Tether Purchases 8,888 BTC to Boost USDT Reserve

Tether Bitcoin

The acquisition of 8,888 BTC has elevated Tether to the seventh-largest Bitcoin holder.

Tether, the company behind the world’s largest stablecoin USDT, has acquired a total of 8,888 bitcoin (BTC) worth $618 million.  

The latest acquisition is part of Tether’s efforts to boost its stablecoin reserve. According to on-chain data Tether’s wallet now holds 75,354 BTC, with a total value of $5.2 billion as of the time of writing. The assets were purchased as an average price of $30,305 per coin. 

Interestingly, data from CoinStats shows that the wallet has surged by more than 128%, currently yielding an unrealized profit of $2.94 billion.  

The lastest acquisition comes amid increased institutional attention towards Bitcoin. The interest was sparked by the approval of spot bitcoin exchange-traded funds (ETFs) in the United States, alongside the incoming Bitcoin Halving scheduled to occur in just 19 days.

According to Bitinfocharts data, Tether is currently the seventh Bitcoin holder globally, with Binance’s cold wallet being on the number one spot with 248,597 BTC, valued at $17.31 billion.  

On March 4, Tether’s USDT achieved a milestone, reaching a record market cap of $100 billion, reflecting a notable 9% year-to-date growth for the stablecoin.  

The firm announced its intention to allocate 15% of its net profit towards investments in BTC, aiming to diversify its stablecoin reserve. 

BTC’s Trading Position  

Meanwhile, since last month, bitcoin maintained its position above the $69,000 support line despite the market undergoing the largest quarterly options expiry event on March 29. 

In a video analysis released on March 26, pseudonymous crypto analyst Rekt Capital said that Bitcoin’s pre-halving correction might have concluded, pointing to the fact that BTC turned its previous all-time high of $69,000 into a support level. 

“Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over,” he said.    

According to data, BTC has recently concluded seven monthly green candles in a row, marking a significant milestone in its performance.