Tether, a prominent issuer of stablecoins, has executed its largest Bitcoin transaction in nine months by moving nearly $780 million worth of Bitcoin into its corporate reserve. This significant transfer involved 8,404.5 Bitcoin, distributed in separate transactions of approximately 7,628.9 and 775.6 Bitcoin. These additions, documented by Arkham Intelligence, are valued at a total of $777.4 million, aligning with Bitcoin’s current trading price of approximately $92,500.
This strategic move increases Tether’s total Bitcoin holdings to 83,759 BTC, valued at nearly $7.75 billion. The company initially announced in May 2023 that it intended to allocate up to 15% of its net realized operating profits towards Bitcoin acquisitions, marking a continuation of its commitment to diversifying and strengthening its financial reserve.
Tether’s recent expansion underscores its position as the second-largest Bitcoin holder among private companies, following blockchain software firm Block.one, which holds 140,000 BTC. In the broader landscape, Tether ranks third in overall Bitcoin holdings, with MicroStrategy leading at 446,400 BTC.
The trend of corporate Bitcoin treasuries has gained traction as firms leverage the cryptocurrency’s rising price to enhance their financial statements. Notably, KULR Technology Group recently invested $21 million to acquire 217.18 Bitcoin, leading to a significant surge in its stock value. Similarly, Quantum BioPharma announced a $1 million Bitcoin purchase as part of its treasury diversification strategy.
Tether’s robust addition to its Bitcoin reserve marks a critical moment in the ongoing corporate adoption of cryptocurrencies, reflecting confidence in Bitcoin’s long-term potential as a valuable financial asset.
