Tether, the stablecoin issuer, recently transferred about $780 million worth of Bitcoin into its corporate Bitcoin reserve. This latest move, which involves over 8,400 Bitcoin, is the largest of its kind since March. Through wallet tracking, Arkham Intelligence identified that separate transfers amounting to around 7,628.9 BTC and 775.6 BTC happened on December 30th, altogether making up approximately 8,404.5 BTC.
At the current Bitcoin rate of around $92,500, this latest addition to Tether’s reserve is worth an estimated $777.4 million. Following this addition, Tether’s total holdings now stand at 83,759 BTC, a sum that equates to nearly $7.75 billion.
Tether, famously known for issuing its namesake stablecoin, revealed back in May 2023 a strategy to regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. The last significant addition to its reserve came on March 31 when it added roughly 8,888 BTC.
The price of Bitcoin doubled in 2024 and is currently up by 108%, even though recent trading has seen a slight decrease from its mid-December peak of around $108,000.
Notably, Tether secures second place in terms of Bitcoin holdings among private businesses, trailing only behind blockchain software firm Block.one’s 140,000 BTC, based on Bitbo data. For both private and public corporations, Tether takes the third slot in terms of BTC holdings, outpaced by MicroStrategy’s 446,400 BTC holdings.
Amid Bitcoin’s price surge over the past year, corporate Bitcoin treasuries have been gaining traction. Companies like KULR Technology Group and Quantum BioPharma are part of a growing list that has announced impressive shares of Bitcoin on their books, hoping to stimulate their share prices.