World's largest private gold holder joins top five Bitcoin holders

Core Insights - Tether has emerged as one of the top five largest holders of Bitcoin, acquiring 8,888 BTC on December 31, 2025, bringing its total Bitcoin holdings to over 96,000 BTC, valued between $8.4 billion and $8.5 billion as of January 1, 2026 [1][2] Group 1: Bitcoin Acquisition Strategy - The recent Bitcoin purchase aligns with Tether's broader reserve strategy, which includes Bitcoin as a core asset alongside cash, U.S. Treasuries, and gold [2] - Tether allocates up to 15% of its quarterly profits toward Bitcoin purchases, complementing investments in physical gold and other reserve assets [2] Group 2: Transparency and Ratings - Tether faces renewed scrutiny regarding its transparency, with S&P Global downgrading its stablecoin rating to "5 (weak)", the lowest grade on its five-point risk scale due to "persistent gaps in disclosure" and a rising share of "high-risk assets" in its reserves [3] - In response to the downgrade, Tether disagreed with the characterization and highlighted its history of maintaining stability and redeemability of USDT [3] Group 3: Gold Holdings - Tether has been accumulating physical gold as part of its diversified reserve strategy, holding about 116 metric tons of gold as of Q3 2025, making it the largest non-sovereign gold holder globally [4] Group 4: Mining Operations - The Bitcoin acquisition follows Tether's decision to shut down its Bitcoin mining operations in Uruguay due to unfavorable energy pricing [5]