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Tether Bitcoin Holdings Hit $7.68 Billion After Latest 7,629 BTC Addition
In a significant move, Tether has increased its total holdings in Bitcoin to $7.68 billion following the acquisition of an additional 7,629 BTC from Bitfinex exchange. This substantial investment adds to the company’s existing reserves of 82,983 BTC, further solidifying its position as one of the largest holders of the digital currency.
The latest addition comes after a nine-month period without new acquisitions, suggesting that Tether may be shifting its strategy or re-evaluating its investment approach. The acquisition cost for the newly purchased Bitcoin is approximately $36,125 per unit, resulting in unrealized gains worth nearly $4.72 billion.
Tether’s expansion into Bitcoin investments is part of a broader strategy launched in May 2023. Under this plan, the company allocates 15% of its monthly profits towards buying Bitcoin, reinforcing its commitment to digital assets and diversifying its investment portfolio.
In addition to its Bitcoin holdings, Tether also holds $100 billion in bonds and 48.3 tons of gold. The company’s presence in the cryptocurrency market is further strengthened by its ranking as the sixth-largest holder of Bitcoin globally.
As the crypto landscape continues to evolve, Tether’s significant investments will likely have a profound impact on the market dynamics.
Source: crypto-economy.com
