Tether, the company behind the world’s largest stablecoin USDT, has made a new Bitcoin (BTC) purchase.
According to a post by on-chain analyst EmberCN, Tether purchased 961 BTC (worth $97.18 million).
Accordingly, Tether’s BTC reserve wallet withdrew 961 BTC from Bitfinex.
With this move, Tether saw an opportunity in the decline in Bitcoin and compensated for the decline.
This acquisition was part of a consistent accumulation strategy implemented following the major $1 billion acquisition in September.
Because Tether purchased approximately 8,889 Bitcoins (worth approximately $1 billion) on September 30.
Tether’s wallet in question has held BTC purchased with 15% of the company’s profits since 2023, typically withdrawing only at the end of each quarter. The company has made it clear in past statements that it views Bitcoin as a key component of its reserve diversification strategy.
The wallet in question currently holds 87,296 BTC worth $8.84 billion, making it the 6th largest BTC wallet.
*This is not investment advice.