Tether Boosts Bitcoin Holdings by $618M, Ranks 7th Globally

Tether, the leading issuer of the stablecoin USDT, has increased its holdings in Bitcoin. On March 31, the company purchased 8,888 units of Bitcoin, totaling $618 million.

This transaction elevates Tether's total Bitcoin holdings to 75,354 units, with an average purchase price of $30,305 per Bitcoin, bringing the total value of the digital currency portfolio to approximately $5.2 billion.

The company's Bitcoin portfolio has yielded substantial returns, with unrealized profits exceeding 128%, equivalent to $2.94 billion. This impressive performance comes amidst growing institutional interest in Bitcoin, fueled by the approval of Bitcoin exchange-traded funds (ETFs) in the United States and expectations surrounding the upcoming Bitcoin halving event, which will halve block mining rewards in just 19 days.