Tether’s Bitcoin Stack Reaches 150,000 BTC, Making It a Leading Corporate Holder

Tether has accumulated approximately 150,000 BTC, placing the issuer of the USDT stablecoin among the largest corporate Bitcoin holders worldwide.

CEO Paolo Ardoino revealed the company’s holdings during his keynote address at the Plan ₿ Forum in Lugano, Switzerland, on November 3. The Bitcoin reserve is currently valued at roughly $11.5 billion.

With this position, Tether ranks second among major corporate Bitcoin treasury holders, trailing only Strategy. The disclosure also highlights the company’s approach of converting earnings from its stablecoin operations into a substantial BTC investment.

Tether introduced its Bitcoin purchasing policy in May 2023, committing to allocate as much as 15% of its net realized operating profits toward acquiring the cryptocurrency.

Tether Joins the Biggest Corporate Bitcoin Holders

Tether’s reported 150,000 BTC reserve places it ahead of most companies that have adopted Bitcoin as a treasury asset.

Strategy continues to dominate the rankings with 849,327 BTC. Tether’s holdings represent approximately 18% of Strategy’s Bitcoin position, making the stablecoin issuer a significant corporate participant in the market.

Its reserve also exceeds the reported holdings of companies such as Metaplanet and Strive, both of which have accumulated fewer than 50,000 BTC.

During his presentation, Ardoino discussed the company’s expanding presence in the digital asset industry. He said Tether’s stablecoin serves more than 730 million users worldwide and that approximately 30 million wallets are added every quarter.

The company’s Bitcoin accumulation program provides a way to increase its treasury using profits generated by its existing business. Unlike firms that depend heavily on external financing, Tether can direct a portion of its operating income toward additional BTC purchases.

Bitcoin is part of a broader investment portfolio that also includes gold, energy, mining infrastructure and technology-related ventures. However, its cryptocurrency holdings remain an important component of its long-term strategy.

Strong USDT Profits Support Tether’s BTC Strategy

Tether’s growing Bitcoin reserve is backed by the revenue generated through its stablecoin operations.

The company recorded approximately $4.5 billion in net operating profit during the first nine months of 2026. Its third-quarter contribution reached $1.5 billion.

USDT circulation remained near $184 billion during the same period. Most of Tether’s income continued to come from investments in US Treasury bills and reverse repurchase agreements.

The company’s third-quarter attestation reported $191.45 billion in reserve assets against $183.50 billion in liabilities. Its excess reserves consequently increased to $7.95 billion, compared with $4.1 billion at the end of June.

Tether also disclosed $132.4 billion in direct and indirect US Treasury bill exposure. These investments provide a major source of recurring income for the stablecoin issuer.

This revenue structure distinguishes Tether from companies that finance Bitcoin purchases through stock offerings and borrowing. Strategy has used debt and equity markets to expand its treasury, while Tether can fund acquisitions with a share of the profits earned from its stablecoin business.

Tether’s Latest Bitcoin Figure Exceeds Its Previous Report

The newly announced 150,000 BTC position is higher than the Bitcoin reserve value disclosed in Tether’s third-quarter USDT attestation.

The September 30 report placed its Bitcoin reserves at approximately $8.37 billion. Ardoino’s November 3 announcement, meanwhile, valued the company’s overall position at around $11.5 billion.

The latest disclosure underscores Tether’s expanding exposure to Bitcoin and its growing influence in the corporate treasury market.

Its strategy illustrates how stablecoin revenue can provide a consistent funding source for large-scale cryptocurrency investments. As USDT continues to serve a global user base, Tether has an established business generating income that can support further Bitcoin accumulation.

Strategy still maintains a substantially larger BTC reserve, but Tether has become a major corporate holder in its own right. Its reliance on operating profits also gives it a different accumulation model from companies that primarily use debt or equity financing to purchase Bitcoin.