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Tether, a major player in the stablecoin market, has made a significant move by adding 8,889 Bitcoin (BTC) to its reserves. This strategic acquisition has increased Tether’s total Bitcoin stash to over 75,000 BTC, valued at more than $5.3 billion. The transaction occurred on March 31, 2024, with Tether receiving the Bitcoin from Bitfinex’s hot wallet, marking a considerable investment of approximately $627 million in Bitcoin. Over the past year, Tether has been actively increasing its Bitcoin reserves, indicating a strong belief in the cryptocurrency’s investment potential. The company’s investments are partly funded by corporate profits and excess reserves from its stablecoin operations.
According to Tether’s CEO, Paolo Ardoino, investing in Bitcoin aligns with the company’s vision of harnessing the cryptocurrency’s strength and potential. Tether’s Q4 2023 attestation report highlights the positive impact of these Bitcoin investments, contributing $2.8 billion to the company’s consolidated reserves. This move not only reflects Tether’s growing embrace of Bitcoin but also its commitment to leveraging the cryptocurrency market to enhance its financial standing and operational resilience.
