Tether Expands Bitcoin Holdings
Tether, the issuer of USDT, the world’s largest stablecoin, has made its third-largest Bitcoin purchase, acquiring 8,888 BTC valued at $380 million. This brings Tether’s total Bitcoin holdings to 66,465 BTC, worth $2.81 billion. The stablecoin issuer has been actively diversifying its portfolio and strengthening its reserves by accumulating Bitcoin.
Continued Investment Strategy
Tether’s recent purchase aligns with its strategy of allocating 15% of its net realized operating profits towards increasing its BTC reserves. As of March 2023, Tether held $1.5 billion worth of cryptocurrency, significantly lower than its current BTC holdings.
Tether Among Top Bitcoin Holders
Tether now ranks as the 11th largest Bitcoin holder, according to reports from Dune Analytics. However, Microstrategy currently surpasses Tether’s holdings with over 189,000 BTC in its possession. Other major players in the top 10 include Binance, Bitfinex, and the US government.
Confidence in Bitcoin’s Future
Tether’s decision to increase its Bitcoin investments reflects its confidence in the future trajectory of the cryptocurrency. By diversifying and bolstering its digital asset reserve, Tether aims to capitalize on the potential growth of BTC.
Other Companies Accumulating BTC
In addition to Tether, Microstrategy has also been consistently increasing its BTC holdings. Other companies with significant Bitcoin holdings include Galaxy Digital, Tesla (led by Elon Musk), and SpaceX.
Hot Take: Tether Reinforces Commitment to Bitcoin
Tether’s latest acquisition of 8,888 BTC demonstrates its commitment to Bitcoin and its belief in the long-term potential of the cryptocurrency. By expanding its Bitcoin holdings, Tether aims to strengthen its reserves and capitalize on Bitcoin’s future growth. This move further solidifies Tether’s position as a major player in the crypto space and highlights the increasing interest in Bitcoin from institutional investors.
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