Tether Bolsters Reserves with 8,889 Bitcoin (BTC) Acquisition
Tether Bolsters Reserves with 8,889 Bitcoin (BTC) Acquisition
Tether, the world's leading stablecoin issuer, recently acquired 8,889 BTC, boosting its total Bitcoin reserves to over 75,000 with a value exceeding $5.3 billion.
Tether's Growing Embrace of Bitcoin
The on-chain data reveals that Tether received the Bitcoin from Bitfinex's hot wallet on March 31, 2024, at 17.21 UTC. At the time of the transaction, those Bitcoins were worth approximately $627 million.
Over the past year, Tether has demonstrably increased its Bitcoin holdings. Tether first disclosed its Bitcoin holdings in the first quarter of 2023. At the time, they also claimed to regularly invest up to 15% in Bitcoin from 'corporate profits' earned from 'excess Tether stablecoin reserves'.
The decision to invest in Bitcoin, the world's first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset, said Paolo Ardoino, CEO of Tether.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.