Tether Bitcoin Holdings Rival Corporate Treasury Giants

Tether Bitcoin holdings have reached 150,000 BTC, putting the company behind USDT among the world’s largest corporate Bitcoin holders.

CEO Paolo Ardoino revealed the figure during his keynote at the Plan ₿ Forum in Lugano, Switzerland, on November 3. The position is worth $11.5 billion at the current price.

The disclosure places Tether behind only Strategy among major corporate Bitcoin treasury holders. It also highlights how the stablecoin giant is turning profits from its dollar-pegged business into a substantial Bitcoin position.

Tether has built its treasury through a strategy announced in May 2023. The company committed to allocating up to 15% of its net realized operating profits toward Bitcoin purchases.

Tether Bitcoin Holdings Put USDT Giant Among Corporate BTC Whales

Tether’s estimated 150,000 BTC position puts it well ahead of most companies pursuing Bitcoin treasury strategies. Strategy remains the clear leader, holding 849,327 BTC. Tether’s reported stack represents 18% of Strategy’s holdings, placing the stablecoin issuer among the industry’s largest corporate Bitcoin buyers.

The disclosure also puts Tether ahead of companies such as Metaplanet and Strive, whose Bitcoin treasuries remain below 50,000 BTC each.

Ardoino discussed the holdings while outlining Tether’s expanding role in the Bitcoin ecosystem. He also said the company serves more than 730 million users worldwide, adding 30 million wallets each quarter.

Tether’s Bitcoin strategy began in 2023, when the company announced plans to invest a portion of its operating profits into BTC. The policy allows Tether to accumulate Bitcoin using earnings from its business rather than relying entirely on external fundraising.

The company has also invested in gold, energy, Bitcoin mining infrastructure, and other technology projects. Bitcoin remains one of its most prominent long-term investment positions.

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USDT Profits Fuel Tether’s Bitcoin Treasury

Tether’s growing Bitcoin holdings are backed by a highly profitable stablecoin business. The company generated $4.5 billion in net operating profit during the first nine months of 2026, including $1.5 billion in the third quarter.

USDT issuance remained near $184 billion during the period, while Treasury bills and reverse repurchase agreements continued generating most of Tether’s income.

Tether’s third-quarter attestation showed $191.45 billion in reserve assets against $183.50 billion in liabilities. Its excess reserves climbed to $7.95 billion, nearly doubling from $4.1 billion at the end of June.

The company also reported $132.4 billion in direct and indirect US Treasury bill exposure, giving it a substantial source of recurring income.

This business model separates Tether from companies that raise capital specifically to buy Bitcoin. Strategy has relied heavily on stock sales and debt offerings to expand its treasury, while Tether can allocate a portion of its operating profits toward BTC.

Tether latest disclosure also puts its Bitcoin holdings above the amount listed in its third-quarter USDT reserve report. That report valued Bitcoin reserves at $8.37 billion on September 30, while Ardoino’s estimate puts the company’s total position near $11.5 billion.

Tether’s growing Bitcoin treasury shows how stablecoin profits can fund a major corporate crypto position. With USDT remaining one of the industry’s largest dollar-backed tokens, the company has a recurring earnings engine supporting its long-term Bitcoin strategy.

Strategy still holds a much larger stack, but Tether has emerged as a powerful corporate Bitcoin holder in its own right.

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