Tether Bolsters Bitcoin Reserves in Strategic Acquisition

On March 31st, Tether, the primary issuer of USDT, secured 8,888 Bitcoins (BTC) worth $618 million. This acquisition significantly strengthens Tether’s Bitcoin holdings. total Up to 75,354BTC.

These Bitcoins were acquired at an average price of $30,305 and are now worth $5.2 billion. According to CoinStats, this represents a staggering 128% increase in the value of his wallet, bringing his unrealized gains to $2.94 billion. data.

Image source: CoinStats (Tether BTC wallet overview)

Tether made the strategic acquisition at a time when institutional interest in Bitcoin was skyrocketing due to the approval of the U.S. Spot Bitcoin ETF and the impending Bitcoin halving.

With this move, Tether joins the ranks of the world’s top Bitcoin holders and is currently the seventh largest Bitcoin holder with over 248,597 Bitcoins. cherished 17.31 billion dollars.

Tether has announced its intention to allocate 15% of its net profits to Bitcoin investments, with the aim of expanding the stablecoin’s backing assets.

Also read: Tether’s role in illicit trade: TRM report

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