Tether Purchased 8,888 BTC in Q1
The USDT stablecoin issuer added $735 million of bitcoin to its holding over the past three months. Subscribe to Bankless or sign in Tether spent $735 million in Q1 as part of its ongoing strategy to allocate profits into Bitcoin, bolstering reserves and reporting record gains.What’s the Scoop?Massive BTC Allocation: Tether purchased $735 million worth of Bitcoin in Q1, further enhancing its Bitcoin reserves.Financial Strategy: The stablecoin issuer allocates up to 15% of its net realized operating profits into Bitcoin and gold.Record-Breaking Performance: Mark-to-market gains from Bitcoin and gold helped Tether achieve a record-breaking quarter. Written by Bankless 301 Articles • View all It’s time to break up with your bank, and join the movement for a better world.