This week, Tether Holdings Ltd, the largest stablecoin issuer, capitalized on a Bitcoin price dip to strategically purchase 8,888 BTC. This move underscores its ongoing commitment to the crypto market and its ambition to solidify its standing in the Web3 space.
Tether's Bitcoin Purchases
Tether continues to maintain a significant Bitcoin portfolio. The recent acquisition of 8,888 BTC is valued at $734,071,797. These actions have made it one of the most active players in the Bitcoin market, with a total of 92,646.57 BTC now under its belt, acquired at an average price of $82,591.34 since December 2023.
Other Companies Stacking Bitcoin
Tether is not the only company actively acquiring bitcoins. Michael Saylor’s firm, Strategy, has made headlines with a purchase exceeding $2 billion, bringing its holdings to 528,000 coins. Other firms, such as Metaplanet and Semler Scientific, are also making smaller acquisitions.
Bitcoin Prices and Market Today
Despite significant bitcoin acquisitions, its price does not always align with market participants' expectations. At the time of writing, bitcoin was trading at $83,523.19, up by 2.13% over the past 24 hours.
Strategic bitcoin purchases by Tether and other market players highlight the importance of cryptocurrencies in contemporary investments. Market prices do not always immediately reflect the interest, yet these actions indicate continued interest in cryptocurrencies for the long term.
