April 2, 2024

Tether Bolsters Reserves with Acquisition of 8,889 Bitcoin

Tether fortifies its position by acquiring 8,889 BTC, pushing its bitcoin reserves past 75,000 BTC, valued at over $5.2 billion.

In a significant move to fortify its reserves, Tether, the foremost stablecoin issuer globally, has acquired 8,889 bitcoin.

This latest acquisition elevates Tether's total bitcoin reserves to over 75,000 BTC, amounting to a combined valuation exceeding $5.2 billion.

On March 31, 2024, at 17:21 UTC, Tether received the bitcoin from Bitfinex’s hot wallet, as indicated by on-chain data. At the time of the transaction, the value of these bitcoins stood at approximately $627 million.

Over the past year, Tether has visibly increased its bitcoin holdings, initially disclosed in the first quarter of 2023. Tether also disclosed its commitment to regularly invest up to 15% of corporate profits earned from excess Tether stablecoin (such as USDT) reserves into bitcoin.

Paolo Ardoino, CEO of Tether, commented on the decision, stating:

“The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset.”

Tether's latest attestation report for Q4 2023 provides further insights into the financial impact of these investments, with bitcoin contributing $2.8 billion to the company’s consolidated reserves. Such financial strategies underscore Tether’s commitment to leveraging cryptocurrency market dynamics to enhance its economic standing and operational resilience.

In addition to its investments in digital assets, Tether is expanding its reach into various technological and infrastructural domains, including Bitcoin mining and artificial intelligence (AI) technology.

This strategic diversification signifies Tether's ambition to evolve into a multifaceted investor and infrastructure developer within the digital asset industry.

Ardoino emphasized this broader vision, stating:

“While Tether is mostly known for one product (USDT), the Company is becoming an investor and infrastructure builder in many strategical sectors, spacing from AI to P2P telecommunications, from Bitcoin mining to renewable energy production.”

The expansion of Tether's AI focus will concentrate on developing open-source, multimodal AI models to set new industry standards and drive innovation and accessibility within AI technology.

Tether's bolstered bitcoin reserves and expansion into new technological realms reflect a strategic pivot towards diversification and innovation.

Stay Connected
Join the conversation on 𝕏
@ahapcrypto
Make a Difference
Support our content creators
and help us stay ad-free
BTC: bc1q6nt2u2u539kjgfn5hj8g9f8xk2hnwuudlrlnr9
Cryptocurrency news & learning platform
All Rights Reserved © 2024