Tether acquires more Bitcoin (BTC) for over $400 million

Cantor Equity Partners has officially declared to the SEC that Tether has purchased another 4,812 BTC (Bitcoin) by investing 458.7 million dollars. 

The purchase was made at an average price of $95,319 per BTC, which is lower than the current price. 

Tether: the love story with Bitcoin (BTC)

Terther is the company that issues the leading stablecoin in the world, USDT. 

Given that the bulk of USDT collateral is held by the company in US government bonds (the so-called Treasury), as well as in cash, and considering that interest rates have been high for many months now, the company is earning billions of dollars from the United States in active interest on its Treasury.

Tather has been reinvesting these earnings in various activities for some time, including in Bitcoin. 

According to the latest official quarterly report, drafted by BDO, as of March 31, 2025, the company already owned more than 7.6 billion dollars in BTC, purchased mainly over the last two or three years. 

Therefore, the purchase announced by Cantor Equity Partners is neither a novelty nor particularly important, as it involves an amount significantly lower than the Bitcoin reserves already in cash. 

Tether is not only trying to build a treasure in Bitcoin with the substantial profits earned in recent years, but it is also trying to help the developer community. 

In fact, a few days ago, announced that it has allocated another grant of $100,000 to the BTCPay Server Foundation, for the development of free and open-source software.

BTCPay Server is a payment processor for criptovalute open source and self-hosted, which allows thousands of businesses, projects, and communities around the world to accept payments in Bitcoin and USDT. 

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The reserves of USDT

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According to the latest official quarterly report, Tether has reserves in dollars or similar that exceed the value of all USDT tokens issued on the market. 

However, they are not all in cash, also because the amount of USDT that are redeemed is on average very low, compared to those in circulation. 

In fact, in 2025 alone, the market capitalization of USDT rose from 137 to 150 billion dollars, with a slight and temporary decline only between December 20 and 31, 2024. 

The largest decline in its history occurred in 2022, after the implosion of the algorithmic stablecoin UST on Terra/Luna, and even then the company had plenty of time to return 18 billion dollars in about a month and a half. 

This allows Tether to hold nearly 100 billion dollars invested in US Treasury Bills, which can be liquidated relatively quickly, if necessary, to cash in cash. 

It has less than 100 million dollars in cash in bank accounts, while it has 15 billion dollars in Overnight Reverse Repurchase Agreements, which can also be liquidated very quickly, if necessary. 

In total, as of March 31, it had 121 billion dollars in cash, bonds, and similar assets, against a market capitalization of USDT of about 144 billion dollars. The rest of the reserves consisted of Secured Loans (8.8 billion dollars), precious metals (6.6 billion), Bitcoin (7.6 billion), and other investments (4.4 billion). 

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Cantor Equity Partners

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The reason why the declaration to the SEC was submitted by Cantor Equity Partners was highlighted by the latter in the same document submitted to the U.S. agency that oversees the financial markets. 

On April 22, Cantor Equity Partners entered into a Combination Agreement with Twenty One Capital, Twenty One Merger, Twenty One Assets, Tether Investments, iFinex, and Stellar Beacon.

The agreement provides for the establishment of a new company, called 21 Capital, which aims specifically to purchase Bitcoin.

Cantor Equity Partners is a company listed on the stock exchange, on Nasdaq, therefore it is legally required to disclose such information to the SEC. 

Cantor Equity Partners was launched by Brandon Lutnick, son of the United States Secretary of Commerce and chairman of Cantor Fitzgerald, in the form of a special purpose acquisition company (Spac). 

The Spac plans to raise funds for 3 billion dollars, half of which from Tether, in addition to 600 million from the crypto exchange Bitfinex, owned by iFinex like Tether, and 900 million from SoftBank.