Tether adds $70 million Bitcoin to reserves

Tether, the issuer of the USDT stablecoin, has significantly expanded its Bitcoin reserves by acquiring an additional $70 million worth of the cryptocurrency. This latest purchase brings Tether's total Bitcoin holdings to over 97,000 BTC, valued at more than $7.1 billion. This move aligns with the company's stated strategy, initiated in 2023, to allocate up to 15% of its profits towards Bitcoin accumulation. The ongoing accumulation suggests a continued belief in Bitcoin's long-term value proposition by a major player in the stablecoin market.