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Tether Boosts Bitcoin Reserves With Over $700 Million Transfer
Last Updated: December 31, 2024
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Key Takeaways
- Tether added nearly 8404.5 Bitcoin worth $780 million to reserves, which boosted total holdings to 83,759 Bitcoin;
- Bitcoin reserves place Tether as the second-largest private Bitcoin holder;
- Tether allocates up to 15% of its profits to Bitcoin, with its last big purchase in March 2024.
Tether, known for its stablecoin USDT
Data from Arkham Intelligence revealed that on December 30, two transfers—7628.9 BTC and 775.6 BTC—were sent to wallets linked to Tether’s Bitcoin holdings. These transactions totaled nearly 8404.5 BTC.
The latest addition brings Tether’s total Bitcoin reserves to 83,759 BTC, valued at approximately $7.75 billion.
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Bitcoin was trading around $92,500 at the time of the transaction, which makes the new acquisitions worth $777.4 million.
Tether’s Bitcoin holdings rank second among privately owned companies, surpassed only by Block.one, which owns 140,000 BTC. Tether ranks third in Bitcoin ownership if private and public companies are included, behind MicroStrategy’s leading position with 446,400 BTC.
Tether announced in May 2023 its plan to allocate up to 15% of its operating profits to Bitcoin purchases.
The last major increase in Tether’s Bitcoin holdings occurred in March 2024, when the company acquired 8888.88 BTC. The purchase came shortly after Bitcoin broke past the $70,000 mark, reaching a new high.
Meanwhile, Tether recently announced that it will no longer support EURT, its euro-pegged stablecoin. What happened? Read the full story.
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