Tether Holdings Ltd. (USDT) Buys the Dip, Acquiring 8,888 BTC

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.

Tether, the company behind the biggest stablecoin, has continued to increase its Bitcoin holdings with another massive purchase.

According to an on-chain data update from HODL15Capital, the stablecoin giant bought 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.

The newly acquired 8,888 BTC were stacked at a total valuation of $734,071,797.31.

Following this purchase, Tether now has 92,646.57 BTC units, which it acquired 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, when it bought many Bitcoin units for $379,030,127.

When it bought the same number of BTC on March 31, 2024, it paid over $627 million.

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.

However, 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. Nonetheless, it is still valued lower than the $84,000 levels hit earlier in March. Nonetheless, the coin is still trading within the $80,000 to $85,000 price bracket that it entered at the start of the year.

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