Tether Expands Bitcoin Reserves by 8,889 BTC in Significant Move

Tether, the issuer of the world's largest stablecoin, has made a substantial purchase of 8,889 Bitcoin (BTC), significantly bolstering its Bitcoin reserves to over 75,000 BTC. The acquisition, which took place on March 31, 2024, was executed from Bitfinex's hot wallet and the bitcoins acquired were valued at around $627 million. The move has elevated Tether's wallet to become the seventh-largest Bitcoin address in the world, with the total value of its Bitcoin holdings now exceeding $5.3 billion.

The purchase coincides with a period of growing institutional interest in Bitcoin, following the approval of United States spot Bitcoin exchange-traded funds (ETFs) and in anticipation of the upcoming Bitcoin halving event, which is expected to cut the new supply of Bitcoin by half. In line with its strategy to diversify its investments and expand its influence in the digital asset industry, Tether has stated that it will allocate 15% of its net profit into Bitcoin. Additionally, Tether aims to extend its ventures into other areas, including the development of open-source, multimodal AI models and Bitcoin mining, reflecting its ambition to set new industry standards and foster innovation within the technology sphere.