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Tether Adds 7,629 BTC from Bitfinex, Reserves Reach $7.68 Billion After Nine-Month Dormancy
Dec 30, 2024, 02:51 PM
Tether, the issuer of the stablecoin USDT, has added 7,629 bitcoins (BTC) worth approximately $705 million to its bitcoin reserves, increasing its total holdings to 82,983 BTC valued at around $7.68 billion. This transaction was received from Bitfinex and marks the first activity in Tether's bitcoin reserves after a nine-month dormancy. Tether's accumulation strategy involves using 15% of its company profits to reinvest in bitcoin, aiming to enhance its reserves outside of fiat currency dependence. The average acquisition price of Tether's bitcoin holdings is reported to be around $36,125 per BTC. The recent addition makes Tether the holder of the sixth-largest bitcoin wallet address.
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