Tether, the issuer of USDT, the world’s largest stablecoin, made an acquisition of 8,888 Bitcoin, equivalent to $618 million on March 31. Following this acquisition, Tether’s wallet now holds 75,354 Bitcoin, purchased at an average price of $30,305 and valued at $5.2 billion. The wallet has seen an increase of over 128% with an unrealized profit of $2.94 billion. The acquisition aligns with a period of increased institutional interest in Bitcoin, with the approval of US spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving, set to reduce block supply issuance in half.

Tether is currently the seventh-largest Bitcoin holder globally, with Binance’s cold wallet holding the largest amount of Bitcoin. Tether plans to invest 15% of its net profit into Bitcoin to diversify the stablecoin’s backing assets. Meanwhile, USDT reached a record $100 billion market cap on March 4, showing a 9% year-to-date growth. Bitcoin's price recently traded above $69,000, indicating the end of the pre-halving correction period. Despite Bitcoin's strong performance, the halving event may not be fully priced in yet, according to industry experts. Bitcoin also achieved a milestone by closing seven consecutive monthly green candles for the first time in history.