{"id":570388,"date":"2024-01-19T23:00:19","date_gmt":"2024-01-19T23:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=570388"},"modified":"2024-06-11T14:44:41","modified_gmt":"2024-06-11T14:44:41","slug":"bitcoin-usdt-tether-8888-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-usdt-tether-8888-btc\/","title":{"rendered":"Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In an encouraging development for the crypto space, <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/tether-strikes-gold-in-bitcoin-profits-soar-amid-bull-market\/\"><span style=\"font-weight: 400\">Tether<\/span><\/a><span style=\"font-weight: 400\">, the issuer of the world\u2019s largest stablecoin USDT, has doubled down on its Bitcoin investment momentum by acquiring a staggering 8,888 BTC, further diversifying its portfolio.\u00a0<\/span><\/p>\n<h2>Tether Increases Its Bitcoin Holdings<\/h2>\n<p><span style=\"font-weight: 400\">Tether has recently made its third largest Bitcoin purchase, as the stablecoin issuer <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/08516441?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">added<\/span><\/a><span style=\"font-weight: 400\"> a total of 8,888 BTC valued at $380 million at the time of purchase. This brings its total BTC holdings to 66,465 BTC, valued at $2.81 billion with an average buy price of $42,353.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-fall-below-41000\/\">Why Did The Bitcoin Price Fall Below $41,000?<\/a><\/div>\n<p><span style=\"font-weight: 400\">This transaction was captured by <\/span><a href=\"https:\/\/bitinfocharts.com\/bitcoin\/address\/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4\" rel=\"nofollow\"><span style=\"font-weight: 400\">BitInfoCharts<\/span><\/a><span style=\"font-weight: 400\"> data, which also showed the previous amounts of BTC accumulated by the blockchain-enabled platform. This recent purchase follows Tether\u2019s Bitcoin investment strategy, in line with its vision to continuously strengthen its reserves by accumulating Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Earlier in May 2023, the stablecoin issuer announced in a blog post that it would regularly <\/span><a href=\"https:\/\/wncen.com\/news\/tether-bets-on-bitcoin-allocates-up-to-15-of-profits-for-btc-purchases\/\"><span style=\"font-weight: 400\">allocate<\/span><\/a><span style=\"font-weight: 400\"> 15% of its net realized operating profits toward increasing its BTC reserves. As of the end of March 2023, Tether held approximately $1.5 billion worth of cryptocurrency, a $1.3 billion difference from its total BTC holdings presently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/dune.com\/queries\/2233363\/3661581\" rel=\"nofollow\"><span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\"> from Dune Analytics, Tether has become the <\/span><a href=\"https:\/\/wncen.com\/stablecoin\/tether-may-now-be-11th-largest-bitcoin-holder\/\"><span style=\"font-weight: 400\">11th largest Bitcoin holder<\/span><\/a><span style=\"font-weight: 400\">, with Microstrategy, an American business intelligence service, surpassing Tether\u2019s holdings with over 189,00 BTC <\/span><a href=\"https:\/\/bitcoinist.com\/breaking-microstrategy-acquires-347m-in-bitcoin-will-mg-make-you-the-next-millionaire\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">accumulated<\/span><\/a><span style=\"font-weight: 400\">. The other addresses in the top 10 rankings are owned by major crypto exchanges and governments, including Binance, Bitfinex and the US government.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tether\u2019s decision to <\/span><a href=\"https:\/\/wncen.com\/press-releases\/tether-could-soon-become-one-of-the-largest-bitcoin-investors\/\"><span style=\"font-weight: 400\">double down<\/span><\/a><span style=\"font-weight: 400\"> on its Bitcoin investments signals its confidence in the cryptocurrency\u2019s future trajectory. It also underscores the blockchain platform\u2019s belief in the long-term potential of BTC as it aims to capitalize on Bitcoin\u2019s potential growth by bolstering and diversifying its digital asset reserve.\u00a0\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/6e5A7AJi\/\" alt=\"Bitcoin price chart from Tradingview.com (Tether USDT)\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price sitting at $41,354 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">BTC<\/span> Accumulation Race Amidst ETF Hype<\/h2>\n<p><span style=\"font-weight: 400\">Tether\u2019s strategic Bitcoin purchase comes at a time when the crypto market is buzzing with excitement over <\/span><a href=\"https:\/\/bitcoinist.com\/breaking-spot-bitcoin-etfs-approved-by-us-sec\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\">. Before the approval of Spot Bitcoin ETFs, Tether had steadily increased its BTC portfolio, purchasing substantial quantities of BTC consistently. In March 2023, the stablecoin issuer bought 15,915 BTC and another 4,083 BTC between the months of May and September.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/245-million-whale-xrp-price\/\">$245 Million Whale Wakes Up To Threaten XRP Price Recovery<\/a><\/div>\n<p><span style=\"font-weight: 400\">The timing of Tether\u2019s BTC purchase suggests a proactive stance towards potentially seizing the opportunities brought forth by the Spot Bitcoin ETF market and the <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/anticipation-peaks-as-bitcoin-halving-countdown-drops-below-100-days-will-prices-skyrocket\/\"><span style=\"font-weight: 400\">upcoming Bitcoin halving<\/span><\/a><span style=\"font-weight: 400\"> in April.