Key Takeaways:
- Tether’s Major BTC Addition: Tether transferred 8,400 BTC ($777.4M), increasing its total Bitcoin reserves to 83,759 BTC, valued at $7.75 billion.
- Corporate Strategy: The move aligns with Tether’s May 2023 strategy to allocate 15% of profits to Bitcoin purchases, marking its first significant buy since March 2024.
- Leading BTC Holders: Tether ranks as the second-largest private Bitcoin holder and third overall, trailing only Block.one and MicroStrategy.
Tether, the stablecoin issuer, has bolstered its Bitcoin (BTC) reserves with a substantial addition of 8,404.5 BTC, valued at approximately $780 million.
This marks Tether’s largest acquisition since March 2024, increasing its total holdings to 83,759 BTC, worth $7.75 billion.
JUST IN: Tether buys 7,629 #bitcoin worth $705 million for its reserves, now owns $7.7 billion in bitcoin 💥 pic.twitter.com/0K2KTjCM2Z
— Bitcoin Magazine (@BitcoinMagazine) December 30, 2024
The purchases were identified by blockchain analytics firm Arkham Intelligence, with Bitcoin trading at $92,500 at the time of transfer.
Tether’s Bitcoin strategy aligns with its 2023 plan to allocate up to 15% of net realized operating profits toward Bitcoin acquisitions to strengthen its reserves.
The company’s last major purchase was on March 31, when it acquired 8,888 BTC following Bitcoin’s surge past $70,000.
Currently, Tether ranks as the second-largest private holder of Bitcoin, trailing only Block.one, which owns 140,000 BTC.
Including public companies, Tether is the third-largest holder, behind Block.one and MicroStrategy, the leader with 446,400 BTC.
Bitcoin’s doubling in value in 2024, despite a recent dip from a $108,000 all-time high, has spurred increased corporate interest.
Other firms, such as KULR Technology Group and Quantum BioPharma, have also added Bitcoin to their treasuries, highlighting the growing adoption of cryptocurrency as a corporate asset.
Tether’s move reinforces Bitcoin’s role in institutional finance.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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