Tether increased its Bitcoin (BTC) holdings at the end of the fourth quarter, purchasing an additional 8,888 BTC for $380 million (approximately 55.1 billion yen, converted at 150 yen to the dollar). The Block reported.

Addresses associated with Tether hold 66,465 BTC, ranking 11th in terms of holdings according to Dune Analytics rankings.

Tether aims to shift away from cash and cash-like assets such as U.S. Treasuries as the backing assets for Tether (USDT), the world’s largest stablecoin with a market capitalization of over $95 billion, in May 2023. The company announced that it will start allocating up to 15% of its profits to Bitcoin.

According to the latest certification report, Tether holds $72.6 billion in government bonds and $1.7 billion in Bitcoin, among other asset allocations.

Tether has long been under scrutiny for its asset quality, but this week Howard Lutnick, CEO of Wall Street financial services firm Cantor Fitzgerald, which serves as Tether’s custodian, It reassured skeptics that the assets were adequate.

Swiss-based Tether first purchased Bitcoin in September 2022.

｜Translation and editing: Rinan Hayashi
｜Image: Nikhilesh De/CoinDesk
｜Original: Tether Reportedly Bought 8.9K Bitcoin for $380M, Remaining 11th-Largest BTC Holder