CryptocurrencyTether Adds 8,888 BTC Worth $600 Million to Bitcoin...

Tether Adds 8,888 BTC Worth $600 Million to Bitcoin Treasury, On-Chain Data Shows

Stablecoin issuer Tether 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 8,888 BTC were recently sent from the crypto exchange Bitfinex to an undisclosed Tether wallet.

The recipient address now holds over 75,000 BTC worth $5.3 billion. In May 2023, Tether first revealed it was allocating a portion of its reserves 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 underpinned by its strength and potential as an investment asset,” Paolo Ardoino, CTO of Tether, said in the statement when they announced their Bitcoin strategy.

While unconfirmed, analysts believe the identified wallet likely belongs to Tether. The amount perfectly matches its pledged buying strategy and claimed holdings in its latest financial reports.

Tether has emerged as a major player in Bitcoin markets and its accumulation race. The company is now estimated to be the seventh largest holder of BTC. Its steady purchases, combined with those of institutional investors like MicroStrategy, tighten supply.

Critics have raised concerns about Tether’s lack of transparency and the potential market risks of its growing bitcoin stash. However, its embrace of Bitcoin also shows the asset’s broadening mainstream acceptance.

Tether aims to capitalize on Bitcoin’s growth while diversifying its reserves away from traditional assets like government debt. Tether is one of the world’s largest holders of U.S. Treasuries. 

This latest $600 million acquisition is unlikely to be Tether’s last. As the stablecoin leader continues executing its Bitcoin investment strategy, its influence over Bitcoin markets is only set to increase.

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