Tether Adds 8,404.48 BTC Worth $780M to Reserves, Total Holdings Reach $7.7B

Dec 30, 2024, 03:41 PM

Tether, the issuer of USDT, has added 8,404.48 Bitcoin (BTC) worth approximately $780 million to its reserves, marking its largest Bitcoin acquisition in nine months. This move brings Tether's total Bitcoin holdings to 83,758.57 BTC, valued at $7.7 billion. The acquisition included 7,628.92 BTC transferred from a Bitfinex-linked wallet to Tether's reserve address, followed by an additional 775.568 BTC. Tether's strategy involves using profits from short-term bonds to reinvest in Bitcoin, aiming to enhance its reserve outside of fiat dependence. This recent activity follows Tether's announcement in May 2023 to allocate up to 15% of its profits to Bitcoin purchases for reserve enhancement, after a period of 9 months of dormancy in its Bitcoin reserves.