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Title: Tether’s Bitcoin Holdings Soar to $7.68 Billion Following 7,629 BTC Acquisition
In a recent move, Tether has significantly bolstered its Bitcoin reserves, purchasing an additional 7,629 BTC from the Bitfinex exchange. This substantial investment brings the company’s total Bitcoin holdings to a staggering $7.68 billion.
Tether, one of the world’s largest stablecoin issuers, has been strategically expanding its investment portfolio over the past year. The latest acquisition underscores the firm’s commitment to diversifying its assets and strengthening its position as a major player in the crypto market.
The newly acquired Bitcoin will be added to Tether’s existing 82,983 BTC reserves, which were previously valued at approximately $7.68 billion. This significant investment is part of Tether’s strategy, launched in May 2023, where it pledged to allocate 15% of its monthly profits towards the purchase of Bitcoin.
Notably, this acquisition marks a substantial increase in Tether’s Bitcoin reserves, as the company had previously refrained from making new acquisitions for nine months prior. This move signals the firm’s renewed commitment to expanding its digital assets, which now exceed $7.68 billion.
Tether’s expanded investment portfolio also includes bonds and gold, with a combined value of over $100 billion. The company’s asset diversification efforts have enabled it to surpass countries like Germany and the UAE in terms of bond holdings.
Source: crypto-economy.com
