One of the most notable changes in the crypto industry in recent years is that major stablecoin issuers are starting to heavily allocate to Bitcoin. Take Tether as an example. Its CEO, Paolo Ardoino, recently revealed an eye-catching figure: they bought 8,888 BTC on New Year’s Eve 2025, spending approximately $780 million. This move caused the company's publicly disclosed total Bitcoin holdings to directly surpass 96,000 BTC.

This isn't just random buying; there is a comprehensive strategic logic behind it. Tether explicitly stated that 15% of its quarterly profits will be continuously invested in Bitcoin, treating BTC as a long-term core reserve asset. What’s the result? Tether has now become one of the top five institutions worldwide in Bitcoin holdings, ranking second among private companies. This scale is comparable to some publicly listed companies or national reserves.

What's even more interesting is that they’ve also played some tricks. Some of Tether’s Bitcoin isn’t held directly but is injected into its subsidiary investment firm, Twenty One Capital. As of the beginning of last year, this company already held 43,514 BTC. The benefits of this approach are clear—amplifying Bitcoin’s capital efficiency through industrial investment rather than simply holding it passively.

In addition to crypto assets, Tether has been active in traditional safe-haven assets. In Q3 last year, they added 26 tons of gold in one go, bringing their total gold reserves to 116 tons, officially ranking among the top 30 gold-holding institutions worldwide.

Overall, this approach resembles establishing a quasi-sovereign asset framework—the dual core reserve structure of Bitcoin and gold—to hedge against reliance on a single fiat currency system. From another perspective, buying crypto assets with strong IP narratives at the beginning of the year and holding them long-term until the end of the year can indeed show some accumulation. This strategy’s demonstrative effect in the industry is quite noteworthy.