Tether Stacks More Bitcoin With Fresh 8,888 BTC Acquisition Worth $1 Billion

Leading stablecoin issuer Tether appears to have acquired another 8,888 Bitcoin (BTC), worth approximately $1 billion. On-chain analytics platform Onchain Lens confirmed the purchase in an X post earlier ￰0￱ Continues To Stack Bitcoin Tether, the issuer of the top USD-pegged stablecoin USDT, today purchased another 8,888 BTC, increasing its total Bitcoin reserves to new ￰1￱ Lens said that Tether acquired it on the last day of Q3, ￰2￱ the Bitcoin purchase, Tether CEO Paolo Ardoino confirmed the acquisition in an X post, saying, “yeah.” With today’s purchase, Tether’s total holdings now stand at almost 10,940 BTC. Tether’s total BTC holdings have propelled it to second position among private companies with the most BTC ￰3￱ list is currently led by Block One, which currently holds 164,000 BTC, worth roughly $18.5 ￰4￱ the overall list, including public companies, Tether is now ranked third, behind Strategy, which leads the list by far, holding 640,031 BTC on its balance sheet, according to data from ￰5￱ should be noted that this is not the first time that Tether has acquired such a huge amount of ￰6￱ company purchased a similar amount of BTC and transferred it to its wallet at the end of Q1, ￰7￱ recall, Tether started buying BTC as part of its reserves back in September 2022.

Subsequently, in May 2023, the firm announced that it would allocate up to 15% of its net profits each quarter to purchase more ￰8￱ announcing its BTC buying strategy, Tether has consistently enhanced its BTC reserves as part of its long-term diversification ￰9￱ is worth noting that Tether-backed Bitcoin treasury firm Twenty One also holds around 43,514 BTC currently. Tether’s Bitcoin reserve wallet address, starting with “bc1qj” is also among the top ten single address holders of ￰10￱ wallet trails several centralized exchange cold wallets, such as those of ￰11￱ Rush For Accumulating BTC Tether’s move to accumulate BTC is not an isolated ￰12￱ increasing number of firms have been actively purchasing BTC over the last few years, seeing the digital asset’s extraordinary price appreciation in a relatively short ￰13￱ instance, Strategy recently added to its already high amount of BTC holdings, purchasing 196 BTC.

Similarly, Cyprus-based ship-owning firm Robin Energy recently made its first BTC acquisition, as it bought the flagship cryptocurrency worth $5 ￰14￱ trend of companies buying BTC in large amounts is likely to dry up the asset’s active circulating supply, as confirmed in a recent report by ￰15￱ could put further upside price pressure on ￰16￱ press time, BTC trades at $113,219, down 0.4% in the past 24 hours.