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In the first quarter, Tether, which launched USDT, the world’s largest stablecoin by market capitalization, increased its holdings by about 8,889 Bitcoin (BTC), according to on-chain data from sources such as Arkham Intelligence. Although there has been no official statement from Tether regarding the move, a wallet believed to be owned by the company showed that exactly 8,888.8888 Bitcoins were transferred on March 31. Tether has maintained its clear stance of continuing to keep a portion of its earnings on Bitcoin purchases.
However, stablecoin leader Tether increased its Bitcoin holdings in the first quarter of 2024. With its increased Bitcoin holdings, Tether made a profit of close to 3 billion dollars and increased the number of Bitcoins to 8.8889 Bitcoins.
As of now, Tether‘s wallet holds 75,354 bitcoins worth approximately $5.2 billion at the current price of $69,000 per BTC. This puts Tether’s profits at around $3 billion.
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