Tether continues to buy Bitcoin

Stablecoin issuer Tether announced that it purchased 8,888 more Bitcoins (BTC) worth $380 million at the end of last quarter, increasing its total assets to 66,465 BTC. The company's total Bitcoin value has currently reached $2.8 billion. The transaction was Tether's third largest transaction to date.

Tether first started buying Bitcoin in September 2022, with a purchase of 33,980 BTC. Since then, the company has continuously purchased Bitcoin every quarter. He made his second largest purchase in March 2023, purchasing 15,915 BTC.

Tether first disclosed its Bitcoin holdings in May 2023 as part of its first quarter attestation report for that year.

11th largest Bitcoin owner in the world

Although Tether , the issuer of USDT, has not officially disclosed its Bitcoin addresses, an address pointed out by 21.co Research Analyst Tom Wan in August last year has been confirmed to belong to Tether. Thus, the company was positioned as the 11th largest holder of Bitcoin. Tether continued to maintain this ranking with its latest acquisitions.

Tether had previously announced that it would regularly invest some of its profits into Bitcoin as it shifted its stablecoin reserves into crypto and away from US government debt.