Tether, the company behind the world's largest stablecoin USDT, has made a new Bitcoin (BTC) purchase.
According to a post by on-chain analyst EmberCN, Tether purchased 961 BTC, which is worth approximately $97.18 million.
Consequently, Tether's BTC reserve wallet withdrew 961 BTC from Bitfinex.
With this transaction, Tether capitalized on the recent decline in Bitcoin's price, using it as an opportunity to increase its holdings.
This acquisition is consistent with the company's ongoing accumulation strategy, which was notably highlighted by a major $1 billion acquisition in September.
In September, Tether had purchased approximately 8,889 Bitcoins, valued at around $1 billion.
The specific wallet involved in these transactions has been acquiring BTC with 15% of the company's profits since 2023, with withdrawals typically occurring at the end of each quarter. Tether has previously stated its view of Bitcoin as a crucial element in its strategy for diversifying its reserves.
The wallet currently holds 87,296 BTC, valued at $8.84 billion, positioning it as the sixth largest Bitcoin wallet globally.