Stablecoin issuing company Tether It has added a large amount of Bitcoins to its holdings. The purchase of this latest Bitcoin was disclosed through the on-chain rather than a formal announcement.
Tether does not have its Bitcoin addresses publicly available. The blockchain shows that 8,888 BTC was recently transferred from Bitfinex, a crypto exchange to an unidentified recipient. Tether wallet.
The address of the recipient now has over 75,000 BTC, worth $5.3 billion. Tether revealed in May 2023 it planned to allocate up to 15% quarterly profits to Bitcoin.
“The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset,” In a statement, Tether’s CTO, Paolo Ardoino said that they would be implementing a Bitcoin strategy.
Unconfirmed analysts The wallet is likely to be Tether. Its latest holdings and pledged purchasing strategy perfectly match the amount. financial reports.
The Tether company has become a dominant player in the Bitcoin accumulation race and markets. It is estimated that the company has now become one of the largest Bitcoin exchanges. seventh largest Holder of BTC. The steady purchase of BTC by MicroStrategy and other institutional investors tightens the supply.
Tether has been criticized for its lack of transparency, and critics have expressed concern about the market risks associated with Tether’s growing Bitcoin stash. Its embrace of Bitcoin shows that the asset is becoming more mainstream.
Tether wants to take advantage of Bitcoin’s rapid growth, while also diversifying away from conventional assets such as government debt. Tether is the biggest holder of U.S. Treasuries in the entire world.
Tether is not likely to make another acquisition of this magnitude. Tether’s influence will continue to grow as the leader in stablecoin continues its Bitcoin-investment strategy.
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Source: bitcoinmagazine.com