TL;DR
Tether acquired 7,629 BTC, worth $705.25 million, increasing its total reserves to 82,983 BTC, valued at $7.68 billion.
This purchase is part of the strategy announced in May 2023, which allocates 15% of its monthly profits to Bitcoin purchases.
In addition to its Bitcoin reserves, it holds $100 billion in bonds and 48.3 tons of gold, solidifying its position as one of the largest bond investors in the world.
Tether has significantly increased its Bitcoin reserves. The company has acquired 7,629 BTC, worth $705.25 million, from the Bitfinex exchange.
The purchase raises Tether’s reserves to a total of 82,983 BTC, which is approximately $7.68 billion. The investment is part of the strategy the company launched in May 2023, which stipulates that 15% of its monthly profits would go towards buying Bitcoin. With an average acquisition cost of $36,125 per unit, the firm has achieved unrealized gains worth nearly $4.72 billion.
Tether Expands Its Investment Portfolio
It is worth noting that this transaction occurred after a period of nine months without new acquisitions. Tether, which had focused on reducing its dependence on government bonds, has also expanded its investment strategy into new sectors such as Bitcoin mining, artificial intelligence (AI), and decentralized communications. In this way, the company aims to diversify its portfolio, expanding its presence in various technological and financial areas.
The King of Bonds
In terms of assets, in addition to its Bitcoin holdings, Tether holds $100 billion in bonds and 48.3 tons of gold. As 2024 comes to a close, it is estimated that profits will reach $7.7 billion by the end of Q3. The company has become one of the largest bond investors in the world, surpassing countries like Germany and the UAE.
With this new acquisition, Tether remains the sixth-largest holder of Bitcoin in the world, a clear indicator of its influence in the crypto market. The company continues to strengthen its digital reserves, and it is likely that this strategy will continue to be implemented in the future.
