Tether beats most ETFs in Bitcoin inflows with 27,700 BTC added in one year

Stablecoin issuer Tether is 1 of the largest firm accumulators of Bitcoin implicit the past 12 months, adding much coins to its treasury than astir each spot exchange-traded funds (ETFs).

On Sept. 8, Tether CEO Paolo Ardoino shared information showing that the stablecoin issuer secured much than 27,700 BTC successful the past year.

Of that amount, astir 7,900 BTC were placed straight into the reserves backing USDT, portion an further 19,800 BTC were allocated to Twenty One Capital (XXI), a integer plus treasury fund to which Tether contributes.

Tether Bitcoin Holdings vs US Spot ETFs (Source: Ardoino)

The purchases enactment Tether up of respective 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 humble compared with heavyweights similar 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 however the institution has divided its Bitcoin strategy betwixt backing its stablecoin and gathering longer-term concern positions.

Tether’s Bitcoin embrace

Tether began its structured Bitcoin acquisition successful May 2023, pledging to allocate 15% of quarterly profits to the asset. That committedness established the institution arsenic 1 of the fewer large firm actors with a standing argumentation to nonstop profits into Bitcoin.

However, its strategy has besides faced scrutiny. Recently, YouTuber Clive Thompson claimed Tether had sold much than $1 cardinal worthy of Bitcoin to assistance money a $1.6 cardinal golden purchase, citing changes successful the company’s nationalist plus disclosures.

Ardoino responded by saying the diminution successful disposable Bitcoin reserves was tied to transfers into XXI, not liquidations. He reiterated that Tether plans to support a diversified reserve strategy that includes Bitcoin, gold, and existent estate.

Despite the debate, Tether’s holdings present full 100,521 BTC, valued astatine astir $11.36 cardinal astatine existent marketplace prices.

Data from Bitcoin Treasuries ranks the institution arsenic the third-largest firm holder of Bitcoin worldwide, trailing lone Strategy, which precocious rebranded arsenic Strategy, and Block.one.

The station Tether beats astir ETFs successful Bitcoin inflows with 27,700 BTC added successful 1 year appeared archetypal connected CryptoSlate.