- Tether, the largest issuer of USDT, recently committed 15% of its net profit to Bitcoin investments.
- On March 31, 2024, Tether purchased an additional 8,888 BTC for $30,305 per unit, bringing their unrealized profits to $2.94B.
- Tether is now the 7th largest owner of Bitcoin (BTC) with 75,354 BTC.
Tether, the largest issuer of USDT, has emerged as the 7th largest holder of Bitcoin after a strategic purchase of 8,888 BTC on March 31, valued at $618 million. This brings their total Bitcoin holdings to 75,354 BTC, with an estimated average price of $30,305 per BTC and a market value of $5.2 billion.
CoinStats shows that the value of Bitcoins in Tether’s wallet has increased by 128%, resulting in an unrealized profit of $2.94 billion.
Tether’s Strategic Bitcoin Purchase
Tether’s decision to secure a substantial amount of Bitcoin reflects the growing interest from institutions in the world’s leading cryptocurrency. This move also highlights their commitment to diversifying their backing assets for stablecoins.
With a declared intention to allocate 15% of net profits towards Bitcoin investments, Tether aims to solidify their position as a major player in the digital assets space and the cryptocurrency market.
This strategic move not only elevates Tether’s standing in the cryptocurrency community, but also emphasizes the increasing importance of Bitcoin as a core asset for institutional investment portfolios. As the value of gold continues to grow as a storage and investment asset, Tether’s investment strategy underscores their vision to remain at the forefront of innovation and disruption in the finance and technology space.
