Tether, the company behind the USDT stablecoin, has made a notable move in the cryptocurrency market by expanding its Bitcoin holdings with a purchase of 8,888 BTC.
This acquisition, valued at approximately $735 million, now positions Tether as the sixth-largest holder of Bitcoin globally, with a total of 92,647 BTC worth an estimated $7.74 billion.
This latest purchase aligns with Tether’s long-term strategy of diversifying its reserve assets.
The company has previously outlined its intention to allocate 15% of its net realised profits to Bitcoin, demonstrating its growing confidence in the cryptocurrency’s potential as a stable store of value.
Tether’s reserves already include gold and U.S. Treasury bonds, but Bitcoin now plays an increasingly significant role in supporting the stability of USDT.
The transfer of such a substantial amount of Bitcoin from Bitfinex’s hot wallet, an exchange closely associated with Tether, into a reserve wallet is seen as a bullish signal within the crypto market.
This move effectively reduces the amount of Bitcoin circulating on exchanges, potentially alleviating short-term selling pressure.
In the wake of the acquisition, Bitcoin’s price saw a modest increase of 2.3%, reaching around $84,435.98, further highlighting the market's positive reaction to Tether’s strategy.
Tether’s growing Bitcoin reserve reflects a wider trend of institutional confidence in the digital asset.
By reinforcing its position in Bitcoin, Tether is signalling its belief in the cryptocurrency’s long-term role as a reliable asset class, further establishing its reputation as a significant player in the global crypto space.
In parallel to Tether's Bitcoin strategy, Binance has removed spot trading pairs involving Tether’s USDT in the European Economic Area (EEA) as part of its efforts to comply with the newly introduced Markets in Crypto-Assets Regulation (MiCA).
While these trading pairs are no longer available, users in the region can still custody the tokens and trade them via perpetual contracts.
This decision follows Binance's broader plan to delist non-MiCA-compliant tokens by 31 March 2025, in alignment with European regulatory requirements.
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