Tether Acquires 8,888 BTC Worth Approximately $735 Million
Tether has purchased 8,888 BTC, valued at about $735 million, increasing its total Bitcoin holdings to 92,647 BTC worth approximately $7.65 billion. This positions Tether as the sixth-largest Bitcoin wallet globally.
- The Bitcoin was withdrawn from Bitfinex’s hot wallet.
- This acquisition is part of Tether's strategy to allocate 15% of net realized profits to Bitcoin.
- Tether also holds gold and U.S. Treasury bonds as part of its reserves.
- The transfer reduces available Bitcoin supply on exchanges, potentially easing short-term selling pressure.
- Bitcoin's price increased by 0.77% to around $83,170 following the news.