Tether Crushes ETF Competition: Absorbs 27,700 BTC in 12 Months

Tether just schooled traditional finance—again. While Wall Street’s ETF custodians fumble with paperwork and fees, the stablecoin giant quietly gobbled up enough Bitcoin to make most fund managers blush. Here’s how the underdog became the whale.

The ETF Killer Nobody Saw Coming

Forget ‘slow and steady’—Tether’s Bitcoin haul screams institutional-grade conviction without the red tape. No prospectuses, no gatekeepers, just raw crypto-native accumulation at scale.

By the Numbers: A Contrarian Feast

27,700 BTC. One year. Zero apologies. While regulated products drip-feed exposure, Tether’s treasury strategy looks more like a Vegas high-roller chasing asymmetric upside. (Take notes, BlackRock.)

The Punchline?

When history’s written, this’ll be the footnote that stings: a ‘risky’ stablecoin operator outmaneuvering trillion-dollar asset managers at their own game—with fewer compliance headaches and better returns. Maybe ETFs should’ve hodled harder.

Tether’s bitcoin accumulation strategy

On September 8, Tether CEO Paolo Ardoino shared data showing the company secured more than 27,700 BTC in the previous twelve months.

Of this total, around 7,900 BTC were placed directly into the reserves backing USDT, while approximately 19,800 BTC were allocated to Twenty One Capital, a digital asset treasury fund to which Tether contributes.

These purchases have positioned Tether ahead of several mid-tier ETF inflows, such as VanEck’s HODL, Bitwise’s BITB, Ark 21Shares’ ARKB, and WisdomTree’s BTCW.

However, Tether’s total still trails the largest players, including BlackRock’s IBIT, Grayscale’s mini bitcoin trust, and Fidelity’s FBTC.

Reserve management and public scrutiny

Tether began its structured bitcoin acquisition in May 2023, pledging to allocate 15% of quarterly profits to the asset.

The company’s approach divides its bitcoin strategy between backing its stablecoin and building longer-term investment positions.

Ardoino recently addressed claims that Tether sold over $1 billion in bitcoin to fund a Gold purchase, clarifying that the decline in visible reserves was due to transfers into Twenty One Capital rather than liquidations. Ardoino stated:

“Tether plans to maintain a diversified reserve strategy that includes bitcoin, gold, and real estate.”

Tether’s position among bitcoin holders

With total holdings now at 100,521 BTC—valued at roughly $11.36 billion—Tether is ranked as the third-largest corporate holder of bitcoin worldwide, following only MicroStrategy and Block.one.

The company’s ongoing accumulation signals a sustained commitment to bitcoin as both a reserve asset and long-term investment.