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Tether buys more Bitcoin, now holding 66,000 coins, with a staggering 79% return

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Tether buys more Bitcoin, now holding 66,000 coins, with a staggering 79% return

According to on-chain analyst Wu Yin, stablecoin issuer Tether was given a particularly lucky number of 8,888.88 BTC by the exchange Bitfinex at the end of the year. Tether holds 66,465.2 BTC, with a cost of around 25,176. At the current market price of 45,200, the unrealized profit is 1.33 billion US dollars, with a return rate of as high as 79%.

Tether Allocates Profits to Purchase Bitcoin

According to previous reports, the leading stablecoin Tether and its sister company, the cryptocurrency exchange Bitfinex, hold Bitcoin. The company has been keeping a portion of its trading fee revenue in Bitcoin. Tether's reserve report for the third quarter of 2023 revealed that at that time, Tether held Bitcoin worth $1.66 billion, approximately 61,553 Bitcoins at a value of $27,000 each. Tether also announced that starting in May 2023, it will allocate up to 15% of its realized net operating income, such as realized US dollar gains from treasury bills, to purchase Bitcoin. Tether stated that buying Bitcoin is part of its conservative and prudent investment strategy aimed at strengthening, increasing, and diversifying its reserves.

Owns 66,465.2 Bitcoins, Second Only to MicroStrategy

Tether holds 66,465.2 Bitcoins, surpassing the second-place Marathon Digital on the list of publicly traded companies holding Bitcoin in Q3 2023 financial reports with 13,716 Bitcoins, and closing in on MicroStrategy, which holds 189,000 Bitcoins.

Moreover, Tether's average cost is extremely low. According to data from CryptoQuant, its average cost is $25,176, with a return rate of 79%. In comparison, MicroStrategy's average cost is $31,168.