Tether now stacking paper Bitcoin instead of the real thing.

Q2 2025 (as of June 30, 2025): 83,274 BTC

Q1 2025 (as of March 31, 2025): 92,650 BTC

Not your keys...

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Discussion

Weird, why would they do that?

They've made an "investment" in XXI Bitcoin Treasury company.. Maybe they want fiat gains.

Is it paper because where they custody it or are they buying the ETF?