Tether Buys 951 Bitcoin as Profit-Linked Treasury Strategy Expands

Tether has added another 951 Bitcoin (BTC) to its reserves, reinforcing a long-term accumulation policy that increasingly looks less like a trade and more like a standing corporate treasury program.

According to a recent report from MEXC Ventures, the issuer of the world’s largest stablecoin, USDt (USDT), purchased roughly $70 million worth of BTC, lifting its total holdings to 97,141 BTC. The transaction was flagged via on-chain monitoring and later attributed to the wallet labeled ‘Tether: BTC Reserve,’ which analysts say matches a reserve address previously acknowledged by Tether CEO Paolo Ardoino.

At a BTC price of around $74,650, MEXC Ventures estimated Tether’s Bitcoin position to be worth approximately $7.2 billion. While the purchase size is meaningful, the market significance lies in the mechanism behind it: Tether has publicly committed since 2023 to allocate up to 15% of its realized operating profit into Bitcoin, and the report argues the company has continued to execute that policy consistently.

That framing places Tether in a narrower category of buyers—entities that accumulate BTC as a function of business performance rather than short-term market timing. In practice, such a rules-based allocation can create recurring demand even when prices move sideways or volatility rises, because buying is tethered to profitability rather than sentiment.

Tether’s capacity to sustain the program is closely tied to the economics of stablecoin issuance. With USDT’s market capitalization at roughly $185 billion, Tether benefits from yields generated by reserve assets that are largely concentrated in U.S. Treasuries and other cash-equivalents. MEXC Ventures cited market estimates that Tether generated more than $10 billion in net profit in 2025, aided by elevated risk-free rates and the scale of its reserve portfolio.

The report also pointed to a cushion of ‘excess reserves’—around $6.3 billion relative to liabilities of about $186.5 billion—as a factor supporting confidence in the stability of USDT’s peg. In that context, adding alternative assets such as Bitcoin and gold can be interpreted as portfolio diversification rather than a shift away from conservative reserve management.

MEXC Ventures noted that Tether’s diversification is already visible beyond crypto. The company is estimated to hold about $17.4 billion in physical gold, a position that reduces reliance on a single fiat-based reserve framework and offers hedging characteristics against inflation or currency debasement. Bitcoin, by contrast, is being treated as a decentralized, long-duration asset—often described as ‘digital gold’—with a fixed supply narrative that aligns with treasury-style accumulation.

From a market-structure perspective, the most direct impact is incremental and persistent buy-side pressure. Unlike discretionary purchasers that attempt to pick bottoms, a profit-linked policy can translate into steady inflows during consolidations—such as Bitcoin’s mid-April trading range around the $74,000 level—potentially smoothing sentiment during choppy conditions.

The broader implication is what Tether’s approach signals about corporate treasury norms inside the crypto industry. Historically, reserve assets were dominated by cash, bank deposits, and short-dated government paper. Tether’s growing BTC position suggests that a highly cash-generative firm can incorporate Bitcoin into a long-term treasury mix without necessarily compromising its core business obligations—an example that could influence both private companies and public firms weighing whether to place crypto assets on their balance sheets.

MEXC Ventures concluded that Tether has already become a large-scale, structurally motivated accumulator with more than 97,000 BTC, and argued that further purchases remain plausible depending on quarterly profitability and the size of excess reserves. As a result, analysts say Bitcoin markets may need to track not only spot ETF flows, but also the ‘always-on’ accumulation behavior of major, industry-native players such as Tether.