Tether Moves $780 Million in Bitcoin to Reserve
30 Dec, 2024 ● Kripto novosti
Stablecoin issuer Tether transferred nearly $780 million worth of Bitcoin to its corporate Bitcoin reserve in its largest move since March.
According to Arkham Intelligence, wallets associated with Tether’s Bitcoin reserve received two separate transfers on Dec. 30: approximately 7,628.9 BTC and 775.6 BTC, for a combined total of just under 8,404.5 BTC.
With Bitcoin trading around $92,500, these additions are valued at $777.4 million, bringing Tether’s total holdings to 83,759 BTC, worth approximately $7.75 billion.
In May 2023, Tether announced plans to “regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin.”
This marks Tether’s first major move since March 31, when it added around 8,888 BTC shortly after Bitcoin surpassed $70,000 and reached a new all-time high.
Bitcoin’s price doubled in 2024, gaining 108% over the year, though it has been trading lower this week and is down from its mid-December all-time high of roughly $108,000.
Tether ranks as the second-largest private holder of Bitcoin, with 83,759 BTC, trailing only blockchain software firm Block.one, which holds 140,000 BTC, according to data from Bitbo.
Overall, Tether is third among private and public companies, behind MicroStrategy, which leads with 446,400 BTC.
Corporate Bitcoin treasuries have gained popularity amid Bitcoin’s price surge, with several companies adding the cryptocurrency to their holdings to potentially boost their share prices.
One recent adopter, KULR Technology Group, announced on Dec. 16 that it had purchased 217.18 BTC for $21 million.
The news caused its stock price to soar over 40%, closing at an all-time high of $4.80 that day.
Additionally, biopharmaceutical company Quantum BioPharma disclosed on Dec. 20 that it had acquired $1 million worth of Bitcoin and other cryptocurrencies as part of a strategy to diversify its treasury.
Sources:
https://cointelegraph.com/news/tether-moves-780-million-bitcoin-reserve-biggest-since-march
https://intel.arkm.com/explorer/tx/b2ed7dc4db2bdf916d911d5c754e6d171315668f6b5f5b86dea83236a314d253
https://intel.arkm.com/explorer/tx/e82ada03e81ca252e508ef626c076160f7fb8ed6bb6a6c71d25027884c979625
