Summary
TLDR: Tether has acquired 8,888 BTC worth around $600 million, revealed through on-chain data. They have not disclosed their Bitcoin addresses but the recipient address now holds over 75,000 BTC worth $5.3 billion. Tether aims to invest up to 15% of quarterly profits in Bitcoin, citing its potential as an investment asset. Critics raise concerns about Tether’s lack of transparency and market risks, but its embrace of Bitcoin reflects growing mainstream acceptance. Tether aims to diversify its reserves away from traditional assets like government debt, and their influence in Bitcoin markets is expected to increase as they continue with their investment strategy.
Key Points
1. Tether has significantly expanded its Bitcoin holdings, acquiring 8,888 BTC worth around $600 million. This latest purchase was revealed through on-chain data rather than an official announcement.
2. Tether has not publicly disclosed its Bitcoin addresses. However, transactions tracked on the blockchain show 8,888 BTC were recently sent from the crypto exchange Bitfinex to an undisclosed Tether wallet.
3. The recipient address now holds over 75,000 BTC worth $5.3 billion. In May 2023, Tether first revealed it was allocating a portion of its reserves to Bitcoin, with plans to invest up to 15% of quarterly profits.