Tether Increases its Bitcoin Reserves

On March 31, Tether, the company responsible for the stablecoin USDT, acquired 8,888 Bitcoins worth $618 million.

This purchase increased Tether’s total Bitcoin holdings to 75,354, bought at an average price of $30,305, currently worth approximately $5.2 billion.

According to on-chain data, Tether’s wallet has seen a 128% increase since the acquisition, resulting in an unrealized profit of around $2.94 billion.

This acquisition occurred during a time of heightened institutional interest in Bitcoin, as evidenced by the approval of United States-based spot Bitcoin exchange-traded funds and the upcoming halving event, which will cut the block supply issuance in half in 19 days.

As a result of this purchase, Tether is now the seventh-largest holder of Bitcoin in the world, trailing behind Binance’s cold wallet, which currently holds over 248,597 Bitcoin worth $17.31 billion.

Tether has also announced that it will invest 15% of its net profit into Bitcoin to diversify the stablecoin’s backing assets.