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  • Tether now the seventh-largest Bitcoin (BTC) holder

    Tether now the seventh-largest Bitcoin (BTC) holder

    • Tether recently committed 15% of its net profit to Bitcoin investments.
    • On March 31, 2024, Tether acquired an additional 8,888 BTC at $30,305 each bringing unrealized profit to $2.94B.
    • Tether is now 7th largest holder of Bitcoin (BTC), with 75,354 BTC.

    Tether, the leading issuer of USDT, has emerged as the seventh-largest holder of Bitcoin (BTC) after a strategic acquisition of 8,888 BTC on March 31, valued at $618 million.

    The latest purchase substantially bolstered Tether’s Bitcoin holdings, bringing the total to 75,354 BTC. The acquisition, executed at an average price of $30,305 per BTC, has proven to be astute, with the market value now standing at $5.2 billion.

    CoinStats data indicates an impressive 128% increase in the value of bitcoins in the wallet that made the latest BTC acquisition, translating to an unrealized profit of $2.94 billion.

    Tether’s strategic Bitcoin acquisition

    Tether’s decision to secure a substantial amount of Bitcoin comes at a time when institutional interest in the leading cryptocurrency has surged.

    Fueled by the approval of United States spot Bitcoin ETFs and anticipation surrounding the Bitcoin halving, Tether’s move reflects a strategic response to the evolving landscape of digital assets.

    Tether’s ascent to becoming a major Bitcoin holder underscores its commitment to diversifying the backing assets of its stablecoins.

    With a declared intention to allocate 15% of its net profit towards Bitcoin investments, Tether aims to strengthen its position within the cryptocurrency market and further solidify its role as a key player in the digital asset space.

    This strategic move not only elevates Tether’s standing within the cryptocurrency community but also highlights the growing importance of Bitcoin as a core asset in institutional investment portfolios.

    As Bitcoin continues to gain traction as a store of value and an investment asset, Tether’s strategic investment strategy underscores its vision to remain at the forefront of innovation and disruption in the evolving landscape of finance and technology.

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  • Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase Crypto Exchange Logo And Bitcoin Symbol
    • Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio.
    • The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto.
    • Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.

    Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.

    Arkham says Coinbase holds nearly 1 million BTC

    Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.

    Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.

    “Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC. Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled,” Arkham posted on X.

    Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.

    Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.

    Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.

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  • SHIB holder number has hit a new milestone as it crosses 3 million wallets.

    SHIB holder number has hit a new milestone as it crosses 3 million wallets.

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