Tether adds 8,888 BTC worth $600 million to Bitcoin Treasury, on-chain data shows

Stablecoin publisher Tether has significantly expanded its Bitcoin holdings, acquiring 8,888 BTC worth approximately $600 million. This latest purchase was revealed via on-chain data rather than an official announcement.

Tether has not made its Bitcoin addresses public. However, transactions tracked on the blockchain show that 8,888 BTC were recently sent from the crypto exchange Bitfinex to an undisclosed source. Tether wallet.

The recipient’s address now contains more than 75,000 BTC worth $5.3 billion. In May 2023, Tether first revealed it would allocate some of its reserves to Bitcoin, with plans to invest up to 15% of quarterly profits.

“The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its power and potential as an investment asset,” Paolo Ardoino, CTO of Tether, said in the statement when they announced their Bitcoin strategy.

Although unconfirmed, analysts believe the identified wallet is likely from Tether. The amount perfectly matches the promised purchasing strategy and the claimed assets in the latest financial reports.

Tether has emerged as a major player in the Bitcoin markets and its accumulation race. The company is now estimated at seventh largest holder of BTC. Its steady purchases, combined with those from institutional investors like MicroStrategy, are tightening supply.

Critics have raised concerns about Tether’s lack of transparency and the potential market risks of its growing bitcoin supply. However, Bitcoin’s embrace also demonstrates the asset’s broader mainstream acceptance.

Tether aims to capitalize on Bitcoin’s growth while diversifying its reserves away from traditional assets such as sovereign debt. Tether is one of the largest holders of US government bonds in the world.

This latest $600 million acquisition is unlikely to be Tether’s last. As the stablecoin leader continues to execute on its Bitcoin investment strategy, its influence on the Bitcoin markets will only increase.

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