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Tether’s Bitcoin Holdings Hit $7.68 Billion After Latest 7,629 BTC Addition
In a move that highlights its commitment to expanding its investment portfolio, Tether has announced the acquisition of 7,629 Bitcoins, worth approximately $705.25 million. This latest addition brings the company’s total holdings to 82,983 BTC, valuing its Bitcoin reserves at a staggering $7.68 billion.
As part of its strategy launched in May 2023, Tether has been focusing on investing 15% of its monthly profits into Bitcoin. The move is seen as a significant expansion of the company’s digital assets, which already include $100 billion in bonds and 48.3 tons of gold.
Tether’s decision to invest heavily in Bitcoin demonstrates its commitment to diversifying its portfolio and strengthening its presence in the crypto market. With an average acquisition cost of $36,125 per unit, the firm has secured unrealized gains worth nearly $4.72 billion.
It is essential to note that this transaction occurred after a nine-month hiatus from acquiring new assets. Tether’s focus on reducing its dependence on government bonds and exploring other investment options, such as Bitcoin mining, artificial intelligence (AI), and decentralized communications, underscores its goal of expanding its footprint in various technological and financial sectors.
Tether is now the sixth-largest holder of Bitcoin worldwide, solidifying its influence within the cryptocurrency market. The company’s ability to adapt to changing market conditions and expand its portfolio demonstrates a commitment to growth and stability.
In conclusion, Tether’s recent acquisition underscores its intention to strengthen its digital reserves and maintain its position as one of the leading players in the crypto market.
Source: crypto-economy.com
