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    Home » Tether adds 8,888 BTC worth $600 million to Bitcoin's treasury, according to on-chain data
    Crypto

    Tether adds 8,888 BTC worth $600 million to Bitcoin's treasury, according to on-chain data

    ZEMS BLOGBy ZEMS BLOGApril 1, 2024No Comments2 Mins Read
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    Tether, the stablecoin issuer, has significantly expanded its Bitcoin holdings, acquiring 8,888 BTC worth around $600 million. This latest purchase was revealed through on-chain data rather than an official announcement.

    Tether has not publicly disclosed its Bitcoin addresses. However, transactions tracked on the blockchain show that 8,888 bitcoins were recently sent from cryptocurrency exchange Bitfinex to an undisclosed Tether wallet.

    The recipient's address now holds more than 75,000 bitcoins worth $5.3 billion. In May 2023, Tether first revealed that a portion of its reserves had been allocated to Bitcoin, with plans to invest up to 15% of quarterly profits.

    “The decision to invest in Bitcoin, the world's first and largest cryptocurrency, is based on its strength and potential as an investment asset,” Paolo Ardoino, CTO at Tether, said in the statement when they announced their Bitcoin strategy.

    Although this has not been confirmed, analysts believe that the identified wallet most likely belongs to Tether. The amount exactly matches the purchase strategy it pledged and the properties claimed in its most recent financial reports.

    Tether has emerged as a major player in the Bitcoin staking and accumulation markets. The company is now estimated to be the seventh largest holder of BTC. Its consistent purchases, combined with purchases from institutional investors like MicroStrategy, are tightening supply.

    Critics have raised concerns about Tether's lack of transparency and the potential market risks of its growing stock of bitcoin. However, its embrace of Bitcoin also demonstrates mainstream acceptance of the asset.

    Tether aims to capitalize on Bitcoin's growth while diversifying its reserves away from traditional assets such as government debt. Tether is one of the largest holders of US Treasuries in the world.

    This latest $600 million acquisition is unlikely to be Tether's last. As the leading stablecoin company continues to implement its Bitcoin investment strategy, its influence on the Bitcoin markets is set to increase.

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