Tether added 8,888 bitcoins to its reserves, holds more than 75K Bitcoin

The latest acquisition has given their reserves a major boost just in time for the highly anticipated Bitcoin halving. And get this, their treasury now holds over 75,000 Bitcoins, all purchased at an average price of $30,305.

Tether has ramped up its Bitcoin reserves, now reaching a staggering $5.3 billion. And that’s not all – their Bitcoin wallet has seen a jaw-dropping 128% increase, adding up to an impressive $2.94 billion in unrealized profits.

Tether has been strategically building up its Bitcoin reserves since the start of 2023, and their efforts have paid off in a big way. They have even announced plans to invest a whopping 15% of their corporate profits from excess USDT reserves into Bitcoin. This groundbreaking move will not only boost Tether’s stability but also diversify their backing.

Data from Bitinfocharts reveals that Tether has recently secured its spot as the seventh largest holder of Bitcoin globally. However, this is just the beginning as Binance’s cold wallet currently reigns supreme with a whopping value of $17.31 billion.

Tether’s CEO, Paulo Ardoino, has previously stated that their decision to invest in Bitcoin, the pioneer of all cryptocurrencies, is fueled by its undeniable strength and potential as a lucrative investment asset.

“Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.”

Tether’s Q4 report for 2023 just dropped, and it’s causing a stir in the world of cryptocurrency. According to the report, Bitcoin has made a massive contribution of $2.8 billion to the firm’s consolidated reserves.

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With their sights set on dominating the market, the company plans to invest in state-of-the-art Bitcoin mining facilities in Uruguay, Paraguay, and El Salvador.

Tether’s USDT has soared to a monumental market cap of $100 billion on March 4, with a staggering 9% growth rate so far this year. But that’s not all – on March 26, Tether made another groundbreaking move by unveiling their very own AI division.

This forward-thinking company will not only create cutting-edge AI models, but also team up with other businesses to integrate them into their products and services.

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