With the new bitcoin-buying plan, announced about a week after the attestation, Tether joins the ranks of a number of institutional behemoths hoovering up BTC. Notably, MicroStrategy, the publicly-traded tech firm that after nearly two years of dollar cost averaging now essentially trades as a backdoor bitcoin exchange-traded fund (ETF), is getting pretty close to owning about 1% of bitcoin’s total supply. Tether already holds a little over 52,000 BTC, making its bitcoin treasury among the largest among corporations, with plans to spend 15% of the “tangible gains from its operations” on more coins. The company’s “conservative and prudent” investment strategy also includes a sizable investment in gold (unknown if that’s self-custodied, too).
Related posts
-
Bitcoin Capped Below $65,000 As RSI Falls Below 80 In Monthly Chart: Should You Worry?
Este artículo también está disponible en español. Bitcoin is firm at press time. According to CoinMarketCap... -
Sky Pauses Plan to Offboard Wrapped Bitcoin, After Chat With BitGo’s Belshe
The drama around wrapped bitcoin has energized competitors offering alternative versions of the token, including dlcBTC,... -
DeFi Lender Sky Ratifies Plan to Offboard Wrapped Bitcoin, Due to Sun Concerns
BA Labs, in its proposals to offboard WBTC, had cited perceived risks from Tron founder Justin...