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U.Today - The drawdown in the price of Bitcoin at the start of this week comes off as a major buying opportunity for USDT issuer Tether Holdings Ltd. According to an on-chain data update from HODL15Capital, the stablecoin giant has purchased another 8,888 BTC in an epic buy-the-dip strategy. This latest acquisition has further cemented its outlook as one of the biggest Bitcoin promoters in the Web3 world.
Tether and Bitcoin bets
As the biggest stablecoin issuer, Tether has maintained a healthy Bitcoin portfolio on the broader market. The newly acquired 8,888 BTC was stacked at a total valuation of $734,071,797.31.Following this purchase, Tether now HODLs 92,646.57 BTC units. The firm acquired this stash at an average price of $82,591.34, for a total of $7,651,804,585.
Tether’s Bitcoin accumulation dates back to December 2023, and the firm has been consistent with its buy-ups since then. On at least two other occasions, the firm has bought exactly 8,888 BTC, but at different valuations.
On Dec. 31, 2023, it acquired many Bitcoin units for $379,030,127. When it bought the same number of BTC on March 31, 2024, it paid over $627 million.
More firms stacking BTC
Tether Bitcoin purchases are among the many spot market acquisitions of the coin recorded in March. Strategy, Michael Saylor’s firm, led the BTC buying campaign, paying over $2 billion in its latest purchase, which took its total stash to 528,000 coins.Besides, firms like Metaplanet, Semler Scientific and others have also been making smaller Bitcoin purchases. Many of the firms buying Bitcoin have developed a debt-funded strategy to finance their moves, a move that creates longer-term viability of their engagements.
Despite these numerous acquisitions, the price of Bitcoin is generally not priced in the massive intake. At the time of writing, the coin was changing hands for $83,523.19, up by 2.13% in 24 hours.