The Block: Tether has become the 11th largest holder of Bitcoin in the world

According to ChainCatcher news, Tether, the stablecoin issuer, has become the 11th largest holder of Bitcoin globally, as reported by The Block. Although Tether has not officially disclosed its Bitcoin address, Tom Wan, a research analyst at 21.co, stated that he has identified an address that may belong to Tether, which currently holds approximately 55,022 Bitcoins, valued at around $1.6 billion.

A source with direct knowledge of the matter confirmed that Tether is the 11th largest holder of Bitcoin, a ranking also maintained by 21.co on Dune Analytics. The value of the Bitcoins held aligns with the total amount mentioned in Tether's second-quarter reserve report released earlier this week. Tether first disclosed its Bitcoin holdings in the first quarter of this year, stating that it would regularly invest up to 15% of its profits in Bitcoin as it shifts its reserves towards cryptocurrencies and away from U.S. government debt.