Tether, the issuer of the USDT stablecoin, has acquired 7.629 BTC, valued at approximately $700 million, as part of its reserve diversification strategy.
The company behind the stablecoin USDT has made one of its largest Bitcoin acquisitions of 2024, buying 7.629 BTC, equivalent to around $700 million USD. This transaction, confirmed by on-chain data from Arkham Intelligence, is part of the company's strategy to allocate up to 15% of its profits to the purchase of Bitcoin, a policy announced in May 2023.
With this acquisition, Tether consolidates its position as one of the largest Bitcoin holders worldwide, with more than 82.000 BTC in its reserves currently.
Bitcoin, part of Tether's diversification strategy
Tether’s Bitcoin purchase is part of a broader plan to diversify its holdings. In addition to U.S. Treasury bonds and cash equivalents, the company has been investing in emerging sectors such as artificial intelligence, Bitcoin mining, and decentralized communications. This strategy seeks to reduce dependence on traditional financial systems and take advantage of the opportunities offered by digital assets.
With this diversification, Tether is strengthening its position in the cryptocurrency market, and positioning itself as a key player in the evolution of digital finance.
Tether CEO Paolo Ardoino has said that the combination of strategic investments and a proactive approach to innovation allows the stablecoin company to capitalize on emerging trends, ensuring its relevance in today’s market.
Tether faces MiCA challenges
Tether’s acquisition of Bitcoin comes at a time of growing regulatory tension, especially in the European Union. The MiCA (Markets in Crypto-Assets) regulation, which imposes strict requirements on stablecoin issuers, could affect the company’s ability to generate revenue from assets such as Treasury bonds, which are central to its business model.
Experts therefore point out that Tether's acquisition of 7.629 BTC not only highlights its commitment to diversifying its reserves and its commitment to Bitcoin as a strategic asset, but that, in a context of regulatory uncertainty and growing competition in the stablecoin market, this acquisition could help strengthen the company's position as a leader in the sector.
With this latest purchase, Tether consolidates itself as the sixth largest holder of Bitcoin worldwide, with more than 82.000 BTC in its reserves.
