The latest purchase has helped Tether become the world's 7th largest Bitcoin holder.
Tether gathered an additional 8,888 Bitcoins, increasing its holdings to over 5 billion USD. Photo: InvestNews
Tether , the parent company of the stablecoin USDT , purchased an additional 8,888 Bitcoin ( BTC), worth $627 million, in the first quarter of 2024.
Tether collects Bitcoin from January 11 to April 1, 2024. Source: CoinStats
The new transaction raised Tether 's Bitcoin fund to 75,354 VND, approximately 5.24 billion USD. With an Medium purchase price of 30,305 USD, this portfolio is generating profits of up to 2.94 billion USD, equivalent to 130%.
Tether's Bitcoin holdings fluctuate. Source: CoinStats
Although Tether has not yet made its address public, according to research unit 21.co Reserach, this "tycoon" is the 7th highest holder of Bitcoin in the world, "jumping" 4 places compared to the position. 11 of August 2023 . Owning the most Bitcoin currently is Binance, with more than 248,597 Bitcoin, approximately 17.31 billion USD.
Tether CEO Paolo Ardoino also confirmed with The Block that the company just purchased an additional 8,888 Bitcoin and the accumulation process took place throughout the first quarter of this year.
Tether 's decision to buy more Bitcoin coincides with the time when the Bitcoin spot ETF has not yet cooled down andthe fourth Bitcoin halving is approaching on April 22. Furthermore, Bitcoin also just closed its highest monthly candle ever and set a new quarterly peak in the 15 years of this cryptocurrency's existence.
Tether publicly announced its Bitcoin investment for the first time in its Q1/2023 asset certification report. At that time, the company announced that it would deduct 15% of its profit surplus each month to reallocate reserve assets from government bonds to Bitcoin.
The Bitcoin wallet address is believed to belong to Tether. Source: BitInfoCharts (April 1, 2024)
In addition, Tether has also focused on the field of Bitcoin mining and delved into the AI space in recent times. The organization aims to pioneer the development of open-source, multi-modal AI models to set new standards, promote innovation, and scale AI technology.
However, Tether 's main business activities still revolve around USDT. Tether is currently the largest stablecoin issuer in the cryptocurrency market, with a total USDT supply reaching a record of more than 109 billion .
Not only Tether, many other giants such as MicroStrategy and Bitcoin nation El Salvador have also actively added this coin to their budgets since the end of last year until now.
Coin68 compiled
Join the discussion on the hottest issues of the DeFi market in the chat group Fomo Sapiens Let's join Coin68 admins!!!
