Tether, issuer of the world’s leading stablecoin USDT, is advancing in the Bitcoin (BTC) accumulation race. It recently significantly strengthened its reserves by purchasing 8,889 BTC. The latest purchase brings Tether’s total Bitcoin reserves to over 75,000 BTC, worth more than $5.3 billion.
Tether bought huge Bitcoin reserves
According to Arkham Intelligence data, on-chain transactions show that Tether received Bitcoin from Bitfinex’s hot wallet on March 31, 2024 at 20:21. At that time, the transaction amount was approximately $627 million. Moreover, this strengthens Tether’s position as the seventh largest Bitcoin address in the world. Over the past year, Tether has noticeably increased its Bitcoin holdings and first disclosed BTC reserves in the first quarter of 2023. They also mentioned that up to 15% of corporate profits from excess Tether stablecoin reserves are consistently invested in Bitcoin.
Paulo Ardoino made a statement
Additionally, Tether CEO Paulo Ardoino shed light on strategies for investing in Bitcoin. “The decision to invest in Bitcoin, the world’s first and largest cryptocurrency, is supported by its strength and potential as an investment asset,” Ardoino said.
In addition, Tether’s final certification report for the 4th quarter of 2023 presented information on the financial impact of these investments. Bitcoin contributed $2.8 billion to the company’s consolidated reserves. This highlighted Tether’s strategic approach to capitalizing on crypto market dynamics. Additionally, with Bitcoin price currently hovering around $70,000, this accumulation could increase scarcity and catalyze an upward trend.
Tether enters the field of artificial intelligence
Tether’s efforts extend beyond crypto assets as the company explores various technological and infrastructural areas. cryptokoin.com As we reported, Bitcoin mining and attempts at artificial intelligence (AI) technology have been notable examples. Moreover, this strategic action signals their aim to become a versatile investor and infrastructure developer in the crypto asset industry. “While Tether is mostly known for a single product (USDt), the Company is becoming an investor and infrastructure builder in many strategic sectors, from artificial intelligence to P2P telecommunications, from Bitcoin mining to renewable energy production,” Ardoino said.
The company’s AI focus will include developing open-source, multi-modal AI models to create new industry standards and promote innovation and accessibility in AI technology. In addition, high Bitcoin reserves and expansion into new technological areas underscore Tether’s strategic shift towards diversification.
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