Tether made a dip purchase from Bitcoin: 961 BTC added.

Strategic Bitcoin Purchase by Tether

Tether, the issuer of the world's largest stablecoin USDT, made headlines by purchasing Bitcoin during the recent market decline. Tether purchased approximately 961 BTC worth about $97.18 million through the cryptocurrency exchange Bitfinex.

Background of the Investment Strategy

According to on-chain analysis platform Arkham, Tether's acquisition is part of the company's policy to allocate 15% of its net operating income to Bitcoin. This strategy aims to strengthen Tether's existing portfolio.

Change in Tether's Portfolio

Currently, Tether's portfolio holds approximately 87,296 BTC valued at about $8.84 billion, placing it as the world's sixth largest Bitcoin wallet. The company's massive holdings currently contain around $4.55 billion in unrealized profit. The average purchase price per Bitcoin is around $49,121.

Market Concerns

Rachel Lin, CEO and co-founder of SynFutures, noted that Tether continues its strategy of diversifying its treasury into stable assets. Lin emphasized that Bitcoin is at the center of this strategy, highlighting that confidence in Bitcoin has increased in an environment where fiat currencies continue to depreciate.

Conclusion

Tether's recent purchase exemplifies the growing confidence in Bitcoin's value and underscores the importance of taking strategic steps even amidst volatility in the cryptocurrency markets.