en.bitcoinsistemi.com
Tether, the company behind the world's largest stablecoin USDT, has made a new Bitcoin ($BTC) purchase.
According to a post by on-chain analyst EmberCN, Tether purchased 961 $BTC (worth $97.18 million).
Accordingly, Tether's $BTC reserve wallet withdrew 961 $BTC from Bitfinex.
With this move, Tether saw an opportunity in the decline in Bitcoin and compensated for the decline.
This acquisition was part of a consistent accumulation strategy implemented following the major $1 billion acquisition in September.
Because Tether purchased approximately 8,889 Bitcoins (worth approximately $1 billion) on September 30.
Tether's wallet in question has held $BTC purchased with 15% of the company's profits since 2023, typically withdrawing only at the end of each quarter. The company has made it clear in past statements that it views Bitcoin as a key component of its reserve diversification strategy.
The wallet in question currently holds 87,296 $BTC worth $8.84 billion, making it the 6th largest $BTC wallet.
*This is not investment advice.