Tether buys 8888 Bitcoins

Tether buys 8888 Bitcoins

Tether, the company behind the USDT stablecoin, has strengthened its Bitcoin reserves by purchasing 8,888 BTC worth approximately $735 million. The Bitcoin was withdrawn directly from Bitfinex’s hot wallet, a platform closely associated with Tether. This latest acquisition brings Tether’s total BTC holdings to 92,647 BTC, valued at roughly $7.65 billion, positioning it as the sixth-largest Bitcoin wallet in the world.

This move aligns with Tether’s previously stated strategy of allocating 15% of its net realized profits to Bitcoin as part of a broader effort to diversify its reserves. In addition to Bitcoin, Tether also holds gold and U.S. Treasury bonds to support the stability of its USDT stablecoin.

The transfer of such a significant amount of BTC from a hot wallet to a reserve wallet is generally seen as a bullish signal in the crypto market. It reduces the available Bitcoin supply on exchanges, which can ease short-term selling pressure. Moreover, Tether’s large-scale investment reflects growing institutional confidence in Bitcoin’s role as a long-term store of value. Following the news, Bitcoin’s price edged up by 0.77%, trading around $83,170.