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition to Tether\u2019s large-scale BTC acquisition, <\/span><a href=\"https:\/\/bitcoinist.com\/how-microstrategys-bitcoin-strategy-is-going\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Microstrategy<\/span><\/a><span style=\"font-weight: 400\"> is also another major player which has been continually increasing its BTC holdings. The business intelligence software company <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/major-acquisition-microstrategy-grows-bitcoin-reserves-by-14k-btc-ahead-of-etf-approval\/\"><span style=\"font-weight: 400\">added<\/span><\/a><span style=\"font-weight: 400\"> a whopping 14,620 BTC to its portfolio in December 2023. At the time, the value of the purchase was about $615.7 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Other companies with large BTC holdings include Galaxy Digital and Elon Musk\u2019s Tesla, as well as space exploration company SpaceX.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Investopedia, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In an encouraging development for the crypto space, Tether, the issuer of the world\u2019s largest stablecoin USDT, has doubled down on its Bitcoin investment momentum by acquiring a staggering 8,888 BTC, further diversifying its portfolio.\u00a0 Tether Increases Its Bitcoin Holdings Tether has recently made its third largest Bitcoin purchase, as the stablecoin issuer added a total of 8,888 BTC valued at $380 million at the time of purchase. This brings its total BTC holdings to 66,465 BTC, valued at $2.81 billion with an average buy price of $42,353.\u00a0 Related Reading: Why Did The Bitcoin Price Fall Below $41,000? This transaction was captured by BitInfoCharts data, which also showed the previous amounts of BTC accumulated by the blockchain-enabled platform. This recent purchase follows Tether\u2019s Bitcoin investment strategy, in line with its vision to continuously strengthen its reserves by accumulating Bitcoin. Earlier in May 2023, the stablecoin issuer announced in a blog post that it would regularly allocate 15% of its net realized operating profits toward increasing its BTC reserves. As of the end of March 2023, Tether held approximately $1.5 billion worth of cryptocurrency, a $1.3 billion difference from its total BTC holdings presently.\u00a0 According to reports from Dune Analytics, Tether has become the 11th largest Bitcoin holder, with Microstrategy, an American business intelligence service, surpassing Tether\u2019s holdings with over 189,00 BTC accumulated. The other addresses in the top 10 rankings are owned by major crypto exchanges and governments, including Binance, Bitfinex and the US government.\u00a0 Tether\u2019s decision to double down on its Bitcoin investments signals its confidence in the cryptocurrency\u2019s future trajectory. It also underscores the blockchain platform\u2019s belief in the long-term potential of BTC as it aims to capitalize on Bitcoin\u2019s potential growth by bolstering and diversifying its digital asset reserve.\u00a0\u00a0 BTC price sitting at $41,354 | Source: BTCUSD on Tradingview.com BTC Accumulation Race Amidst ETF Hype Tether\u2019s strategic Bitcoin purchase comes at a time when the crypto market is buzzing with excitement over Spot Bitcoin ETFs. Before the approval of Spot Bitcoin ETFs, Tether had steadily increased its BTC portfolio, purchasing substantial quantities of BTC consistently. In March 2023, the stablecoin issuer bought 15,915 BTC and another 4,083 BTC between the months of May and September. Related Reading: $245 Million Whale Wakes Up To Threaten XRP Price Recovery The timing of Tether\u2019s BTC purchase suggests a proactive stance towards potentially seizing the opportunities brought forth by the Spot Bitcoin ETF market and the upcoming Bitcoin halving in April. In addition to Tether\u2019s large-scale BTC acquisition, Microstrategy is also another major player which has been continually increasing its BTC holdings. The business intelligence software company added a whopping 14,620 BTC to its portfolio in December 2023. At the time, the value of the purchase was about $615.7 million.\u00a0 Other companies with large BTC holdings include Galaxy Digital and Elon Musk\u2019s Tesla, as well as space exploration company SpaceX. Featured image from Investopedia, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":570391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83982,601,656,679,1119,89185,1122,1144,78790,4100,91244,91243,91241,10263,91242],"class_list":["post-570388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-accumulation","tag-bitcoin-investment","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-tether","tag-tether-bitcoin","tag-tether-btc","tag-tether-news","tag-usdt","tag-usdt-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree<\/title>\n<meta name=\"description\" content=\"Tether, the 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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