Tether, the issuer of the stablecoin USDT, continues to pursue its strategy of purchasing Bitcoin. This morning, it increased its Bitcoin holdings by an additional 8,888 BTC, bringing its total holdings to 75,354.08 BTC. As a result, Tether has become the seventh largest whale in the Bitcoin market.
In May of last year, Tether announced that it would regularly allocate up to 15% of its realized net revenue to purchase Bitcoin. This diversification of reserves aims to ensure the stability of USDT’s peg to the US dollar. Tether also chooses to self-custody Bitcoin instead of relying on third-party custodians.
Since then, Tether has continued to buy Bitcoin every quarter. After purchasing 8,888.88 BTC on January 1st of this year, Tether’s Bitcoin wallet address, according to Bitinfocharts data, made another purchase of 8,888.88 BTC this morning at an average price of $70,558, with a total value of approximately $627 million.
So far, Tether holds a total of 75,354.08 BTC, worth $5.34 billion, with a floating profit of $3.03 billion. According to the Bitcoin holdings ranking by Bitinfocharts, Tether has become the seventh largest Bitcoin whale.
In addition, data from BitcoinTreasuries shows that in the ranking of Bitcoin holdings by unlisted private companies, Tether currently ranks third, only behind Block.one, the developer of the well-established public chain EOS, with 164,000 BTC, and the bankrupt cryptocurrency exchange Mt.GOX, with 141,686 BTC.
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