Tether has increased its Bitcoin reserve by 8,889 BTC.
This coincides with the Bitcoin price’s impressive recovery at $70,000.
Tether continues to hold its position as the seventh-largest holder of Bitcoin.
Tether, the issuer of the world’s leading stablecoin USDT, is making significant progress in accumulating Bitcoin (BTC). The company has bolstered its reserves by acquiring a substantial amount of BTC recently. Tether’s total Bitcoin reserves have significantly increased since the recent acquisition, now exceeding 75,000 BTC and valued at over $5.3 billion.
Tether has acquired a significant reserve of Bitcoin.
Arkham Intelligence observes that Tether received $627 million worth of Bitcoin from Bitfinex’s hot wallet on March 31, 2024, at 17:21 UTC, according to on-chain transactions data. In addition, this further solidifies Tether’s standing as the seventh-largest Bitcoin address globally.
Over the past year, Tether has significantly grown its Bitcoin holdings, revealing its BTC reserves in the first quarter of 2023. In addition, they also noted the regular investment of up to 15% in Bitcoin using corporate profits obtained from surplus Tether stablecoin reserves.
Furthermore, Paulo Arduino, the CEO of Tether, provided insights into their approach to Bitcoin investments. “Investing in Bitcoin, the world’s first and largest cryptocurrency, is supported by its robustness and potential as an investment asset,” Ardoino said.
In Tether’s most recent attestation report for Q4 2023, they provided valuable information regarding the financial impact of these investments. Tether strategically leveraged the dynamics of the crypto market, resulting in a significant contribution of $2.8 billion to the company’s consolidated reserves. Furthermore, with the current Bitcoin price holding steady at $70,000, this accumulation has the potential to heighten scarcity and fuel an upward trajectory.
Tether Launches New AI Venture
Tether’s pursuits go beyond digital assets as the company delves into different technological and infrastructural areas. Exploring Bitcoin mining and artificial intelligence (AI) technology are noteworthy instances.
In addition, this strategic move indicates their desire to expand their investment and development capabilities within the digital asset industry. According to Ardoino, Tether is expanding its reach beyond its well-known product, USDt. It is now investing in various strategic sectors such as AI, P2P telecommunications, Bitcoin mining, and renewable energy production.
The company aims to develop open-source, multimodal AI models to set new industry standards and foster innovation and accessibility in AI technology. Furthermore, the significant Bitcoin reserves and foray into uncharted technological territories highlight Tether’s strategic focus on broadening its portfolio and fostering creativity.
