Tether increases its holdings of 8,888 Bitcoins, totaling over 75K Bitcoin.

With this latest buy, Tether's reserves have considerably increased ahead of the impending Bitcoin halving event. With this, the stablecoin issuer's treasury now contains more Bitcoins than 75,000 in total. The average price at which the Bitcoins were bought was $30,305.

The current value of Tether's Bitcoin reserves is $5.3 billion. Its Bitcoin wallet has experienced a 128% increase, with unrealized gains surpassing $2,94 billion.

Since the first quarter of 2023, Tether has been aggressively increasing its Bitcoin reserves. Additionally, the company said that it will use up to 15% of its business profits—which are derived from surplus USDT reserves—to purchase Bitcoin. Tether claims that this will aid in diversifying the assets supporting the stablecoin.

With this buy, Tether is now the seventh-largest Bitcoin holding globally, per statistics from Bitinfocharts. With a valuation of $17.31 billion, Binance's cold wallet was ranked top at the time of publishing.

Regarding Tether's approach to investing in Bitcoin, CEO Paulo Ardoino has previously stated, "The decision to invest in Bitcoin, the world's first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset."

"We invested in Bitcoin as a means of aligning ourselves with a transformative technology that has the potential to completely change the way we conduct business and live our lives, in addition to improving the performance of our portfolio."

The company said in its Q4 2023 report that Bitcoin added $2.8 billion to its total reserves. The company announced in November 2023 that it would be entering the cryptocurrency mining space and that it intended to invest in Bitcoin mining operations. According to the release, Tether wants to start mining operations in El Salvador, Uruguay, and Paraguay.

This comes after Tether's USDT reached a record market cap of $100 billion on March 4th, with a growth rate of 9% so far this year.

Moreover, Tether declared the opening of its own AI section on March 26. The business will create open-source AI models and work with other businesses to include them in products that are sold for a profit.