Tether Announces Bitcoin Acquisition Again
Tether, the company behind the world's largest stablecoin USDT, has made a new purchase of Bitcoin (BTC).
According to on-chain analyst EmberCN, Tether has acquired 961 BTC (worth $97.18 million).
Thus, Tether's backup BTC wallet withdrew 961 BTC from Bitfinex.
By making this move, Tether saw an opportunity to profit from the decline in Bitcoin's price and offset the decline.
The acquisition was part of a sustained accumulation strategy that followed a major $1 billion acquisition in September.
Because on September 30, Tether purchased about 8,889 bitcoins (worth about $1 billion).
The Tether wallet in question has been storing BTC purchased with 15% of the company's profits since 2023, typically withdrawing funds only at the end of each quarter. In previous statements, the company has made clear that it views Bitcoin as a key component of its reserve diversification strategy.
This wallet currently holds 87,296 BTC worth $8.84 billion, making it the sixth largest BTC wallet.
Source: cryptonews.net
