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Tether Bitcoin Holdings Hit $7.68 Billion After Latest 7,629 BTC Addition

In a significant move, Tether has announced that it has acquired 7,629 Bitcoin (BTC), valued at approximately $705.25 million. This latest addition brings the company’s total holdings to an impressive 82,983 BTC, worth around $7.68 billion.

This substantial investment marks a turning point in Tether’s strategy, which shifted in May 2023 to allocate 15% of its monthly profits towards buying Bitcoin. The move aims to diversify the company’s portfolio and expand its presence in various technological and financial sectors.

It is noteworthy that this purchase comes after a nine-month hiatus from new acquisitions. Prior to this, Tether had focused on reducing its dependence on government bonds and exploring alternative investment opportunities.

The average acquisition cost of $36,125 per unit has resulted in unrealized gains worth nearly $4.72 billion. This remarkable gain underscores the company’s long-term commitment to Bitcoin investments and highlights its influence within the crypto market.

Tether’s expanded portfolio now includes not only Bitcoin but also Bitcoin mining, artificial intelligence (AI), decentralized communications, bonds valued at $100 billion, 48.3 tons of gold, and other digital assets. This diversification approach aims to strengthen its position as a major player in the cryptocurrency space.

As the company continues to grow, it remains one of the largest bond investors worldwide, surpassing countries like Germany and the UAE. Furthermore, with projected profits reaching $7.7 billion by the end of Q3, Tether is expected to maintain its influence on the market in the near future.

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Source: crypto-economy.com