Tether’s Gold Hoard Nears $20 Billion as Buying Continues

Tether Holdings SA bought more than six tons of gold for its reserves in the first three months of the year, extending a buying streak that’s made it the largest known holder of bullion in the world outside of banks and nation states.

The value of the crypto giant’s gold reserves stood at $19.8 billion at the end of March, according to a quarterly report on its holdings, which equates to 132 tons of bullion based on spot prices. Gold was exceptionally volatile over the quarter, soaring to a record high near $5,600 in January before being hit with a series of sharp selloffs, most recently due to the outbreak of the US-Iran war.