Tether Purchases 8,889 BTC for $1 Billion, Boosting Holdings to 86,335
Tether, the issuer of USDT, has significantly increased its Bitcoin holdings by adding 8,889 BTC valued at $1 billion. This acquisition places Tether among the largest BTC treasury companies.
- The purchase was confirmed by Tether’s CEO, Paolo Ardoino.
- Tether's total Bitcoin reserves now stand at 86,335 BTC, worth $10.23 billion.
- Tether holds 0.4% of the total Bitcoin supply, ranking as the second-largest BTC treasury company after Michael Saylor's firm.
- Tether also has exposure to Bitcoin through its stake in Twenty One Capital, which holds 43,514 BTC.
- The company intends to continue investing profits in "safe assets" like BTC, gold, and land.
- Tether reported $22.27 million in revenue over the last 24 hours and $155.27 million in the past week, enabling further investments in Bitcoin.
At the time of writing, Bitcoin is trading at around $118,400, showing a 3% increase in the last 24 hours. Historical data suggests October could yield significant gains for Bitcoin, supported by potential macroeconomic factors like a Fed rate cut.
