Tether buys back 8,888 more BTC for over $380 million


January 19, 2024 09:30 UTC+1
| 2 min read

Tether buys an additional 8,888 Bitcoins, bringing its total to 66,465 BTC, or approximately $2.8 billion.

Tether, a Bitcoin whale

Tether bought 8888 additional Bitcoins (around $380 million). This purchase brings the total held by Tether to approximately 66,465 BTC. At the current price, this represents approximately $2.8 billion.

Tether made this new purchase at an average price of around $42,000while the market saw a small fall after the approval of Bitcoin ETFs.

As a reminder, Tether had announced that it wanted to invest part of its profits in Bitcoin. As announced to TheBlock last year, Tether CEO, Paolo Ardoino had declared that Tether would reinvest up to 15% of its profits in Bitcoin, on a periodic quarterly basis.

Indeed, Tether would have started regularly buying Bitcoin since 2022. Their first purchase was of 33,980 BTC in September 2022. The second largest purchase by the company issuing the stablecoin USDT was approximately 15,000 BTC in March 2023.

This latest purchase of 8888 BTC confirms the fact that Tether is establishing itself as one of the biggest Bitcoin whales in the industry.

Tom Wan, research analyst at 21.co, would then have confirmed the holding of these BTC by Tether. What would grow Tether in 11th place among the largest BTC holders in the world.

Moreover, BlackRock would hold over 25,000 BTCor approximately $1.08 billion.

Tether and Bitcoin correlated?

When Bitcoin rises, it is very often possible to see a correlation with the stablecoin USDT. Indeed, many investors change their BTC into USDT to be able to realize their gains generated during an increase in the price of BTC.

It is in this context that a real correlation has emerged between the two cryptocurrencies. “The higher the capital injected by Tether, the higher the Bitcoin”, as stated Crypto Rover.

Tether only affirms its investment in the parent crypto. Indeed, Tether recently announced deploy 500 million of dollars to become one of the biggest bitcoin miners of the world.

Since then, Tether has established itself in three major countries for the development of the mining industry (Salvador, Paraguay, Uruguay). Apart from giving many jobs to in-demand people, they have also greatly participated in the Bitcoin mining industry and its use of renewable energy.

It is good to point out that Tether launched Tether Energyto participate in the development of the mining industry and supporting the use of renewable energy.

Source: TheBlock

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