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Tether, the company behind the Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>)&nbsp;stablecoin, acquired 8,888 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) worth $618 million on March 31.
Following the acquisition, Tether’s wallet now holds 75,354 Bitcoin, bought at an average price of $30,305, worth around $5.2 billion at the time of writing, <a href="https://www.blockchain.com/explorer/addresses/btc/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4" target="_blank" rel="noopener nofollow">according</a> to on-chain data.
The wallet is up over 128%, with a current unrealized profit of $2.94 billion, <a href="https://coinstats.app/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4/" target="_blank" rel="noopener nofollow">according</a> to CoinStats data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/fa711357-7558-4ea3-8ecd-ff959714ebc6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tether BTC wallet overview: Source CoinStats
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The acquisition came during a time of heightened institutional interest in Bitcoin due to the approval of United States-based spot Bitcoin exchange-traded funds and the incoming Bitcoin halving, which is set to reduce the block supply issuance in half&nbsp;in just 19 days.
Related: <a href="https://cointelegraph.com/news/is-the-bitcoin-halving-the-right-time-to-invest-in-btc">Is the Bitcoin halving the right time to invest in BTC?</a>
Following the acquisition, Tether is now the seventh-largest Bitcoin holder in the world, <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" target="_blank" rel="noopener nofollow">according</a> to Bitinfocharts data. Binance’s cold wallet is the largest Bitcoin holder, with over 248,597 Bitcoin worth $17.31 billion at publication.
The firm said it would invest 15% of its net profit into Bitcoin to diversify the stablecoin’s backing assets.
Tether’s <a href="https://cointelegraph.com/news/stablecoin-tether-usdt-100-billion-market-cap">USDT reached a record $100 billion</a> market cap on March 4, posting a 9% year-to-date growth.
Related: <a href="https://cointelegraph.com/news/tether-plans-major-expansion-btc-bitcoin-cryptocurrency-mining-500-m-investment-report">Tether plans major expansion into BTC mining with $500M investment: Report</a>
<h2 data-ct-non-breakable="true" id="bitcoin-trades-above-69-000-suggesting-end-of-pre-halving-correction">Bitcoin trades above $69,000, suggesting end of pre-halving correction</h2>
Bitcoin price fell 1.23% in the 24 hours leading up to 8:45 am UTC to trade at $69,523. The world’s first cryptocurrency has been trading above the $69,000 support line since March 25 despite the market experiencing the <a href="https://cointelegraph.com/news/bitcoin-above-69-000-largest-quarterly-options-expiry">largest quarterly options expiry</a> event on March 29.
Bitcoin’s pre-halving correction could be over since Bitcoin flipped its old all-time high of $69,000 into support, said pseudonymous crypto analyst Rekt Capital in a March 26 video <a href="https://www.youtube.com/watch?v=44kPaE6umxM" target="_blank" rel="noopener nofollow">analysis</a>:
<blockquote data-ct-non-breakable="true">
 “Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”
</blockquote>
Bitcoin reached a new all-time high before the halving event for the first time in the cryptocurrency’s history. Despite its strong price action, the <a href="https://cointelegraph.com/news/bitcoin-halving-not-priced-in-full-extent">halving is still not priced in to “full extent,”</a>&nbsp;Basile Maire, the&nbsp;co-founder of D8X decentralized exchange and former UBS executive, told Cointelegraph.
Bitcoin has just closed <a href="https://cointelegraph.com/news/bitcoin-7-win-streak-month-first-time">seven monthly green candles</a> in a row for the first time in history.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/a1ec5b9f-bd2d-4ff2-a378-9567ae6c72ff.png" alt="" title="">
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 BTC/USDT, 1-month chart. Source: CoinMarketCap
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Related: <a href="https://cointelegraph.com/news/how-high-can-bitcoin-go-180k-btc-price-prediction">How high can Bitcoin go? New BTC price prediction sees cycle top at $180K</a>

Tether boosts Bitcoin reserves with latest acquisition

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