On March 31, Tether, the top USDT issuer, acquired 8,888 Bitcoin (BTC) worth $618 million. This buy dramatically increased Tether’s Bitcoin holdings, bringing the total value to 75,354 BTC.
These Bitcoins were bought for an average price of $30,305, and are now worth $5.2 billion. This is a phenomenal 128% gain in the wallet’s value, with an unrealized profit of $2.94 billion, according to CoinStats data.
Tether made a strategic acquisition during a period of increased institutional interest in Bitcoin, fuelled by the introduction of US spot Bitcoin ETFs and the impending Bitcoin halving.
This transaction vaulted Tether into the ranks of the world’s top Bitcoin holdings, where it now ranks eighth with approximately 248,597 Bitcoin worth $17.31 billion.
Tether revealed plans to invest 15% of its net profit in Bitcoin, hoping to diversify the supporting assets for its stablecoins.
