In a move that could only be described as audacious, Tether, the mastermind behind USDT, has bolstered its Bitcoin reserves with a staggering 8,888 Bitcoins, a sum that whispers of $735 million at the time of acquisition. This latest escapade, brought to light by the ever-watchful eyes of Arkham, has set the crypto world abuzz.
Arkham, in its characteristic flair for the dramatic, unveiled a snapshot on its official website, revealing that the stablecoin juggernaut had whisked away 8,888 Bitcoins from Bitfinex, its sibling exchange, on a seemingly ordinary Monday. 🕵️♂️
This latest maneuver catapults Tether’s Bitcoin holdings to a jaw-dropping 92,647, a treasure trove valued at $7.7 billion at current market prices. With this, Tether cements its position as one of the titans of Bitcoin holdings in the industry. 🏦
Tether’s Stealthy Bitcoin Accumulation
While Bitcoin has been the darling of US President Donald Trump’s Strategic Bitcoin Reserve (SBR) agenda in recent weeks, Tether has quietly been making waves. Last Monday, the company flexed its muscles by adding more Bitcoins to its already colossal crypto reserve. 💪
Tether’s crypto reserve, a behemoth in its own right, serves as the backbone for its stablecoin, USDT. Currently, Tether reigns supreme over 60% of the total stablecoins market, boasting a market cap of $144 billion, a figure that dwarfs the $234 billion valuation of the entire stablecoin industry. 👑
This latest transaction propels Tether into the upper echelons, making it the sixth-largest holder of Bitcoin. According to Bitcoin Treasuries, Tether is the second-largest private holder of the asset, trailing only Block.one. However, when we broaden our gaze to include other entities and publicly-traded companies, Strategy (formerly MicroStrategy) and the top Bitcoin ETFs issuers outshine Tether’s holdings. 🌟
Tether’s Unwavering Bitcoin Commitment
Tether’s recent Bitcoin acquisition is a testament to its unwavering commitment to the cryptocurrency. Intriguingly, the company has pledged to allocate a portion of its net profit to purchase additional Bitcoins. This commitment, made in May 2023, stipulates that 14% of its net profits will be funneled into Bitcoin acquisitions. 💼
Tether’s most recent Bitcoin purchase, a modest 8,404 Bitcoins made last December, swelled its holdings to 83,759. 📈
$1B USDT Into Reserves
Tether’s latest Bitcoin purchase coincided with the minting of fresh tokens. On-chain data reveals that the stablecoin company minted $1 billion in tokens on Tron. Tether CEO Paolo Ardoino has confirmed the minting of new USDT. 🏭
According to Ardoino, the minting of new USDT was authorized, but he was quick to clarify that this batch is not yet in circulation. He added that the newly minted USDT is now part of their inventory and will be used for future issuance requests. Tether has already minted $8 billion tokens on Tron since the start of the year, and recorded $22 billion worth of USDT minted last year. 💰
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2025-04-02 06:45