HomeCryptocurrencyTether Adds 8,888 BTC Worth $600 Million to Bitcoin Treasury, On-Chain Data...

Tether Adds 8,888 BTC Worth $600 Million to Bitcoin Treasury, On-Chain Data Shows


Stablecoin issuer Tether has significantly expanded its Bitcoin holdings, acquiring 8,888 BTC worth around $600 million. This latest purchase was revealed through on-chain data rather than an official announcement.

Tether has not publicly disclosed its Bitcoin addresses. However, transactions tracked on the blockchain show 8,888 BTC were recently sent from the crypto exchange Bitfinex to an undisclosed Tether wallet.

The recipient address now holds over 75,000 BTC worth $5.3 billion. In May 2023, Tether first revealed it was allocating a portion of its reserves to Bitcoin, with plans to invest up to 15% of quarterly profits.

“The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset,” Paolo Ardoino, CTO of Tether, said in the statement when they announced their Bitcoin strategy.

While unconfirmed, analysts believe the identified wallet likely belongs to Tether. The amount perfectly matches its pledged buying strategy and claimed holdings in its latest financial reports.

Tether has emerged as a major player in Bitcoin markets and its accumulation race. The company is now estimated to be the seventh largest holder of BTC. Its steady purchases, combined with those of institutional investors like MicroStrategy, tighten supply.

Critics have raised concerns about Tether’s lack of transparency and the potential market risks of its growing bitcoin stash. However, its embrace of Bitcoin also shows the asset’s broadening mainstream acceptance.

Tether aims to capitalize on Bitcoin’s growth while diversifying its reserves away from traditional assets like government debt. Tether is one of the world’s largest holders of U.S. Treasuries. 

This latest $600 million acquisition is unlikely to be Tether’s last. As the stablecoin leader continues executing its Bitcoin investment strategy, its influence over Bitcoin markets is only set to increase.


Please enter your comment!
Please enter your name here


Bitcoin outperforms Tesla stock for the first time since 2019

Bitcoin's (BTC) price has finally outperformed Tesla's (TSLA) stock over the past five years in percentage terms. The electronic vehicle manufacturer has also missed...

Panda Swap Price Prediction: PANDA Skyrockets 28% As Traders Rush To Buy New SOL Meme Coin Slothana With Just Six Days Left

Join Our Telegram channel to stay up to date on breaking news coverage The Panda Swap price has soared 28% in the past 24 hours...

Procter & Gamble executive sells over $135k in company stock By Investing.com

In a recent transaction, R. Alexandra Keith, CEO of Beauty at Procter & Gamble Co (NYSE:PG), sold a total of 855 shares of the...

Indie Gem ‘Crystal Armada’ Soars into the NFT Space

A visionary indie game development team is inviting players to fleet command in ‘Crystal Armada – Rise of Terra‘, a game that redefines strategic...

Most Popular