In an encouraging development for the crypto space, TieThe issuer of the world's largest stablecoin, USDT, has doubled down on its bitcoin investment push by acquiring a staggering 8,888 btc, further diversifying its portfolio.
Tether increases its bitcoin holdings
Tether has recently made its third largest purchase of bitcoin, as a stablecoin issuer. aggregate a total of 8,888 btc valued at $380 million at the time of purchase. This brings their total btc holdings to 66,465 btc, valued at $2.81 billion with an average purchase price of $42,353.
This transaction was captured by bitcoin/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4″ rel=”nofollow”>BitInfoCharts data, which also showed the previous amounts of btc accumulated by the blockchain-enabled platform. This recent purchase follows Tether's bitcoin investment strategy, in line with its vision of continually strengthening its reserves through bitcoin accumulation.
In early May 2023, the stablecoin issuer announced in a blog post that it regularly assign 15% of your net operating profits realized to increase your btc reserves. At the end of March 2023, Tether held approximately $1.5 billion in cryptocurrency, a difference of $1.3 billion from its total btc holdings today.
According reports from Dune Analytics, Tether has become the 11th largest bitcoin holderwith Microstrategy, an American business intelligence service, surpassing Tether holdings with over 189.00 btc bitcoin-will-mg-make-you-the-next-millionaire/” rel=”nofollow”>accumulated. The other addresses in the top 10 of the ranking are owned by major crypto exchanges and governments, including Binance, Bitfinex, and the US government.
Tether's decision to fold in his investments in bitcoin indicates his confidence in the future trajectory of the cryptocurrency. It also underlines the blockchain platform's belief in btc's long-term potential as it aims to capitalize on bitcoin's potential growth by bolstering and diversifying its digital asset pool.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/USDT-issuer-Tether-goes-on-a-massive-8888-BTC-buying" alt="Tradingview.com bitcoin Price Chart (Tether USDT)” width=”3266″ height=”1530″ loading=”lazy”/>
btc price sitting at $41,354 | Source: BTCUSD on Tradingview.com
btc Accumulation race amid ETF hype
Tether's strategic purchase of bitcoin comes at a time when the cryptocurrency market is abuzz with excitement. bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETF. Prior to the approval of the bitcoin Spot ETFs, Tether had steadily increased its btc portfolio, purchasing substantial amounts of btc on a consistent basis. In March 2023, the stablecoin issuer purchased 15,915 btc and another 4,083 btc between the months of May and September.
The timing of Tether's btc purchase suggests a proactive stance to potentially take advantage of the opportunities generated by the Spot bitcoin ETF market and the upcoming bitcoin halving in April.
In addition to Tether's large-scale btc acquisition, bitcoin-strategy-is-going/” rel=”nofollow”>Microstrategy It is also another major player that has continuously increased its btc holdings. The business intelligence software company. aggregate a whopping 14,620 btc to its portfolio in December 2023. At that time, the purchase value was approximately $615.7 million.
Other companies with large holdings in btc include Galaxy Digital and Elon Musk's Tesla, as well as space exploration company SpaceX.
Featured image from Investopedia, chart from Tradingview.com
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