Tether Increases Bitcoin Holdings to $2.82 Billion
Tether, the stablecoin issuer, has been aggressively accumulating Bitcoin and now holds at least $2.82 billion worth of the cryptocurrency, according to Ki Young Ju, the founder of on-chain market intelligence platform CryptoQuant. Tether’s recent quarterly report stated that it holds around $1.6 billion worth of Bitcoin, making it the 11th largest entity in terms of BTC holdings. However, CryptoQuant’s analysis reveals that Tether’s actual Bitcoin holdings exceed this reported amount. In August, Tether held only $1.6 billion worth of Bitcoin, but its holdings have significantly increased since then.
Tether’s Growing Bitcoin Holdings
In early January, a wallet believed to be owned by Tether had accumulated $1.33 billion in BTC profits, making it the 10th largest entity in terms of Bitcoin holdings. Tether’s intention to invest $500 million in Bitcoin was reported by Bloomberg in November. The stablecoin issuer also expressed its commitment to building BTC mining facilities in South America. Currently, Tether holds at least 66,400 BTC.
Bitcoin Price and Conclusion
As of now, Bitcoin is trading at $42,474 with a marginal decrease over the past 24 hours. Tether’s aggressive accumulation of Bitcoin highlights the growing interest and confidence in the cryptocurrency market.
Hot Take: Tether Boosts Its Bitcoin Holdings Amidst Crypto Market Surge
Tether, one of the largest stablecoin issuers, continues to increase its holdings of Bitcoin (BTC) at an impressive rate. With at least $2.82 billion worth of BTC in its possession, Tether has significantly expanded its influence in the crypto space. This strategic move reflects Tether’s confidence in Bitcoin’s long-term value and its commitment to participating in the cryptocurrency market. As Bitcoin continues to be a dominant force in the industry, Tether’s growing Bitcoin holdings further solidify its position as a major player in the digital asset ecosystem.
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