Tether’s Silent Bitcoin Buying Spree
In a low-key yet significant move, Tether, the company behind USDT stablecoin, added 8,888.88 BTC (approximately $380 million) to its reserves in the previous quarter. This acquisition increased its Bitcoin stash to a hefty 66,465 BTC, valued at $2.8 billion, adhering to its policy of monthly Bitcoin purchases since September 2022.
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In a low-key yet significant move, Tether, the company behind USDT stablecoin, added 8,888.88 BTC (approximately $380 million) to its reserves in the previous quarter. This acquisition increased its Bitcoin stash to a hefty 66,465 BTC, valued at $2.8 billion, adhering to its policy of monthly Bitcoin purchases since September 2022.
This is corroborated by data from a cryptocurrency wallet linked to Tether, identified by blockchain researcher Tom Van in August 2023. While Tether has officially denied owning the wallet, the analyst's conclusions have been widely accepted, bolstered by Tether's past financial disclosures.
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