brief:
•Tether added 8,889 BTC to its Bitcoin reserves.
•This comes amid a strong rally in Bitcoin prices towards $70,000.
•Tether maintains its position as the seventh largest Bitcoin holder.
Tether, the issuer of the world’s leading stablecoin USDT, is advancing in the race to accumulate Bitcoin (BTC). The company recently significantly strengthened its reserves by acquiring 8,889 BTC from Bitfinex’s hot wallet.
The acquisition increases Tether’s total Bitcoin reserves to more than 75,000 BTC, valued at over $5.3 billion.
Tether buys massive Bitcoin reserves
According to data from Arkham Intelligence, on-chain transactions show that Tether received Bitcoin from Bitfinex’s hot wallet at 17:21 UTC on March 31, 2024. At the time, the deal was valued at approximately $627 million. Additionally, this solidifies Tether’s position as the seventh largest Bitcoin address in the world.
Tether has significantly increased its Bitcoin holdings over the past year, initially disclosing its BTC reserves in the first quarter of 2023. In addition, they also mentioned that they will continue to invest up to 15% in Bitcoin from the excess corporate profits generated by Tether’s stablecoin reserves.
Paulo Ardoino, CEO of Tether, elaborated on their strategy on investing in Bitcoin: “Investing in Bitcoin, the world’s first and largest cryptocurrency, is a decision based on its strength and potential as an investment asset.”
Furthermore, in Tether’s latest certified report for the fourth quarter of 2023, insights into the financial impact of these investments on the company are provided. Bitcoin contributed $2.8 billion to the company’s consolidated reserves, highlighting Tether’s strategic approach to leveraging crypto market dynamics. Furthermore, with the current Bitcoin price at $70,000, this accumulation could increase scarcity and catalyze an upward price trend.
Tether launches AI project
Tether’s exploration is not limited to digital assets, the company is also involved in various technology and infrastructure areas. Bitcoin mining and investments in artificial intelligence (AI) technology are notable examples.
Furthermore, this strategic move signals their ambition to become a multifaceted investor and infrastructure builder within the digital asset industry. Ardoino noted: “While Tether is primarily known for one product (USDt), the company is becoming an investor and infrastructure builder in many strategic areas, from AI to P2P telecommunications, from Bitcoin mining to renewable energy production.”
The company's AI focus will include developing open source multi-modal AI models to establish new industry standards and promote the innovation and popularization of AI technology. In addition, Bitcoin’s large reserves and expansion into new technology areas highlight Tether’s strategic shift towards diversification and innovation. #Tether #比特币竞赛
