With the new bitcoin-buying plan, announced about a week after the attestation, Tether joins the ranks of a number of institutional behemoths hoovering up BTC. Notably, MicroStrategy, the publicly-traded tech firm that after nearly two years of dollar cost averaging now essentially trades as a backdoor bitcoin exchange-traded fund (ETF), is getting pretty close to owning about 1% of bitcoin’s total supply. Tether already holds a little over 52,000 BTC, making its bitcoin treasury among the largest among corporations, with plans to spend 15% of the “tangible gains from its operations” on more coins. The company’s “conservative and prudent” investment strategy also includes a sizable investment in gold (unknown if that’s self-custodied, too).
