Tether Accumulates Nearly 8,889 Bitcoin in Holdings During First Quarter

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/04/01/tether-accumulates-nearly-8889-bitcoin-in-holdings-during-first-quarter/ on 2024-04-01. Article ID: SD2589Tdc947774. Author: Violet Vallaya. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/04/01/tether-accumulates-nearly-8889-bitcoin-in-holdings-during-first-quarter/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

Tether, the issuer of USDT (Tether), the world’s largest stablecoin by market capitalization, has quietly bolstered its Bitcoin (BTC) rеserves in the first quarter of 2024.

According to Arkham Intelligence, Tether added nearly 8,889 BTC to its reserves during this period.

Despite no official announcement from Tether, a wallet believed to be associated with the company received a substantial influx of Bitcoin on March 31. The wallet now holds precisely 8,888.8888 BTC, a move consistent with Tether’s previously stated intention to allocate a portion of its profits toward acquiring Bitcoin.

As of the current BTC price of approximately $69,000, this wallet’s holdings translate to a staggering $5.2 billion. Tether’s strategic accumulation of Bitcoin positions the stablecoin issuer for significant gains, with an estimated profit of roughly $3 billion.

Tether’s Ongoing Bitcoin Accumulation

Tether’s proactive approach to Bitcoin accumulation underscores its commitment to diversifying its reserves beyond the USDT stablecoin. While the company has faced scrutiny and regulatory challenges, its strategic moves in the crypto space continue to shape market dynamics.

The stablecoin issuer’s BTC stack now tops 75,000 tokens, further solidifying its position as a major player in the digital asset space.

Market Impact and Investor Sentiment

Tether’s latest Bitcoin acquisition comes amid heightened interest in the crypto market. As Bitcoin continues to gain institutional acceptance and retail adoption, stablecoins like USDT play a crucial role in facilitating liquidity and trading across exchanges.

The stablecoin’s ability to maintain its peg to the U.S. dollar while accumulating Bitcoin underscores its resilience and adaptability in a rapidly evolving landscape.

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VIOLET

Violet is a crуptocurrency journalist covering blockchain technology and digital assets.

Violet holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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