Tether, the company behind the USDT stablecoin, purchased 8,888 Bitcoin worth $618 million on March 31.
This acquisition increased Tether’s Bitcoin holdings to 75,354 BTC, acquired at an average price of $30,305, valued at approximately $5.2 billion currently.
The wallet’s value has surged by over 128%, yielding an unrealized profit of $2.94 billion, as per CoinStats data.
The acquisition coincided with heightened institutional interest in Bitcoin, fueled by the approval of spot Bitcoin exchange-traded funds in the United States and the imminent Bitcoin halving, set to occur in 19 days.
The Bitcoin halving will reduce the block supply issuance by half, adding to Bitcoin’s scarcity and potentially driving up its value.
With this acquisition, Tether becomes the seventh-largest Bitcoin holder globally, based on Bitinfocharts data.
Binance’s cold wallet remains the largest Bitcoin holder, with over 248,597 BTC valued at $17.31 billion.
Tether plans to invest 15% of its net profit into Bitcoin, aiming to diversify the stablecoin’s backing assets.
Tether’s USDT achieved a record $100 billion market cap on March 4, marking a 9% year-to-date growth in its valuation.
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