Tether's $6B Bitcoin Stash Sparks Market Concerns

Tether has amassed an impressive stash of Bitcoin, holding 97,141 BTC worth approximately $6 billion.

This massive reserve is funded by allocating up to 15% of Tether's quarterly profits from its reserve business, which earned over $10 billion in 2025.

If Tether were a public company, it would be the second-largest private corporate Bitcoin holder. However, as a private entity, it lacks market valuation or share price, making key metrics like market net asset value (mNAV) irrelevant and leaving its Bitcoin holdings unpriced and without market discipline.

The S&P has downgraded Tether's stablecoin rating due to disclosure gaps and high-risk assets, highlighting the tension between its Bitcoin accumulation and stablecoin stability.