Tether, the leading firm in the digital assets sector, announced a donation of $250,000 to OpenSats, a 501(c)(3) nonprofit that funds initiatives aimed at bolstering Bitcoin and technologies that promote openness and resist censorship.
The contribution will aid OpenSats in its operational and grant-disbursing activities. According to Tether, this funding will support free and open-source projects, encompassing protocol development, privacy tools, research, and educational efforts.
OpenSats allocates 100% of contributions to grantees, with operational expenses kept separate to ensure transparency.
“At Tether, we believe Bitcoin and the open-source software that supports it are crucial for a more liberated and decentralized future,” stated Paolo Ardoino, CEO of Tether. “OpenSats is at the forefront of promoting this ecosystem by financing the next generation of innovators, and we are excited to support their initiatives.”
OpenSats was established to create a sustainable funding model for Bitcoin and open-source software contributors, enabling donors to either back specific projects or contribute to a general fund.
Grants are evaluated and distributed by a nine-member board.
Funding targets impactful projects and a diverse array of contributors, including developers, researchers, educators, designers, and reviewers, all working to enhance and broaden access to the Bitcoin ecosystem.
“OpenSats has awarded over 300 grants to developers focused on freedom tech initiatives. Support from Tether will enable us to continue expanding our mission globally,” remarked Matt Odell, co-founder of OpenSats.
Tether and Bitcoin
Tether recently acquired nearly 8,889 bitcoins, adding over $1 billion worth of the asset to its balance sheet at the time, which brought its total holdings to upwards of 86,000 BTC.
The firm has persisted in its strategy of diversifying reserves into tangible assets, such as gold, agriculture, and stakes in companies like Adecoagro, while viewing Bitcoin as a long-term safeguard.
This acquisition coincided with Tether seeking a fundraising round valued at $15–20 billion, which could estimate the company at around $500 billion. Reports indicated Tether was in negotiations to raise up to $20 billion for a 3% stake, suggesting a valuation close to $500 billion, placing it alongside firms like SpaceX and OpenAI.
Tether operates the world’s largest stablecoin, USDT, which is pegged to the U.S. dollar and aims to offer a stable digital representation of traditional currency on the blockchain.
Cantor Fitzgerald was reportedly advising on Tether’s fundraising round, which would involve new equity from outside investors rather than existing shareholders divesting.
