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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Wallet Thought To Be Owned by Tether Gains $1,330,000,000 in Bitcoin Profits, Now the 10th Largest BTC Address appeared first on The Daily Hodl.