Tether's Bitcoin Holdings Surge to $9.9 Billion as Profits Exceed $10 Billion
Tether, the issuer of the world's largest stablecoin, USDT, has reported substantial financial growth, with net profits surpassing $10 billion in the first nine months of 2025. This surge in profitability coincides with a significant increase in its Bitcoin holdings, which have reached nearly $10 billion.
Key Takeaways
- Tether's net profits exceeded $10 billion in the first nine months of 2025.
- The company's Bitcoin holdings now stand at $9.9 billion.
- Tether's flagship token, USDT, reached a market capitalization of $174 billion in Q3 2025.
- The firm has initiated a share buyback program and is exploring potential institutional investment.
Robust Financial Performance
Tether's latest attestation, verified by accounting firm BDO Italy, reveals that the company ended the third quarter of 2025 with $6.8 billion in excess reserves. This buffer significantly exceeds its $174.4 billion in liabilities associated with USDT. The stablecoin's market cap expanded by $17 billion during the quarter, reaching a total of $174 billion by the end of September.
Expanding Investment Portfolio
CEO Paolo Ardoino highlighted Tether's substantial exposure to U.S. Treasuries, which now amount to $135 billion, positioning the company as the 17th largest holder of U.S. debt. In addition to its significant Treasury holdings, Tether also reported $12.9 billion in gold and $9.9 billion in Bitcoin.
Strategic Initiatives and Future Plans
Tether has announced the commencement of a share buyback program, with indications of prospective participation from institutional investors interested in a private placement. Reports suggest Tether may be seeking to raise up to $20 billion, with firms like Ark Invest and SoftBank reportedly showing interest.
The company has also applied for an investment fund license in El Salvador, where it is headquartered. Furthermore, Tether confirmed the settlement of litigation with the bankrupt crypto lender Celsius in October, utilizing its own capital rather than reserves backing its issued tokens.
Tether is actively preparing for the launch of a new stablecoin, USAT, aimed at the U.S. market and developed in partnership with crypto bank Anchorage Digital. The company is also considering two to three strategic investments to enhance USAT's distribution, potentially mirroring its stake in the video-sharing platform Rumble, where tokens could be used for creator tipping.