tl;dr
Tether Holdings Ltd., the USDT issuer, has capitalized on the recent Bitcoin price decline by purchasing an additional 8,888 BTC, reinforcing its position as a major Bitcoin advocate. This acquisition, valued at $734,071,797.31, brings Tether's total BTC holdings to 92,646.57 units, acquired since D...
Tether Holdings Ltd. strategically solidifies its position as a major Bitcoin advocate by purchasing 8,888 BTC, bringing its total holdings to 92,646.57 BTC acquired since December 2023. The purchase, valued at $734,071,797.31, reflects Tether's ongoing support for Bitcoin. Other firms, including Michael Saylor's Strategy, are also engaging in significant BTC acquisitions using debt-funded strategies. Despite these acquisitions, the current price of Bitcoin stands at $83,523.19, showing a 2.13% increase in 24 hours.
Tether's strategic purchase of an additional 8,888 BTC reflects its commitment to supporting Bitcoin. This acquisition demonstrates Tether's significant influence as one of the biggest Bitcoin promoters in the Web3 world. With a healthy Bitcoin portfolio on the broader market, Tether now holds 92,646.57 BTC units, acquired at an average price of $82,591.34, totaling $7,651,804,585. Tether has consistently bought Bitcoin since December 2023, with several notable acquisitions, including the recent one valued at $734,071,797.31.
In March, several firms, including Michael Saylor's Strategy, engaged in substantial BTC acquisitions, with debt-funded strategies being utilized to finance these moves. Despite these acquisitions, the price of Bitcoin currently stands at $83,523.19, reflecting a 2.13% increase in 24 hours. Despite the significant intake of Bitcoin by these firms, the overall market pricing does not seem to be heavily impacted.