Tether, the issuer of the popular stablecoin USDT, has made a substantial investments in Bitcoin this quarter. According to on-chain analyst Yu Jin, Tether withdrew 7,628.9 BTC (approximately $705 million) from Bitfinex, marking a significant purchase.
Tether’s Bitcoin Holdings
Tether currently holds a total of 82,983 BTC (valued at $7.68 billion), making it the sixth largest BTC wallet address. This latest purchase brings their combined BTC purchase cost to approximately $36,222, with a current floating profit of up to $4.72 billion.
Background on Tether’s Bitcoin Purchases
In May 2023, Tether announced its decision to regularly use 15% of the company’s profits to purchase Bitcoin, with the aim of enhancing its reserves. This move is part of Tether’s efforts to maintain the stability of its USDT stablecoin.
Disclaimer
This article is for informational purposes only and does not constitute investment advice.
Source: Panewslab.com
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