Tether Bolsters Reserves with 8,889 Bitcoin (BTC) Acquisition

Monday, 1 April 2024, 06:42

Tether, the leading stablecoin issuer, enhances its reserves by acquiring 8,889 BTC, exceeding $5.3 billion in value. The recent purchase brought its total Bitcoin holdings over 75,000 BTC. Amid this enhancement, Tether's strategic investments in Bitcoin and technological diversification underline its commitment to market dynamics and operational growth.
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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.


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