Tether Acquires $70 Million in Bitcoin, Boosting Holdings to $7.2 Billion
- Tether purchased 951 BTC from Bitfinex for approximately $70.74 million.
- The company’s total Bitcoin reserve now stands at 91,141 BTC, valued at around $7.2 billion.
- This acquisition represents Tether’s continued strategy of using about 15% of its profits for Bitcoin purchases.
- Bitcoin ETFs experienced inflows of $411 million on April 14, following a previous outflow of $291 million.
- Michael Saylor’s Strategy acquired an additional 13,927 BTC worth $1 billion earlier this week.
Tether’s recent purchase aligns with its ongoing strategy to diversify operational assets while supporting its stablecoin reserves amid fluctuating Bitcoin prices. The firm has solidified its position as the fifth largest on-chain holder of BTC.
Despite significant institutional interest, including major inflows into Bitcoin ETFs and acquisitions by firms like Strategy, the price of BTC remains under pressure, recently dipping below $74,000.
