USDT Issuer Tether Bought $380 Million Worth of Bitcoin

• Tether now has an astounding 66,465 BTC, or around $2.8 billion, in bitcoin.
• In September 2022, Tether bought 33,980 BTC to start their Bitcoin gathering journey.

Tether, the issuer of the USDT stablecoin, has been heavily investing in Bitcoin throughout Q4 2023, purchasing a large number of BTC.  In the last phase of the past quarter, Tether added $380 million worth of bitcoin to its holdings, further solidifying its position in the crypto market. As a result of this change, Tether now has an astounding 66,465 BTC, or around $2.8 billion, in bitcoin.

In September 2022, Tether bought 33,980 BTC to start their Bitcoin gathering journey. The corporation has maintained a constant approach of increasing its bitcoin reserves quarterly.

Solidifying Position

A notable buy that it made in March 2023 was a substantial purchase of 15,915 BTC. According to blockchain statistics, Tether’s third-largest Bitcoin purchase to history was the most recent acquisition, which amounted to 8,888 BTC at the end of the Q4 in 2023.

Although Tether has not made its Bitcoin addresses public, 21.co Research Analyst Tom Wan estimated that one he found in August of last year belonged to the company.

This address was confirmed as belonging to Tether by The Block, who cited an authoritative source, further establishing the company’s position as the eleventh-largest Bitcoin holder. Tether has maintained its prominent position among Bitcoin holders with the newest updates.

In its Q1 attestation report for 2023, Tether had already disclosed its Bitcoin holdings in May of that year. In keeping with its strategy to move away from stablecoin reserves and toward cryptocurrency and away from U.S. government debt, CEO Paolo Ardoino reaffirmed the company’s intention to consistently invest a percentage of its earnings in bitcoin.

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