Tether Acquires $780 Million in Bitcoin, Boosting Holdings to Over 96,000 BTC
- Tether added 8,888.88 BTC to its treasury wallet as part of its Q4 profit allocation.
- The transfer is valued at approximately $780 million based on current market prices.
- This purchase aligns with Tether’s policy to allocate up to 15% of quarterly profits toward Bitcoin.
- Tether’s strategy has positioned it as one of the largest corporate holders of Bitcoin globally.
- As of mid-day Hong Kong time, BTC was trading around $89,000.
This acquisition reflects Tether’s systematic approach to accumulating Bitcoin through excess earnings from its stablecoin operations, primarily backed by short-term U.S. Treasuries and repos. The move comes at a time when liquidity in the Bitcoin market is thinning and demand for stablecoins remains strong.
With this latest addition, Tether’s total Bitcoin holdings exceed 96,000 BTC, highlighting its significant role in the cryptocurrency market.(Source)
