Tether has added roughly $780 million in bitcoin, part of its ongoing policy to allocate up to 15% of quarterly profits to BTC, steadily making the stablecoin issuer one of the largest corporate holders of the cryptocurrency.

Since introducing the framework in 2023, Tether has systematically converted a portion of its realized quarterly operating profits into bitcoin, emphasizing consistent accumulation over opportunistic buying.

The company’s ability to fund these purchases is tied directly to its profit model. Tether generates earnings primarily from the cash-like assets backing USDT, including short-term U.S. Treasuries and repurchase agreements. Higher interest rates and sustained stablecoin demand boost operating profits, creating a recurring stream for bitcoin acquisition.

Unlike corporations that raise external capital to buy BTC, Tether’s approach acts as an internal treasury allocation. Excess earnings are used to diversify reserves while keeping the bulk of backing in highly liquid instruments, ensuring stablecoin liabilities remain fully supported.

The timing of the latest purchase is noteworthy. Bitcoin has struggled to sustain rallies into year-end, with liquidity thinning across exchanges and risk appetite uneven.

BTC was trading near $89,000 by mid-day Hong Kong time.