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Stablecoin issuer Tether (USDT) is now holding at least $2.82 billion of Bitcoin (BTC) as the firm continues to scoop up the crypto king at a high rate.

According to Ki Young Ju, the founder and chief executive of on-chain market intelligence platform CryptoQuant, Tether is currently holding at least 66,400 BTC.

“Tether revealed in its recently released quarterly report that it holds approximately $1.6 billion worth of Bitcoin. The amount of Bitcoin held by Tether puts it roughly 11th in terms of holdings.

If you look at ‘the Tether Bitcoin holding wallet,’ it doesn’t match the description in Tether’s quarterly report. While there were no Bitcoin holdings in [2022’s] Q4 report, the wallet did start accumulating Bitcoin. So Tether has plenty of Bitcoin. But that’s probably not the only Bitcoin wallet Tether has.”

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Source: Ki Young Ju/X

In an accompanying CryptoQuant post, it is revealed that Tether held just $1.6 billion worth of the top crypto asset by market cap in August. At the time, that made Tether the 11th-largest entity in terms of BTC held in the world.

In early January, it was revealed that a wallet believed to be owned by Tether was sitting on $1.33 worth of BTC profits, at the time pushing it to the 10th-largest entity in terms of holding Bitcoin.

Tether’s intent to purchase the flagship digital assets was reported in November by Bloomberg, which at the time found that the stablecoin issuer was looking to invest $500 million into the crypto king within the next six months.

At the time, Tether executive Paolo Ardoino said that Tether was committed to constructing BTC mining facilities in South America.

Bitcoin is trading for $42,474 at time of writing, a marginal decrease during the last 24 hours.

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