According to @paoloardoino on X (Sep 8, 2025), Tether added more BTC to its reserves over the last 12 months than all but three Bitcoin ETFs, with ETF data credited to FarsideUK (source: @paoloardoino). He also states that Tether contributed to XXI, described as the third-largest Bitcoin Treasury company behind Strategy and MARA (source: @paoloardoino). For traders, this is framed by @paoloardoino as ongoing large-scale BTC accumulation alongside ETF demand, with the comparative ranking based on ETF data from FarsideUK (source: @paoloardoino citing FarsideUK).