A wallet believed to be owned by the largest stablecoin issuer Tether is sitting on $1.33 billion in Bitcoin (BTC) profits.
Tom Wan, a digital asset strategy associate at 21.co, speculates that a specific wallet could be the home to Tether’s Bitcoin holdings.
Wan notes that this specific wallet has only received BTC inflow from Bitfinex, Tether’s sister company.
21.co is the parent company of 21shares, the world’s largest crypto exchange-traded product (ETP) issuer.
The wallet Wan called attention to currently holds 66,465.2 BTC worth more than $3.003 billion, according to BitInfoCharts. It is currently the 10th-richest Bitcoin address in the world and has profited more than $1.33 billion from Bitcoin’s price changes over time. It also acquired more than $379 million worth of BTC on Sunday.
Bitfinex, a crypto exchange, owns the second-richest Bitcoin wallet in the world, holding more than $9.496 billion worth of BTC, according to BitInfoCharts.
Tether, which mints USDT, the top stablecoin by market cap, announced in May last year that it would regularly allocate up to 15% of its net realized operating profits toward purchasing BTC.
Paolo Ardoino, Tether’s new chief executive, said at the time that the company’s decision to invest in Bitcoin was due to its strength and potential as an investment.
Ardoino served as Tether’s chief technology officer at the time of the announcement but was promoted to CEO in October.
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