Tether recently committed 15% of its net profit to Bitcoin investments.
On March 31, 2024, Tether acquired an additional 8,888 BTC at $30,305 each bringing unrealized profit to $2.94B.
Tether is now 7th largest holder of Bitcoin (BTC), with 75,354 BTC.
Tether, the leading issuer of USDT, has emerged as the seventh-largest holder of Bitcoin (BTC) after a strategic acquisition of 8,888 BTC on March 31, valued at $618 million.
The latest purchase substantially bolstered Tether’s Bitcoin holdings, bringing the total to 75,354 BTC. The acquisition, executed at an average price of $30,305 per BTC, has proven to be astute, with the market value now standing at $5.2 billion.
CoinStats data indicates an impressive 128% increase in the value of bitcoins in the wallet that made the latest BTC acquisition, translating to an unrealized profit of $2.94 billion.
Tether’s strategic Bitcoin acquisition
Tether’s decision to secure a substantial amount of Bitcoin comes at a time when institutional interest in the leading cryptocurrency has surged.
Fueled by the approval of United States spot Bitcoin ETFs and anticipation surrounding the Bitcoin halving, Tether’s move reflects a strategic response to the evolving landscape of digital assets.
Tether’s ascent to becoming a major Bitcoin holder underscores its commitment to diversifying the backing assets of its stablecoins.
With a declared intention to allocate 15% of its net profit towards Bitcoin investments, Tether aims to strengthen its position within the cryptocurrency market and further solidify its role as a key player in the digital asset space.
This strategic move not only elevates Tether’s standing within the cryptocurrency community but also highlights the growing importance of Bitcoin as a core asset in institutional investment portfolios.
As Bitcoin continues to gain traction as a store of value and an investment asset, Tether’s strategic investment strategy underscores its vision to remain at the forefront of innovation and disruption in the evolving landscape of finance and technology.
The post Tether now the seventh-largest Bitcoin (BTC) holder appeared first on CoinJournal.
0
0
