The stablecoin issuer Tether, also known as USDT, continues its strategy of purchasing Bitcoin by acquiring an additional 8,888 BTC this morning. This brings their total Bitcoin holdings to 75,354.08 BTC, making them the seventh-largest Bitcoin whale.
Tether announced in May of last year that it would regularly allocate up to 15% of its realized net operating income to purchase Bitcoin. This diversification of reserves aims to ensure the stability of USDT’s peg to the US dollar. Tether has chosen to self-custody its Bitcoin rather than relying on third-party custodians.
Since then, Tether has been consistently buying Bitcoin each quarter. After purchasing 8,888.88 BTC on January 1st of this year, they have now acquired an additional 8,888.88 BTC in the early hours of today. The total value of these purchases amounts to approximately $627 million, with an average purchase price of $70,558.
As of now, Tether holds a total of 75,354.08 BTC, valued at $5.34 billion, with a floating profit of $3.03 billion. According to the Bitcoin holdings rankings provided by Bitinfocharts, Tether has become the seventh-largest Bitcoin whale.
In addition, data from BitcoinTreasuries reveals that Tether currently ranks third in terms of Bitcoin holdings among privately held, unlisted companies. They are surpassed only by Block.one, the developer of the EOS blockchain, with 164,000 BTC, and the bankrupt cryptocurrency exchange Mt.GOX, with 141,686 BTC.
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