Tether, the issuer of the world’s largest stablecoin (USDT-USD), took a significant stride by transferring nearly $780 million worth of Bitcoin to its reserves on December 30. According to Cointelegraph, which cited Arkham Intelligence, the company received two substantial transfers totaling over 8,400 BTC, marking its largest move since March.
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Tether Increases Bitcoin Holdings
The latest addition brings Tether’s Bitcoin holdings to 83,759 BTC, valued at approximately $7.75 billion with Bitcoin trading near $92,500. This aligns with the company’s May 2023 plan to allocate up to 15% of its net realized profits toward purchasing Bitcoin. Tether’s bold approach reflects a growing trend among corporations diversifying their treasuries with Bitcoin amidst its remarkable 108% rise in 2024.
Corporate Giants Bet Big on Bitcoin
Tether now holds the second-largest Bitcoin stash among private companies, trailing blockchain firm Block.one’s 140,000 BTC. Publicly, MicroStrategy (MSTR) dominates with an eye-popping 446,400 BTC. Bitcoin’s surge has inspired companies like KULR Technology Group (KULR) and Quantum BioPharma (QNTM) to add the cryptocurrency to their treasuries, betting on its potential to enhance their financial standing and share prices.
While Bitcoin has cooled from its December highs of $108,000, Tether’s calculated accumulation showcases confidence in its long-term potential. At the time of writing, Bitcoin is sitting at $93,934.09.
