On March 31, Tether, the leading issuer of USDT, secured 8,888 Bitcoin (BTC), valued at $618 million. This acquisition significantly bolstered Tether’s Bitcoin holdings, bringing the total to 75,354 BTC.
These Bitcoins were obtained at an average price of $30,305, now valued at $5.2 billion. This represents a remarkable increase of 128% in the wallet’s value, with an unrealized profit of $2.94 billion, as per CoinStats data.
At a time when institutional interest in Bitcoin surged, fueled by the approval of United States spot Bitcoin ETFs and the imminent Bitcoin halving, Tether made a strategic acquisition.
This move catapulted Tether into the ranks of the top Bitcoin holders globally, now standing as the seventh-largest Bitcoin holder, boasting over 248,597 Bitcoin valued at $17.31 billion.
Tether announced its intention to allocate 15% of its net profit towards Bitcoin investments, aiming to broaden the backing assets of its stablecoins.
Also Read: Tether’s Role in Illicit Transactions: TRM Report
