The USDT stablecoin issuer Tether increased its Bitcoin reserves on March 31 by acquiring 8,888 BTC, which is worth $618 million. Tether is currently the seventh biggest bitcoin holding in the world, with over 75,000 bitcoins worth at $5.2B.
Tether has added a significant amount of Bitcoin to its holdings. Tether is the issuer of the stablecoin USDT. The business spent $618 million (equivalent to 8,888 bitcoins) on March 31. As a result, Tether now owns 75,354 bitcoins, valued at around $5.2 billion based on on-chain statistics. Tether paid $30,305 for these bitcoins on average.
The market continues to see institutional investment in Bitcoin after the US approval of spot Bitcoin ETFs. Plus, with the halving event only 19 days away, Bitcoin has captured the interest of many. In keeping with the guidelines it takes about diversification of the assets supporting its stablecoin, Tether has decided to raise its Bitcoin reserve.
In addition, Tether plans to demonstrate its dedication to improving the stability and longevity of its stablecoin by donating 15% of its nett revenue to Bitcoin, as previously announced. This further highlights Tether’s initiative in creating digital assets.
The market value of Bitcoin has remained stable despite recent volatility. Bitcoin has shown it can keep going higher after trading at the psychological support level of $69,000 for almost two months. Also, it’s important to remember that Bitcoin hit a new high just before its next halving, which will be a watershed moment overall.
There are experts who think Bitcoin’s pre-halving downturn has ended, and there are others who think the full effect of the halving has not been calculated yet. Basile Maire, a former executive at UBS and co-founder of the D8X decentralized exchange, talks about how the halving event has affected the price of bitcoin and how important it is moving forward.
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