Tether, the world's largest stablecoin issuer, purchased another 8,889 BTC. The latest purchase is worth approximately $627 million, increasing Bitcoin reserves to 75,354K BTC. 📈

According to data compiled by Arkham Intelligence, the company currently has $5.26 billion worth of Bitcoin reserves.

Tether purchased Bitcoin for the first time in September 2022. Later in May 2023, he confirmed his intention to accumulate the cryptocurrency due to its potential as an investment asset and reducing dependence on cash and cash equivalents (e.g. US Treasury securities). 🚀

The company said it plans to allocate up to 15% of excess corporate profits from Tether stablecoin reserves to Bitcoin. This strategy brought rewards thanks to the price increase.

Tether witnessed “record-breaking” net profit growth of $2.85 billion in Q4 2023. Approximately $1 billion of this profit came from net operating earnings, primarily from interest on the U.S. Treasury. The rest was due to the increase in gold and Bitcoin reserves.

In terms of Bitcoin reserves, the company behind USDT currently ranks as the sixth largest holder among various entities such as ETFs, miners, and publicly traded companies.