Tether, the issuer of USDT, the world's largest stablecoin, continues to implement its "dollar-cost averaging" reserve strategy and has once again made a buying spree.
According to a tracking report by renowned on-chain data analyst EmberCN on the X platform, Tether's Bitcoin reserve address withdrew 951 BTC (worth approximately $70.47 million) from the cryptocurrency exchange Bitfinex earlier.
The 15% net profit investment plan is proving effective, with regular quarterly withdrawals.
Analysts point out that this huge withdrawal is expected to be Bitcoin purchased by Tether using the company's profits from the first quarter of this year. Since 2023, Tether has publicly announced a robust asset reserve policy: it will allocate a fixed 15% of the company's net profits to continuously purchase Bitcoin to replenish its reserves.
Based on past on-chain operational practices, Tether typically withdraws the BTC purchased in batches during the previous quarter from Bitfinex to its dedicated address within a few days after the end of each quarter.
Ranked as the world's fifth largest Bitcoin wallet
With this latest influx of funds, Tether's Bitcoin empire has expanded once again. Data shows that Tether's BTC reserve addresses now hold a total of 97,141 BTC , worth approximately $7.2 billion, solidifying its position as the "world's fifth largest Bitcoin wallet."
Based on the market prices at the time of each withdrawal from Bitfinex, Tether's average purchase price for these nearly 100,000 Bitcoins was approximately $51,312. Benefiting from the long-term upward trend in Bitcoin prices, this massive digital gold reserve has already brought Tether a huge unrealized profit of approximately $2.175 billion , further validating the company's accurate strategic vision in diversifying its profits through decentralized assets.
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