According to "The Block" report, Tether, the stablecoin USDT issuer, invested US$380 million to purchase 8,888 Bitcoins at the end of last quarter. This brings Tether’s total Bitcoin holdings to 66,465, equivalent to a value of approximately $2.8 billion.
According to Dune Analytics ranking data, addresses related to Tether currently hold 66,465 Bitcoins, making it the 11th largest Bitcoin holder in the world.
In order to increase the diversification of USDT’s reserve assets, Tether plans to start regularly using part of its net profits to purchase Bitcoin in May 2023. Many industry experts generally believe that this investment strategy will bring predictable and sustained buying pressure to the market, which is expected to support the price of Bitcoin in the long run. This move helps increase the value of Tether’s reserve assets and further solidifies its position in the cryptocurrency market. By investing part of its profits in Bitcoin, Tether is able to benefit from rising Bitcoin prices while providing more stable and reliable support for USDT. This will provide more confidence to market participants. Tether first purchased 33,980 Bitcoins in September 2022 and has continued to increase its Bitcoin holdings in each subsequent quarter. According to on-chain data, Tether last purchased Bitcoin at the end of the fourth quarter of 2023, accumulating 8,888 Bitcoins.
In response to media inquiries, company CEO Paolo Ardoino said that Tether will continue to allocate 15% of its net profits to Bitcoin in each subsequent quarter.
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