Tether strengthens its reserves with a purchase of 8,888 BTC, valuing its Bitcoin holdings at $5.2 billion.
The purchase places Tether as the 16th largest holder of BTC and the 7th Bitcoin address in the world.
Tether had announced its intention to invest 15% of the company’s net profits in Bitcoin.
Tether recently acquired 8,888 BTC, worth $618 million, solidifying its position among the top Bitcoin holders. This purchase brings Tether’s total holdings to 75,354 bitcoins, bought at an average price of $30,305, valuing its reserves at around $5.2 billion at the time of writing.
Tether Becomes the 16th Largest Holder of Bitcoin
The purchase coincides with a period of growing institutional interest in Bitcoin, spurred on by the approval of Bitcoin Spot ETFs in the United States and the impending Bitcoin halving, which will halve BTC emissions in mining new blocks in just 19 days.
With this acquisition, Tether now ranks as the seventh-largest holder of Bitcoin in the world in the address ranking and is in 16th place in the entity ranking, three places behind Michael Saylor’s MicroStrategy.
Tether’s Investment Strategy
Tether had already announced its intention to invest 15% of its net profit in Bitcoin, diversifying the assets backing its stablecoin, USDT, which reached a record market capitalization of $100 billion in early March.
In parallel, Bitcoin has displayed remarkable performance, closing seven consecutive months in the green for the first time in its history, in addition to a record monthly close of $71,200.
