Tether Bought 8,888 Bitcoin in Q1 for $735M; Total Holdings Rise to 92.6K 💰
Tether, the giant stablecoin issuer, has revealed a significant increase in its Bitcoin holdings. The company purchased 8,888 BTC for $735 million in the first quarter, following a strategy to allocate 15% of its quarterly profits into Bitcoin as a reserve asset. This strategy has been in place since May 2023.
With this latest acquisition, Tether's total Bitcoin holdings have now risen to 92,600 BTC, showcasing the company's continuing confidence in Bitcoin's long-term potential as a critical asset.
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