Tether Buys 8,888 Bitcoin, Climbs to Seventh-Largest BTC Holder

Buying 8,888 Bitcoin, Tether becomes the seventh-largest BTC holder, showcasing its belief in Bitcoin’s value.

Following this strategic acquisition, Tether’s wallet now boasts a total of 75,354 Bitcoin, acquired at an average price of $30,305.

Tether’s Strategic Bitcoin Investment

This $5.2 billion investment, per on-chain data, shows Tether’s dedication to diversifying in digital currencies. The wallet’s value soared by over 128%, yielding a $2.94 billion unrealized profit, according to CoinStats.

This acquisition comes at a time when Bitcoin is attracting heightened interest from institutional investors. This institutional interest spike is due to U.S. Bitcoin ETF approvals and the anticipated Bitcoin halving. Set for 19 days away, the halving will halve block supply, possibly significantly impacting Bitcoin’s price.

Tether’s move to increase its Bitcoin holdings aligns with its broader strategy to diversify the stablecoin’s backing assets. The firm plans to invest 15% of its net profits in Bitcoin, showing confidence in its potential for significant returns. This strategy boosts Tether’s digital currency stance and enhances its stablecoin’s stability and credibility.

More About Tether’s Policy

The fact that Tether is now the seventh-largest Bitcoin holder, as per Bitinfocharts data, is particularly noteworthy. This positions Tether uniquely, just behind Binance’s leading cold wallet holding 248,597 Bitcoin, worth $17.31 billion.

Tether’s acquisition is a strategic move showing its foresight and confidence in Bitcoin’s lasting value. Boosting its Bitcoin reserves, Tether improves its finances and cements its role in cryptocurrency’s evolution.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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