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.
NEW: Tether has added another 8,888.88888888 #BTC to their reserves, bringing their total treasury to 75,354 #BTC pic.twitter.com/AvfzLKCrVm
— Simply Bitcoin (@SimplyBitcoinTV) April 1, 2024
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 boosts #Bitcoin reserves with latest acquisition :
The acquisition of 8,888 Bitcoin makes Tether the seventh-largest #BTC holder.
Tether, the company behind the Tether stablecoin, acquired 8,888 Bitcoin worth $618 million on March 31.Following the acquisition, Tether’s… pic.twitter.com/xsdyNOqcnx
— TOBTC (@_TOBTC) April 1, 2024
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.
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