Tether Acquires 8888 BTC - Bitcoin Reserves Reach $5.23 Billion

On March 31, Tether, the issuer of the USDT cryptocurrency, increased its bitcoin reserves by 8888 BTC (equivalent to $618 million), reaching a total of 75,354 BTC (around $5.23 billion).

This makes Tether the seventh-largest holder of bitcoins, owning 0.359% of the total supply. Tether is surpassed in the list of largest bitcoin holders only by MicroStrategy, Grayscale Bitcoin Trust ETF, iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund ETF, Block.One, and MtGox, according to BitcoinTreasuries data.

When considering bitcoin reserves held by the United States and China as well, Tether ranks ninth among the largest bitcoin holders, according to BuyBitcoinWorldwide.

The average coin acquisition price was $30,305, according to CoinStats, with unrealized profit reaching $2.957 billion (an increase of 129.5%).

This is Tether's second purchase of 8888 BTC after the one that occurred on December 31, 2023.

Although the company does not officially disclose its bitcoin wallet addresses, analyst Tom Van of 21.co identified one that he believes belongs to Tether.

Tether first announced its bitcoin reserves in May and stated its intention to invest up to 15% of its profit into digital gold.

In March 2024, Tether also announced its strategic expansion into artificial intelligence.