Tether Acquires $458 Million Worth of Bitcoin, Fueling Institutional Crypto Adoption

Tether, a stablecoin issuer, has made a significant move by acquiring 4,812 Bitcoin worth $458.7 million for its treasury arm, Twenty One. This purchase contributes to the growing adoption of crypto assets by institutions and raises Bitcoin’s price above $105,000. The acquisition is part of Tether’s expansion into managing institutional Bitcoin holdings through a new subsidiary called Twenty One.