Tether, the prominent stablecoin issuer, has once again made a splash in the crypto market with a substantial $380 million investment in Bitcoin. This move brings their total Bitcoin holdings to an impressive 66,465 BTC, valued at $2.8 billion. Tether initiated its Bitcoin journey in September 2022 and has been steadily accumulating Bitcoin each quarter since. Noteworthy is their recent acquisition of 8,888 BTC at the close of the fourth quarter of 2023, marking their third-largest purchase to date.
Tether’s CEO, Paolo Ardoino, reiterates the company’s commitment to allocating up to 15% of its profits quarterly to Bitcoin investments. Beyond Bitcoin, Tether is actively engaged in Bitcoin mining and energy production, committing a substantial $500 million investment in these sectors. With a primary focus on the USDT stablecoin, Tether continues to reshape the crypto landscape, solidifying its position as a major player and advocate for Bitcoin.