Stablecoin issuer Tether transferred nearly $780 million in Bitcoin to the company's Bitcoin reserve in the largest move since March.
Arkham Intelligence shows that Tether's tagged Bitcoin (BTC) reserve wallets received separate transfers of about 7628.9 BTC and 775.6 BTC on December 30, totaling just under 8404.5 BTC.
The latest BTC additions have a total value of $777.4 million, with Bitcoin fluctuating around $92,500. This brings Tether's total holdings to 83,759 BTC, worth just under $7.75 billion.
Tether, the company that issues the stablecoin of the same name, Tether (USDT), first announced in May 2023 that they plan to "regularly allocate up to 15% of net operating profit to purchase Bitcoin."
This is the company's first significant move since March 31, when the company added approximately 8888.88 BTC just weeks after this cryptocurrency first surpassed the $70,000 mark and broke a long-held all-time high.
The price of Bitcoin has doubled in 2024 and is currently up over 108% for the year, although the price has dropped this week and is down from the all-time high of around $108,000 in mid-December.
According to data from Bitbo, Tether is the second largest holder of Bitcoin among private enterprises, just behind 140,000 BTC held by blockchain software company Block.one.
Overall, Tether's holdings have placed the company third among private and public companies, with software company MicroStrategy leading with 446,400 BTC held.
Bitcoin bonds from companies have become more popular as the price of Bitcoin rose over the past year, with some companies declaring they would add this cryptocurrency to their books in hopes of increasing stock prices.
One of the new companies adopting Bitcoin, KULR Technology Group, stated on December 16 that they spent $21 million to buy 217.18 Bitcoin, causing their stock price to rise over 40% that day to an all-time high of $4.80.
Additionally, on December 20, biotech company Quantum BioPharma stated they purchased $1 million in BTC and other cryptocurrency assets to diversify their treasury.
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