According to the information shared by online data analyst Yu Jin, the wallet address of Tether, the issuer of the stablecoin USDT, withdrew 8888.88 bitcoins from the Bitfinex exchange on the last day of 2023, totaling approximately $379 million and becoming the tenth largest bitcoin holding address.
Yu Jin’s statistics show that Tether currently holds 66,465.2 bitcoins, with an average cost of around $25,176. Based on the current price, the unrealized profit is approximately $1.148 billion (a return rate of 68%).
According to previous reports, Tether, the issuer of the stablecoin, disclosed its bitcoin holdings for the first time in the first quarter of 2023. The company stated that as it shifted its reserves to cryptocurrencies and away from US government debt, it would regularly invest up to 15% of its profits in bitcoin. It now appears that this strategy has indeed yielded quite positive results.