Tether Acquires $618 Million Worth of Bitcoin, Boosting Holdings to $5.2 Billion
Tether, the company behind the stablecoin Tether (USDT), made a significant purchase on March 31, acquiring 8,888 Bitcoin (BTC) valued at $618 million.
This purchase boosts Tether’s Bitcoin holdings to 75,354 BTC, acquired at an average price of $30,305, currently valued at approximately $5.2 billion based on on-chain data.
With this acquisition, Tether’s wallet has seen a remarkable increase of over 128%, resulting in an unrealized profit of $2.94 billion, as per CoinStats.
The move coincides with a period of heightened institutional interest in Bitcoin, driven by the approval of spot Bitcoin exchange-traded funds in the United States and the upcoming Bitcoin halving, which is expected to reduce block supply issuance.
READ MORE: Hedge Fund Manager Doubles Down on Bitcoin Prediction to $150,000
Following this acquisition, Tether now ranks as the seventh-largest Bitcoin holder globally. The largest holder remains Binance’s cold wallet, holding over 248,597 BTC valued at $17.31 billion.
Tether announced its intention to allocate 15% of its net profit into Bitcoin, aiming to diversify the assets backing its stablecoin. The USDT stablecoin achieved a record $100 billion market capitalization on March 4, reflecting a 9% year-to-date growth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
