CryptoNews

Tether Amplifies Bitcoin Holdings With Strategic 8,888.88 BTC Addition

Onchain data reveals the stablecoin giant Tether has once again bolstered its bitcoin reserves, making an addition of 8,888.88 bitcoins to its wallet as of March 31. Tether’s Bech32 address now ranks as the seventh-largest holder of bitcoin by volume.

Tether’s Latest Acquisition Puts Stash at 75,354 Bitcoin

Though Tether has not officially confirmed its ownership of the wallet, the “bc1qj” address is commonly attributed to the company. Tether had previously disclosed holding bitcoin within its balance sheet.

Moreover, all deposits trace back to the Ifinex subsidiary Bitfinex based in the British Virgin Islands. On March 31, an infusion of 8,888.88 BTC, valued at $626.84 million, was recorded in Tether’s wallet.

This transaction follows another 8,888.88 BTC allocation to the reserve on Dec. 31, 2023. The digit 8 is esteemed as particularly fortuitous in Chinese culture, and numbers featuring repeated 8s, like 8,888.88, are deemed highly favorable. Following this transaction, the “bc1qj” wallet has risen as the holder of 75,354.08 BTC, estimated at $5.27 billion.

From its initial transaction of 0.1 BTC on Sept. 30, 2022, the address has been consistently accumulating bitcoins. It has also executed minor bitcoin divestments, such as the transaction on Jan. 18, 2024, which spent 0.00167436 BTC.

Additionally, Tether’s digital currency, tether (USDT), leads as the top dollar-tied cryptocurrency by market capitalization, reaching $104.44 billion as of Apr. 1, 2024. Undeniably, Tether has experienced significant expansion over the last year, witnessing notable growth in investments, revenue, and reserve expansion.

What do you think about Tether’s bitcoin wallet? Share your thoughts and opinions about this subject in the comments section below.

Source: Bitcoin

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