With the new bitcoin-buying plan, announced about a week after the confirmation, Tether joined the ranks of a number of institutional behemoths hoovering in BTC. Notably, MicroStrategy, the publicly-traded tech firm that after nearly two years of dollar cost averaging now trades as a backdoor bitcoin exchange-traded fund (ETF), is closing in on ownership of about 1 % of total bitcoin supply. Tether already holds a little over 52,000 BTC, making its bitcoin treasury among the largest of corporations, with plans to spend 15% of “tangible profits from its operations” on additional coins. The company’s “conservative and cautious” investment strategy also includes a large investment in gold (it is not known if it is self-custodial, too).
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