Tether Boosts Bitcoin Holdings
Tether, the stablecoin issuer, has significantly increased its Bitcoin holdings, adding $380 million in the last quarter. This brings Tether’s total Bitcoin holdings to 66,465, valued at $2.8 billion.
Tether’s Strategic Moves
Since September 2022, Tether has consistently increased its Bitcoin holdings each quarter. Noteworthy purchases include 15,915 BTC in March 2023 and a recent acquisition of 8,888 BTC at the close of Q4 2023, marking Tether’s third-largest purchase to date. The Q4 2023 report is due soon.
Although Tether has not officially disclosed its Bitcoin addresses, analysts have identified an address believed to be linked to Tether, positioning it as the 11th-largest Bitcoin holder.
Tether CEO Paolo Ardoino affirmed the company’s commitment to investing up to 15% of quarterly profits in Bitcoin. Cantor Fitzgerald CEO Howard Lutnick has reaffirmed Tether’s financial strength.
All in all
The expansion of Tether’s Bitcoin portfolio, its adherence to financial reporting standards, and strategic investments are establishing Tether as a major player in the crypto market, setting standards in the evolving cryptocurrency ecosystem.
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