Tether buys 961 BTC worth $98.9M, boosting its holdings to over 87,000 Bitcoin, with an unrealized profit of $4.5B.
Tether, the issuer of the USDT stablecoin, has made another significant move by acquiring 961 BTC worth nearly $99 million.
The acquisition was made through a Bitfinex hot wallet, and it strengthens Tether’s ongoing strategy of building its Bitcoin reserves. This addition takes Tether’s total Bitcoin holdings to over 87,000 BTC, reinforcing its position as one of the largest institutional Bitcoin holders.
Tether’s decision to add 961 BTC to its reserves continues its consistent strategy of accumulating Bitcoin.
This latest purchase is smaller than its $1 billion buy in September but follows the same long-term approach. The acquisition came from Bitfinex, and the BTC was transferred to Tether’s official reserve address.
By accumulating Bitcoin, Tether diversifies its reserves beyond traditional assets like cash and short-term Treasuries. The company increasingly sees Bitcoin as a hedge against inflation and a reliable store of value.
As Bitcoin’s price continues to grow, Tether’s decision to hold Bitcoin is proving to be a strategic move.
The 961 BTC was bought at an average price of $49,121 per Bitcoin. This acquisition occurred during a price dip, suggesting that Tether may have bought the asset at an advantageous moment.
With Bitcoin’s price constantly fluctuating, Tether has been known for making purchases during price dips and rallies.
Tether’s strategy reflects a strong belief in Bitcoin’s long-term value, regardless of short-term market fluctuations.
By continuing its accumulation strategy, the company is building long-term value through Bitcoin, which it views as an essential reserve asset. This move is consistent with Tether’s ongoing commitment to Bitcoin, even amid market volatility.
Tether’s Bitcoin holdings now exceed 87,000 BTC, valued at approximately $8.84 billion. This makes Tether one of the largest institutional holders of Bitcoin in the world. The company’s growing Bitcoin reserves are a clear sign of its commitment to the cryptocurrency and its role in the crypto market.
Tether’s purchases also highlight a broader trend among institutional investors looking to Bitcoin as a reliable asset. With an unrealized profit of approximately $4.5 billion from its Bitcoin holdings, Tether continues to benefit from the increasing value of its reserve.
As the value of Bitcoin rises, Tether’s position as a major Bitcoin holder and influencer in the crypto ecosystem strengthens.
Read more on Live Bitcoin News
