Stablecoin issuer Tether increased its Bitcoin reserves over the weekend. On March 31st, Tether acquired 8,888 BTC for approximately $618.3 million. The latest purchase brought the company’s total Bitcoin stash to 75,354 BTC, worth over $5.2 billion.
Tether Continues Bitcoin Purchasing Spree
On-chain data confirms that the stablecoin issuer accumulated its latest BTC stash when the asset traded at $70,520. Impressively, Tether’s BTC portfolio is currently up by over 129%, reaching an unrealized profit of more than $2.95 billion.
Tether began accumulating BTC in September 2022. In May 2023, the firm declared that it would commit 15% of its monthly revenue to Bitcoin. Since then, the stablecoin issuer has splashed billions of dollars into the leading cryptocurrency. Earlier this year, the company accumulated 8,888 BTC valued at around $370 million at the time.
Regular Bitcoin purchase is not a new thing as several companies are known for accumulating the leading crypto asset. Prominent among them is MicroStrategy, a publicly traded company that began acquiring the asset in August 2020. Today, the firm holds 214,246 BTC, representing over 1% of BTC’s total supply of 21 million.
Other companies that have accrued BTC on investors’ behalf include BlackRock, Fidelity, Grayscale, VanEck, and others. These firms currently offer the spot Bitcoin exchange-traded fund (ETF), an investment vehicle that allows users to purchase BTC without the rigours of direct interaction with the Bitcoin blockchain. Today, these companies have accumulated over $50 billion worth of BTC.
Impact on BTC
These frequent purchases have sparked a demand for the leading cryptocurrency. Hence, its price has steadily increased to new heights in recent weeks. Last month, BTC touched several heights, reaching as high as $73,700.
BTC traded at $69,400 at press time, representing a 1.3% decrease over the past 24 hours.
