Tether adds $780million Bitcoin (BTC) to reserve address

Tether, a stablecoin producer, added more than 8,400 Bitcoin to its reserve, its largest move since March. Tether, the stablecoin issuer, added about $780 million to its corporate Bitcoin reserve, the largest move since March. Arkham Intelligence reports that accounts associated with Tether’s Bitcoin BTC$92,824 reserve received separate transfers of approximately 7,628.9 BTC and 775.6 BTC on December 30, totaling just under 8,404.5 BTC.

The latest BTC additions are valued at $777.4 million, with Bitcoin trading at about $92,500. It raises Tether’s total holdings to 83,759 BTC, worth less than $7.75 billion.

In May 2023, Tether, the company behind the Tether stablecoin (USDT$0.9986), announced plans to allocate up to 15% of its net realized operating income to purchase Bitcoin. 

It’s the company’s first big move since March 31, when it added around 8,888 BTC, just weeks after the cryptocurrency surpassed $70,000 for the first time and soared above a long-held all-time high.

Bitcoin doubled its price in 2024 and is currently up 108% for the year, however, it has been trading down this week and is down from its mid-December all-time high of roughly $108,000.

Tether has the second-largest Bitcoin holdings among privately owned businesses, trailing only blockchain software firm Block. one’s 140,000 BTC holdings, according to Bitbo data. 

Tether’s holdings put it third among private and public firms, with software firm MicroStrategy leading with 446,400 BTC.

Corporate Bitcoin treasuries have grown in popularity as the price of Bitcoin has risen over the past year, with a few companies declaring plans to add the cryptocurrency to their books in the hopes of increasing their share values.

KULR Technology Group, one of the most recent Bitcoin adopters, announced on December 16 that it spent $21 million buying 217.18 Bitcoin, causing its stock price to rise more than 40% that day to an all-time high of $4.80. Quantum BioPharma, a biopharmaceutical company, also announced on December 20 that it has purchased $1 million in Bitcoin and other cryptocurrency assets to diversify its treasury. 

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