Tether's Unlisted $6 Billion Bitcoin Stash Defies Market Valuation

Tether's $6 billion Bitcoin stash is a mystery to market watchers because it's not listed on any exchange. At current prices, the 97,141 BTC held by Tether would rank second among corporate holders if it were public.

The company accumulates its holdings by allocating up to 15% of its quarterly operating profits to Bitcoin since May 2023. This policy has led to a consistent rhythm in purchases, with the most recent addition being an 8,888 BTC transfer on New Year's Day.

Tether's funding model is unique compared to other treasury companies that raise capital to buy Bitcoin. Instead, Tether buys with cash it already earned from its reserve business, which generates income by holding US government debt against tokens held by the public.