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CryptoIntelligence
2024-04-03 04:05:17

Tether Acquires $618 Million in Bitcoin, Becomes Seventh-Largest Holder Amid Rising Institutional Interest

Tether, the entity behind the Tether stablecoin, has significantly increased its Bitcoin holdings, purchasing 8,888 Bitcoin valued at $618 million on March 31. This move boosts Tether’s Bitcoin portfolio to 75,354 units, acquired at an average price of $30,305 each, now valuing approximately $5.2 billion. This acquisition reflects a substantial unrealized profit of over 128%, amounting to $2.94 billion, as per CoinStats data. This strategic investment aligns with a period marked by growing institutional interest in Bitcoin, spurred by the U.S. approval of spot Bitcoin exchange-traded funds and the anticipation of the Bitcoin halving event. The latter is expected to

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