Tether, the issuer of the world’s largest stablecoin, has made a significant move by transferring over 8,400 Bitcoin into its corporate reserve—marking its largest transaction in nine months.
According to data from Arkham Intelligence, wallets identified as belonging to Tether received two separate Bitcoin transfers on December 30, amounting to approximately 7,628.9 BTC and 775.6 BTC, for a total of just under 8,404.5 BTC. This substantial transfer is valued at around $780 million, with Bitcoin trading at approximately $92,500 at the time.
With this latest addition, Tether’s Bitcoin holdings have now reached 83,759 BTC, equivalent to close to $7.75 billion. In May 2023, the company had announced its intention to allocate up to 15% of its net realized operating profits for purchasing Bitcoin regularly.
This latest transfer represents Tether's first substantial action since March 31, when it added about 8,888 BTC, shortly after Bitcoin had crossed the $70,000 mark for the first time and briefly exceeded its previous all-time high.
Bitcoin has seen remarkable growth in 2024, doubling in price and currently reflecting a 108% increase for the year. However, the asset has experienced a downturn this week, dipping from its mid-December peak of approximately $108,000.
Among privately held companies, Tether now boasts the second-largest Bitcoin holdings, surpassed only by Block.one, which has 140,000 BTC, according to data from Bitbo. Overall, when considering both private and public firms, Tether ranks third, trailing MicroStrategy, which holds a staggering 446,400 BTC.
The rise in Bitcoin's price over the past year has heightened interest in corporate Bitcoin treasuries, with various companies announcing that they are adding the cryptocurrency to their balance sheets in hopes of boosting their stock performance.
One of the latest companies to embrace Bitcoin, KULR Technology Group, announced on December 16 that it invested $21 million to acquire 217.18 BTC, resulting in a more than 40% increase in its stock price that day—reaching an all-time high of $4.80.
Additionally, Quantum BioPharma, a biopharmaceutical firm, disclosed on December 20 that it purchased $1 million worth of Bitcoin and other cryptocurrencies as part of its treasury diversification strategy.
As corporate interest in Bitcoin continues to grow, Tether’s latest transaction underscores the expanding role of cryptocurrencies in traditional financial strategies. With significant transfers like this, Tether is solidifying its position in the crypto market, while also hinting at an optimistic outlook for Bitcoin in the evolving digital finance landscape.
