Tether Bags 8,888 Bitcoin To Move Up In Ranking

Tether, the issuer of the leading stablecoin USDT is looking to strengthen its portfolio of Bitcoin (BTC) and maximize the potential of the flagship asset as part of its investment strategy. With an additional 8,888 BTC which it recently acquired, Tether becomes the seventh largest holder of the leading cryptocurrency further marking its position as the accumulation race for Bitcoin continues.

Details of Tether’s Latest Acquisition

Although Tether is yet to disclose its Bitcoin address or make an official announcement regarding the acquisition, data from Arkham Intelligence shows that 8,888 BTC worth over $600 million was transferred from Bitfinex to a crypto wallet belonging to the stablecoin issuer on March 31, 2024, at 17:21 UTC.

With the new addition, Tether has now crossed the $5 billion mark as its wallet now holds more than 75,000 BTC valued at over  $5.3 billion. The acquisition also takes from the eleventh place it previously occupied to the seventh largest holder of the asset.

Tether Includes Bitcoin as Part of its Investment Strategy

Interestingly, the renowned stablecoin issuer first revealed its Bitcoin holding in May 2023 when it shared its attestation report for Q1 2023. At the time, Tether had pledged 15% of its quarterly profit to the acquisition of Bitcoin as part of plans to diversify its reserve from US government debt.

Undoubtedly, this new strategy has reaped tremendous results for the firm, thanks to the recent bullish run of the digital asset which is partly influenced by several spot Bitcoin ETF approvals as well as the upcoming Bitcoin halving. Tether’s growing Bitcoin stash is also further proof of increased institutional interest in the asset.

Tether’s CEO Paolo Ardoino has previously mentioned that the decision to invest in Bitcoin was a way of aligning with a transformative technology that could potentially reshape how business is conducted. In addition to its Bitcoin investments, the firm is also actively involved in Bitcoin mining operations. It has also highlighted a new Bitcoin mining software that its team of developers is getting ready to release.

Tether Expands into the AI World

Meanwhile, Tether recently shared expansion plans that will see it delve into the realm of (Artificial Intelligence) AI. The firm plans to focus on the creation of open-source, multimodal AI models to establish new industry standards and promote innovation within AI technology.