As a seasoned researcher and cryptocurrency enthusiast with over a decade of experience in the digital asset space, I find Tether’s recent move to accumulate 7,629 bitcoin an intriguing development. With my background in analyzing market trends, I can’t help but appreciate the strategic timing of this purchase, coming as it does amidst Rumble’s strategic partnership with Tether.
The fact that Tether is now the second-largest corporate holder of Bitcoin, just behind MicroStrategy, speaks volumes about the growing institutional acceptance and recognition of Bitcoin as a viable asset class. It’s fascinating to witness such a significant player in the stablecoin market making a bold move into the world of digital gold.
On a lighter note, one can’t help but wonder if Tether is preparing for a future where fiat currencies are as scarce as digital dinosaurs (or perhaps even more so!). After all, with their significant holdings in Bitcoin and other cryptocurrencies, they might just be the ones to issue the last dollar-backed stablecoin.
In jest, I can’t help but imagine a future scenario where Tether issues a ‘Dinosaur-backed stablecoin’, perhaps named ‘Tethadon’, to help us all remember the value of our digital assets when faced with the extinction-level event that is fiat inflation!
Tether, a key player in stablecoin issuance, has recently resumed purchasing bitcoin after a break of nine months, adding 7,629 more bitcoins to its reserves. This latest action increases the firm’s total bitcoin holdings to approximately 82,983 BTC, which is currently valued at around $7.68 billion.
Based on information from Arkham Intelligence, it appears that the wallet associated with the primary issuer of stablecoins has consistently been accumulating Bitcoin. This growth has reached a significant point where Bitcoin is now their biggest asset, valued at over $6 billion.
The wallet additionally contains approximately 210.5 million dollars’ worth of Tether’s gold-guaranteed cryptocurrency, XAUT, together with 25.6 million dollars of its no longer available euro-backed stablecoin, EURT.
The company recently made a new acquisition following the announcement that video-sharing platform Rumble entered into a strategic partnership with Tether. This agreement grants Rumble $775 million from Tether, who will buy 103.33 million shares of Rumble’s Class A common stock at a price of $7.5 per share as part of the deal.
Rumble intends to channel $250 million from the raised funds towards growing its business. The remaining amount will be designated for a self-tender offer, enabling shareholders to return up to 70 million shares of Class A common stock to the company at a price of $7.50 per share.
According to a report by CryptoGlobe, Tether announced a net income of approximately $2.4 billion during the third quarter of the year. This significant profit was primarily boosted by earnings from its large investments in U.S. Treasuries and gold, with U.S. Treasuries accounting for around $1.3 billion of the total earnings.
Last year, it was reported that the leading stablecoin company pledged to allocate 15% of its annual net operating earnings towards purchasing the primary cryptocurrency. As a result, Tether has grown to be one of the significant Bitcoin holders and has also been investing in crypto-related infrastructure, such as mining operations.
Speaking about private companies, BitcoinTreasuries data indicates that Tether owns a significant amount of Bitcoin, second only to Block.one, which has 164,000 BTC. However, it’s worth noting that the business intelligence firm MicroStrategy, listed on Nasdaq, leads as the company with the most Bitcoin, owning a staggering 446,400 BTC.
Read More
- The Lincoln Lawyer Season 3: Is The Date Set Yet? Everything We Need To Know
- ‘What If…?’ Director Reveals He Would’ve Loved to Add Hugh Jackman’s Wolverine to Season 3, But It Was Too Late!
- FIL PREDICTION. FIL cryptocurrency
- RIF PREDICTION. RIF cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- Cast Members Reveal More Details About the Stranger in ‘The Rings of Power’ Season 2
- Will Melissa Gilbert Appear In When Calls The Heart Season 12th? Here’s What We Know
- Andrew Garfield Reveals How John Crowley’s Film We Live In Time Helped Him During A ‘Mid-Life Crisis’: ‘It Was As If I Had written…’
- BTC PREDICTION. BTC cryptocurrency
- DEADPOOL & WOLVERINE Broke All the Box Office Records
2024-12-30 23:27