Tether Boosts Bitcoin Holdings by 8,888 BTC, Solidifying Position as 6th Largest Wallet

According to a recent report from ChainNews on April 1, Tether has bolstered its Bitcoin holdings by an impressive 8,888 BTC, equivalent to approximately $7.35 billion, during the first quarter of the year. Notably, this acquisition aligns with Tether’s strategic objective announced in May 2023, wherein the firm committed to allocating 15% of its profits towards Bitcoin purchases aimed at strengthening its asset reserves. The significant withdrawal of the newly acquired Bitcoin from Bitfinex marks Tether’s continued expansion within the crypto landscape.

At present, Tether boasts a total of 92,647 BTC, valued at around $7.64 billion, positioning it as the sixth-largest BTC wallet globally. With an aggregate acquisition cost of about $41,147 per Bitcoin, Tether is enjoying an unrealized profit estimated at $3.83 billion, underscoring the potential profitability of its investment strategy in a volatile market.