Disclaimer: A Binance spokesperson has since clarified that this was not a Bitcoin purchase but a transfer from its storage to the below-mentioned wallet. They stated, “It’s a regular transfer rather than purchasing new BTC, when Binance issues BTC on Binance chain or Binance smart chain, Binance will hold the original BTC as collateral.”
One address belonging to Binance added 43,000 BTC on Tuesday at an average price of $46,553.68, bringing the wallet's total value to $5.5 billion.
Elsewhere, the third-largest Bitcoin address continued its spending spree, adding another 551 BTC since Cointelegraph last reported it bought the dip, just two days ago. The wallet continues to aggressively accumulate in the $40,000 range, now owning a total of 121,396 BTC or roughly $5 billion.
There was some consternation on social media platforms about the wallet owner behind the $43,000 BTC buy, but Binance confirmed ownership of the address in a tweet sent out in 2019.
The intended use of wallet address "3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb" was for the company to issue a number of crypto-pegged tokens on Binance Chain, starting with BTCB, a BEP-2 token pegged to BTC.
However, the wallet appears to have evolved into a cold storage wallet for the world’s largest cryptocurrency exchange. In a tweet by advanced blockchain tracker Whale Alert in April 2021, the wallet was again labeled as the Binance BTC reserve wallet address.
At the time of writing, the wallet is valued at roughly $4,982,770,577, or just shy of $5 billion. Talk about diamond hands.