{"id":79283,"date":"2024-04-01T19:00:15","date_gmt":"2024-04-01T19:00:15","guid":{"rendered":"https:\/\/neclink.com\/index.php\/2024\/04\/01\/tether-adds-8888-btc-worth-600-million-to-bitcoin-treasury-on-chain-data-shows\/"},"modified":"2024-04-01T19:00:15","modified_gmt":"2024-04-01T19:00:15","slug":"tether-adds-8888-btc-worth-600-million-to-bitcoin-treasury-on-chain-data-shows","status":"publish","type":"post","link":"https:\/\/neclink.com\/index.php\/2024\/04\/01\/tether-adds-8888-btc-worth-600-million-to-bitcoin-treasury-on-chain-data-shows\/","title":{"rendered":"Tether Adds 8,888 BTC Worth $600 Million to Bitcoin Treasury, On-Chain Data Shows"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/.image\/c_fit%2Ch_800%2Cw_1200\/MTk5ODE5NDg2NjMzNjY1NjM5\/tether-7172951_1280.jpg\" \/><\/p>\n<p>Stablecoin issuer\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/tags\/tether\">Tether<\/a> 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.<\/p>\n<p>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 <a href=\"https:\/\/bitinfocharts.com\/bitcoin\/address\/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4-nodusting\">Tether wallet<\/a>.<\/p>\n<p>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.<\/p>\n<p>&#8220;The decision to invest in bitcoin, the world&#8217;s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset,&#8221; Paolo Ardoino, CTO of Tether, said in the statement when they announced their Bitcoin strategy.<\/p>\n<p>While unconfirmed, <a href=\"https:\/\/medium.com\/coinmonks\/the-stablecoin-issuer-tether-is-now-the-11th-largest-bitcoin-holder-in-the-world-currently-holds-a3da658d9c16\">analysts<\/a> believe the identified wallet likely belongs to Tether. The amount perfectly matches its pledged buying strategy and claimed holdings in its latest financial reports.<\/p>\n<p>Tether has emerged as a major player in Bitcoin markets and its accumulation race. The company is now estimated to be the <a href=\"https:\/\/btc.tokenview.io\/en\/topaccount\">seventh largest<\/a> holder of BTC. Its steady purchases, combined with those of institutional investors like MicroStrategy, tighten supply.<\/p>\n<p>Critics have raised concerns about Tether&#8217;s lack of transparency and the potential market risks of its growing bitcoin stash. However, its embrace of Bitcoin also shows the asset&#8217;s broadening mainstream acceptance.<\/p>\n<p>Tether aims to capitalize on Bitcoin&#8217;s growth while diversifying its reserves away from traditional assets like government debt. Tether is one of the world&#8217;s largest holders of U.S. Treasuries.\u00a0<\/p>\n<p>This latest $600 million acquisition is unlikely to be Tether&#8217;s last. As the stablecoin leader continues executing its Bitcoin investment strategy, its influence over Bitcoin markets is only set to increase.<\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/bitcoinmagazine.com\/business\/tether-8888-btc-600-million-bitcoin-treasury-on-chain-data\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin issuer\u00a0Tether 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<\/p>\n","protected":false},"author":1,"featured_media":79284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[151],"tags":[],"class_list":["post-79283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/79283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/comments?post=79283"}],"version-history":[{"count":0,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/79283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media\/79284"}],"wp:attachment":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media?parent=79283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/categories?post=79283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/tags?post=79283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}