Tether increased its bitcoin reserves
Date: 2024-04-02 Author: Henry Casey Categories: BUSINESS
Tether, known for its stablecoin USDT, continues to expand its investments in the cryptocurrency by increasing its Bitcoin portfolio. On March 31, 2024, she purchased nearly 8,889 BTC for a total of $626.7 million, raising the company's total Bitcoin balance to a record 75,354 BTC.
This significant purchase was confirmed by Blockchair's on-chain activity data indicating a transfer of Bitcoin to the Tether account from the Bitfinex wallet. The value of the acquired bitcoins at the time of the transaction was estimated at approximately $627 million. Experts from the Arkham Intelligence platform also confirmed this operation, noting an increase in the total volume of bitcoin reserves in the Tether account.
According to Paper Ventures general partner Denish Chaudhry, the company's decision to invest in Bitcoin confirms its role as a leading investment asset in the world of cryptocurrencies. In addition, Tether is seeking to diversify its interests by investing $500 million in Bitcoin mining and creating an artificial intelligence research unit.
Tether Increases Its Bitcoin Balance: Record Investments and Strategic Moves
Tether, the leading issuer of the USDT stablecoin, has taken its investment strategy to the next level by purchasing nearly 8,889 BTC worth more than $626 million. The move brings its total Bitcoin balance to an impressive 75,354 BTC.
Research analysis of on-chain traffic activity provided by the Blockchair platform confirmed this large purchase, which occurred from the Bitfinex wallet. According to experts from Arkham Intelligence, this decision reflects Tether’s desire to strengthen its position in the cryptocurrency ecosystem.
In addition, the company plans to expand its interests beyond stablecoins. Investments in Bitcoin mining and the creation of a division specializing in artificial intelligence indicate Tether's desire to diversify its assets and prepare for changes in the cryptocurrency market.
