TL;DR
- Tether acquired 8,888 Bitcoin on March 31, valued at $618 million, raising its total reserves to 75,354 BTC.
- The company reached a market capitalization of $100 billion four weeks ago.
- The company ranks seventh among Bitcoin holders and plans to diversify its assets by backing 15% of its net profits in BTC.
Tether, the company behind the USDT stablecoin, recently acquired a significant amount of Bitcoin. Specifically, on March 31, the company purchased 8,888 BTC, equivalent to approximately $618 million. This substantially increased its reserves, totaling 75,354 BTC, valued at around $5.2 billion.
The substantial acquisition comes at a time of booming BTC. This is due to several factors, including the recent approval of Bitcoin exchange-traded funds (ETFs) in the United States and the upcoming halving. This event, scheduled to occur in just 19 days, will halve the issuance of new BTC, which has historically had a significant impact on its price.
This purchase by Tether not only strengthens its position in the market but also makes it one of the world’s major Bitcoin holders. According to Bitinfocharts data, the company now ranks seventh among the largest BTC holders, with Binance occupying the first place.
In addition to continuing to invest in the leading cryptocurrency, Tether also plans to diversify the assets backing its renowned stablecoin USDT. The company has announced that it will invest 15% of its net profits in Bitcoin, providing further support for the confidence and long-term potential of the cryptocurrency.
Tether Continues to Grow and Seizes Bitcoin’s Momentum
The growth and adoption of Tether and Bitcoin are clearly reflected in the market. USDT reached a record market capitalization of $100 billion on March 4, with a 9% growth year-to-date. Meanwhile, the price of BTC has maintained solid support above $69,000 since March 25, despite a slight decline of 1.02% in the last 24 hours.
Tether continues its ascent, and this acquisition represents a strategic approach at a crucial moment to capitalize on the opportunities that the crypto market offers. With greater institutional demand and significant events like the halving on the horizon, both Tether and Bitcoin are positioned for continuous growth in the foreseeable future.
