Tether's bitcoin holdings cross $5 billion mark after latest purchase

Stablecoin issuer Tether purchased another $627 million worth of bitcoins in the first quarter of 2024, bringing its total holdings to about 75,354 BTC — worth over $5.2 billion. This marks the first time Tether's bitcoin holdings have surpassed the $5 billion mark, coinciding with bitcoin reaching an all-time high this year and currently trading at around $69,500.

When contacted, Tether CEO Paolo Ardoino confirmed to The Block that the company purchased additional bitcoins, saying that the purchase of 8,888 bitcoins occurred throughout the first quarter. "It was bought over the full quarter, then settled at the end," Ardoino said as the address shows one lot of purchase on March 31.Tether first disclosed its bitcoin holdings in May 2023 as part of its first-quarter attestation report for that year.

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