notes due in 2030 to fund Bitcoin purchases.

his came after the company confirmed its strategy to bring Bitcoin onto its balance sheet, aiming to optimize investment returns and provide liquidity for day-to-day operations.

The notes are zero-interest and can be converted into GameStop stock at a premium.

Although major institutions still scoop up more Bitcoin, the prices of Bitcoin do not immediately react.

Bitcoin wrapped up Q1 with around an 11% decline, as investors turn risk-averse ahead of Liberation Day when a series of Trump’s tariff policies will take effect.

The post Tether (USDT) Buys Bitcoin Dip: Scoops 8,888 BTC for $735M appeared first on CoinCentral.