A Tether-Owned Wallet Accumulates $1.33 Billion in Bitcoin Profits, Becoming the 10th Largest BTC Address
A wallet that is believed to be owned by Tether, the largest stablecoin issuer, has gained $1.33 billion in Bitcoin profits. Tom Wan, a digital asset strategy associate at 21.co, speculates that this specific wallet could belong to Tether and has received BTC inflow only from Bitfinex, Tether’s sister company. The wallet currently holds 66,465.2 BTC worth over $3.003 billion and is now the 10th richest Bitcoin address globally. It has also acquired more than $379 million worth of BTC on Sunday alone.
Bitfinex, a crypto exchange, owns the second richest Bitcoin wallet globally with holdings valued at over $9.496 billion. Tether announced in May last year that it would allocate up to 15% of its net realized operating profits towards purchasing BTC, citing its strength and investment potential. Paolo Ardoino, Tether’s CEO, previously served as the company’s chief technology officer.
Hot Take: Tether’s Bitcoin Holdings Soar as Wallet Gains Massive Profits
A wallet believed to be owned by Tether has experienced significant growth in Bitcoin profits, accumulating a staggering $1.33 billion. With strong speculation pointing towards this wallet belonging to Tether due to its BTC inflow from Bitfinex exclusively, it is now one of the top ten richest Bitcoin addresses globally. This impressive growth aligns with Tether’s decision to invest in Bitcoin last year and demonstrates the potential for stablecoin issuers to generate substantial profits through cryptocurrency investments.
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