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.

Tether now ranks seventh as the largest holder of Bitcoin globally, following Binance’s cold wallet, which holds over 248,597 Bitcoins valued at $17.31 billion. This move aligns with Tether’s strategy of allocating 15% of its net profits to Bitcoin, aiming to diversify assets supporting the stablecoin further.

USDT, the stablecoin issued by Tether, has achieved significant milestones recently, reaching a market capitalization of $100 billion on March 4, marking a 9% increase since the beginning of the year.

Additionally, Tether plans to venture into Bitcoin mining with a proposed $500 million investment, further deepening its commitment to the Bitcoin ecosystem.

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