Tether, the issuer of the stablecoin USDT, has significantly increased its Bitcoin reserves. On 31 March 2024, the company acquired almost 8889 BTC for $626.7 million.
Data from the network activity on Blockchair indicated that the company received the bitcoins from the Bitfinex wallet. At the time of the transaction, they were valued at approximately $627 million.
Experts from the Arkham Intelligence platform also confirmed the purchase. According to their data, the total volume of Bitcoin reserves in Tether’s account reached 75,354 BTC.
The issuer of the stablecoin USDT noticeably increased its reserves over the past year. The company had previously announced its intention to invest up to 15% of corporate profits, derived from “excessive USDT stablecoin reserves”, into Bitcoin.
“The decision to invest in Bitcoin, the first and largest cryptocurrency in the world, is backed by its strength and potential as an investment asset,” said Tether CEO Paolo Ardoino.
In addition to investing in digital assets, Tether is aiming to explore other areas, including mining and artificial intelligence (AI) technologies. The company has invested $500 million in Bitcoin mining and released software to enhance mining. Tether has also announced the creation of a division to study the AI field. According to the company’s statement, this expansion will reduce the risks of possible monopolization of the sector by leading market players.
