Stablecoin issuer Tether purchased another $627 million worth of bitcoins in the first quarter of 2024, bringing its total holdings to about 75,354 BTC — worth over $5.2 billion. This marks the first time Tether's bitcoin holdings have surpassed the $5 billion mark, coinciding with bitcoin reaching an all-time high this year and currently trading at around $69,500.

While Tether hasn't officially revealed its Bitcoin addresses, The Block confirmed last year Tether's one Bitcoin address, and that address has been accumulating bitcoins every quarter since September 2022. With the latest Q1 purchase, Tether has now become the seventh-largest holder of bitcoin from its previous rank of 11 earlier this year.

When contacted, Tether CEO Paolo Ardoino confirmed to The Block that the company …