Tether Buys 8,888 Bitcoin, Pushing Its Reserves to 75,000 BTC

• Tether has made its third-largest Bitcoin buy to date.
• The company made the latest acquisition for over half a billion dollars.
• The buy made Tether the seventh-largest BTC holder in the world.

USDT issuer Tether recently bolstered its Bitcoin reserves, acquiring thousands more BTC for approximately $627 million, on-chain data shows.

The issuer of the world’s largest stablecoin started acquiring Bitcoin in September 2022 with an initial largest buy of 33,980 BTC. Since then, the company has consistently purchased Bitcoin every quarter, making its second-largest acquisition of 15,915 BTC in March 2023.

Tether’s Latest BTC Acquisition

According to the on-chain data , Tether’s Bitcoin address received 8,888.89 BTC from Bitfinex’s hot wallet on March 31, 2024, at 17.21 UTC. The buy marks Tether’s third-largest Bitcoin purchase and follows the company’s most recent acquisition of 8,888 BTC at the end of the fourth quarter of 2023.

Following the latest acquisition, the company’s wallet now holds 75,354, acquired at an average price of $30,305 and worth $5.2 billion as of press time. Per Bitinfocharts data , the reserves translate to about 0.38% of the entire 21 million BTC supply, making Tether the seventh-largest Bitcoin holder in the world.

Tether’s latest BTC acquisition comes when the world’s largest crypto asset by market cap is witnessing heightened institutional interest following the approval of U.S.-listed spot Bitcoin exchange-traded funds (ETFs) and the anticipation of the incoming Bitcoin halving this month.

Last year, Tether CEO Paolo Ardoino revealed that the company’s decision to invest in Bitcoin was informed by the cryptocurrency’s “strength and potential as an investment asset.” Ardoino intimated that Tether would invest up to 15% of its profits in BTC as the company shifted its reserves toward crypto and away from U.S. government debt.

Per CoinStats data , Tether’s BTC wallet is up over 128%, with a current unrealized profit of $2.94 billion.

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