A substantial transfer stunned the crypto market on April 1 as the seventh wealthiest Bitcoin address made a monumental withdrawal from Bitfinex, totaling a staggering 8,889 BTC. The transaction, valued at a whopping $627 million, has drawn significant attention to activities surrounding the mysterious address.
Speculation runs rife that the origin of this mammoth transfer traces back to Tether, the powerhouse behind renowned stablecoin USDT. Tether’s penchant for Bitcoin investments has been no secret, with previous purchases totaling thousands of BTC.
This latest move only adds to their formidable cryptocurrency holdings, which now stand at an estimated 75,354 BTC, equivalent to an impressive $5.22 billion.
The decision to funnel profits into Bitcoin rather than traditional assets like U.S. government debt appears to be part of Tether’s long-term strategy, echoing sentiments expressed by its CEO Paolo Ardoino. The executive has hinted at an ambitious quarterly investment plan, allocating up to 15% of the company’s profits toward Bitcoin acquisitions.
Tether everywhere
Tether’s aggressive stance in the market is further highlighted by its recent declaration of expecting record-breaking profits for the first quarter of 2024. With a staggering $105 billion market capitalization, Tether’s dominance in the stablecoin arena is unmatched.
Not content with merely amassing cryptocurrency, the company is also making significant strides in other sectors, including substantial investments in AI and active participation in lobbying efforts, positioning itself as a major player in the global financial landscape.
