The stablecoin issuer Tether is reportedly sitting on $3.86 billion worth of unrealized Bitcoin (BTC) profits.

The crypto tracker Spot On Chain notes Tether has the sixth-largest Bitcoin wallet in the world, with its reserves totaling 92,647 BTC worth $7.88 billion at time of writing.

Tether owns 100,521 BTC in total, meaning the firm holds nearly 8,000 BTC outside its reserves wallet, according to the crypto data platform Arkham.

The stablecoin issuer announced in May 2023 that it would regularly allocate up to 15% of its net realized operating profits toward buying Bitcoin, and it purchased 8,888 BTC worth $735 million in the first quarter of 2025.

Tether chief executive Paolo Ardoino said in 2023 that Bitcoin had emerged as a store of value and “continually proven its resilience.”

“Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.”

Tether issues USDT, the largest stablecoin by market cap.

BTC is trading at $85,111 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past 24 hours but down nearly 3% in the past week.

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