Tether invested $627 million in Bitcoin

29.03.2024

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Tether, the company issuing the most popular stablecoin USDT, has acquired a significant amount of Bitcoin.

According to the blockchain analytics platform Arkham Intelligence, the USDT issuer purchased nearly 8,889 BTC worth $627 million at the end of March, once again demonstrating its confidence in the value of BTC. The company received the bitcoins from a Bitfinex wallet.

The Block, a leading analytical brand in the digital asset space, reported that Tether acquired approximately $2.8 billion worth of bitcoins (BTC) in January of this year. It is worth noting that the company also purchased 8,888 BTC at the end of 2023. The strategic investment in Bitcoin resulted in a noticeable increase in the overall Bitcoin holdings of the USDT stablecoin issuer. It is reported that Tether’s Bitcoin reserves have reached $7.5 billion.

Back in the spring of 2023, Tether expressed its intention to allocate up to 15% of its corporate profits to purchase digital currency. Tether planned to invest in Bitcoin at the end of each month. Currently, the company is consistently implementing its adopted strategy. The team systematically enters exchanges and invests in the largest digital currency.

Tether’s CEO, Paolo Ardoino, confirmed the company’s accumulative strategy. «The decision to invest in Bitcoin, the world’s first and largest cryptocurrency, is supported by its strength and potential as an investment asset,» emphasized the Tether CEO.

By directing a significant portion of its profits towards buying bitcoins, Tether is poised to become one of the largest BTC holders in the crypto industry, competing with MicroStrategy, a well-known holder of this cryptocurrency.

Positioning Tether as one of the largest Bitcoin holders boosts confidence in the stablecoin market and highlights the growing role of BTC as a significant asset. The strategic investments in Bitcoin also demonstrate Tether’s commitment to innovation and continuous growth in the digital asset industry.

It was also previously reported that Tether deployed a batch of USDT tokens on the Celo network. As of April 1, the stablecoin’s market capitalization stood at $104.54 billion.

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