Tether becomes seventh largest Bitcoin holder

Tether, the issuer of the world’s largest stablecoin USDT, has invested US$618 million into Bitcoin, acquiring 8,889 units of the digital currency.

The transaction boosts Tether’s Bitcoin holdings to a total of over 75,000 BTC, positioning the company as the seventh largest Bitcoin holder in the world.

The investment arrives during a wave of growing institutional interest in Bitcoin, propelled by the approval of U.S. spot Bitcoin exchange-traded funds and the anticipation of the Bitcoin halving event, slated to slash block supply issuance by half later this month.

Beyond its cryptocurrency ventures, Tether is broadening its technological horizons.

The company is delving into AI technology, with ambitions to create open-source, multimodal AI models that could redefine industry standards and foster innovation and accessibility in the AI space.

Tether’s USDT has recently hit a new milestone with a market cap of US$100 billion, becoming the first stablecoin to hit the mark.