Tether Boosts Bitcoin Reserves by Acquiring 8,888 BTC

Stablecoin issuer Tether made headlines on March 31, as it acquired 8,888 Bitcoin, valued at $618 million. This move significantly boosts Tether’s reserves ahead of the upcoming Bitcoin halving event. The total number of Bitcoins in the stablecoin issuer’s treasury now exceeds 75,000, purchased at an average price of $30,305.

Tether’s Bitcoin reserves are currently valued at $5.3 billion, with its Bitcoin wallet up by 128%, resulting in unrealized profits of over $2.94 billion. The firm has been actively strengthening its Bitcoin reserves since the first quarter of 2023. Tether also plans to invest up to 15% of its corporate profits generated from excess USDT reserves in Bitcoin to diversify the stablecoin’s backing assets.

According to data from Bitinfocharts, this acquisition makes Tether the seventh largest Bitcoin holder globally. Tether CEO Paulo Ardoino has emphasized the strength and potential of Bitcoin as an investment asset, highlighting the decision to invest in the world’s first and largest cryptocurrency.

In its Q4 report for 2023, Tether disclosed that Bitcoin contributed $2.8 billion to its consolidated reserves. The firm also revealed intentions to venture into cryptocurrency mining, with plans to invest in Bitcoin mining facilities in Uruguay, Paraguay, and El Salvador. This strategic move aligns with Tether’s goal of exploring new opportunities within the cryptocurrency industry.

Tether’s USDT achieved a record market cap of $100 billion on March 4, following a 9% year-to-date growth rate. Additionally, the company announced the launch of its dedicated AI division on March 26, aiming to develop open-source AI models and collaborate with other firms to integrate them into commercial offerings.

For more news and updates on the cryptocurrency industry, stay tuned to Global Crypto News.

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