Tether Purchases 8,888 Bitcoins in Q1 This Year

Son Min

Summary

Tether announced that it purchased 8,888 BTC in the first quarter of this year, increasing its total Bitcoin holdings to 100,521.
Tether reported $13 billion in revenue and a market capitalization of $148 billion, ranking 7th in U.S. Treasury purchase volume.
JP Morgan analyzed that Tether would need to sell some of its Bitcoins to comply with U.S. stablecoin legislation, but Tether opposed this view.

Tether (USDT), the issuer of the stablecoin Tether, has reportedly purchased 8,888 Bitcoins (BTC) during the first quarter of this year.

On the 1st (local time), Cointelegraph cited Arkham Intelligence data stating, "During the first quarter of this year, Tether purchased 8,888 BTC and transferred it to its address." As a result, Tether currently holds 100,521 Bitcoins, which is approximately $8.46 billion (12.4624 trillion KRW).

The media described Tether as a continuously growing company. It further reported, "Tether generated $13 billion in revenue last year, with a market capitalization of approximately $148 billion," and "ranked 7th in U.S. Treasury purchase volume."

Previously, JP Morgan analyzed that Tether would need to sell some of its Bitcoins to comply with the proposed stablecoin legislation in the United States. In response, Tether stated, "They do not understand Bitcoin or Tether. Also, the U.S. stablecoin legislation has not yet been finalized." This stance suggests that Tether continued its large-scale Bitcoin purchases in the first quarter of this year.

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