Part 7/16:
Beyond US treasuries, reserves include reverse repos, investment-grade commercial paper, physical gold, and over-collateralized loans—ensuring diversification and risk mitigation. Livingston describes this as operating with “the prudence and firepower of a full reserve central bank,” even as the company’s assets and Bitcoin holdings continue to surge.
The Bitcoin Acquisition and Mining Strategy
One of the most remarkable aspects of Tether’s transformation is its aggressive accumulation of Bitcoin. Since January 2024, it has steadily increased its holdings from 66,000 BTC to over 109,000 BTC (~$3 billion worth). This acquisition, entirely funded by internal cash flow, positions Tether as a top-tier Bitcoin whale—second only to corporate giant MicroStrategy among global companies.