Leading stablecoin issuer Tether has revived its push to accumulate Bitcoin after transferring millions of amounts of the flagship asset to its reserve wallet on Monday.
According to the market intelligence platform Arkhaman address marked as Tether Bitcoin Reserve accumulated 8,404 BTC worth $776.6 million on Monday. The data confirmed that the wallet received the assets from two different addresses.
Tether acquires new Bitcoins
The first transaction took place around 2:01 p.m. (UTC). Connection Received 7,629 BTC ($705 million) from crypto exchange Bitfinex hot wallet. An hour later, the wallet linked to the stablecoin issuer gobbled up another 775.56 BTC from the address “bc1qh,” totaling 8,404 BTC ($776.6 million).
Meanwhile, Monday’s purchase increased Tether’s total holdings to 83,759 BTC, worth $7.77 billion. With the latest buy-in, the issuer is now the second largest private Bitcoin holding company, just behind blockchain company Block.one.
Additionally, this is Tether’s first significant transaction in nine months. The last transaction on its Bitcoin reserve wallet took place on March 31, when the company purchased 8,888 BTC ($618 million).
Another company acquires Bitcoin
Notably, Tether had pledged to regularly buy into Bitcoin, a testament to its belief in the firstborn of cryptocurrency. On May 17, 2023, the USDT issuer announced It would use 15% of its realized net operating profit to diversify into the crypto asset.
Several companies have now joined Bitcoin and adoption has seen a huge boost. Lastly, companies like Kurl technology, Matadorand Rumble have decided to save strategically…
