Tether, the issuer of the USDT stablecoin, recently bought 4,812 Bitcoin (BTC), valued at approximately $496.7 million. This BTC buy is part of Tether’s deal with Cantor Equity Partners, which adds a twist to the purchase.
Tether’s BTC deal with Cantor Equity
On-chain data analytics platform Arkham Intelligence spotlighted Tether’s Bitcoin purchase in an X post. According to Arkham, Tether will eventually send the purchased BTC to Twenty One Capital, a Bitcoin investment firm.
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Twenty One Capital, backed by Tether, is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners. The 4,812 BTC brings Twenty One’s total Bitcoin holdings to 36,312 BTC.
The firm has become the third-largest corporate Bitcoin holder, trailing only Strategy and Bitcoin mining firm MARA Holdings. Strategy’s Bitcoin holdings total 568,840 BTC, while MARA holds 48,237 BTC.
Tether’s BTC Investment
Tether is not a stranger to buying Bitcoin. In April, the stablecoin giant purchased an additional 8,888 BTC in an epic buy-the-dip strategy. This latest acquisition has further cemented Tether’s outlook as one of the biggest Bitcoin promoters in the crypto space.
Tether has maintained a healthy Bitcoin portfolio in the broader market. The stablecoin issuer acquired 8,888 BTC, valued at $734,071,797.31. This purchase puts Tether’s total Bitcoin holdings at 92,646.57 BTC units. The firm acquired this stash at an average price of $82,591.34, for $7,651,804,585.
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Tether’s Bitcoin accumulation demonstrates its confidence in the leading asset’s potential. Bitcoin recently reclaimed the $100,000 mark after weeks of persistent downturn.
As of press time, the flagship coin was trading at $103,232, up 6.4% in the past week. If the bullish momentum continues, market experts anticipate BTC hitting a new all-time high.
