Tether, the world’s largest stablecoin provider, has made a bold move in the crypto market by acquiring 8,888 Bitcoin worth $735 million. This major purchase helped push Bitcoin’s price up by 2.28% in the past 24 hours, reaching $84,700, according to CoinMarketCap on Wednesday (April 2).
With this latest addition, Tether’s total Bitcoin holdings now stand at 92,647 BTC, valued at approximately $7.8 billion. The company reportedly bought its Bitcoin at an average price of $82,696, positioning itself for a massive $3.9 billion unrealised gain.
Tether’s continued investment in Bitcoin reinforces its bullish stance on the flagship cryptocurrency, further strengthening its influence in the market.