Tether added $791 million to its bitcoin reserves – the largest transaction in nine months

On December 30, Tether's wallets, designated as its Bitcoin reserves, received two large transfers totaling approximately 8,404.5 BTC. According to analytics platform Arkham Intelligence, the transactions involved 7,628.9 BTC and 775.6 BTC. With Bitcoin currently trading at approximately $94,100, the total value of the transferred assets is a whopping $791 million.

The transaction brings Tether’s total Bitcoin reserves to 83,759 BTC, equivalent to approximately $7.88 billion. The move further supports the company’s commitment to its strategy, announced in May 2023, to spend up to 15% of its net operating income on Bitcoin purchases.

The previous significant addition to its reserves took place on March 31, when Tether acquired about 8,888 BTC. The move came shortly after Bitcoin surpassed the all-time high of $70,000, boosting confidence in its further growth.

Tether is the second-largest private company in terms of Bitcoin volume, behind Block.one with 140,000 BTC. Among public players, MicroStrategy remains the leader with a record 446,400 BTC.

2024 has been a key year for Bitcoin, which has doubled in value despite falling from its December peak of $108,000. The year-over-year gain was 108%, which has once again attracted the attention of investors. More and more companies are adding the cryptocurrency to their portfolios. For example, KULR Technology Group invested $21 million to buy 217.18 BTC, which sent its shares up 40%. Quantum BioPharma also announced a $1 million investment in Bitcoin and other crypto assets to diversify its assets.