- Tether recently invested 15% of its net profits into Bitcoin investments.
- On March 31, 2024, Tether acquired an additional 8,888 BTC at $30,305 each, resulting in unrealized profits of $2.94 billion.
- Tether is currently the 7th largest Bitcoin (BTC) holder with 75,354 BTC.
Tether, the primary issuer of USDT, has emerged as the seventh-largest holder of Bitcoin (BTC) after strategically acquiring 8,888 BTC worth $618 million on March 31.
This purchase significantly increased Tether’s Bitcoin holdings, reaching a total of 75,354 BTC. Executed at an average price of $30,305 per BTC, the acquisition has proven to be astute and now has a market cap of $5.2 billion.
Recent BTC acquisitions have increased the value of Bitcoin in wallets by 128%, resulting in unrealized gains of $2.94 billion, according to CoinStats data.
Tether’s Strategic Bitcoin Acquisition
Tether’s decision to acquire a significant amount of Bitcoin comes at a time of surge in institutional interest in the leading cryptocurrency.
Driven by the approval of the U.S. spot Bitcoin ETF and expectations of a Bitcoin halving, Tether’s move reflects a strategic response to the evolving digital asset landscape.
Tether becoming a major holder of Bitcoin underlines its commitment to diversifying its stablecoin-backed assets.
With its declaration that it will allocate 15% of its net profits to 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 increases Tether’s standing within the cryptocurrency community, but also highlights Bitcoin’s growing importance as a key asset in institutional investment portfolios.
As Bitcoin continues to gain traction as a store of value and investment asset, Tether’s strategic investment strategy highlights its vision to remain at the forefront of innovation and disruption in the evolving financial and technology landscape.