The stablecoin issuer Tether has just made the largest transaction in nearly a year, transferring nearly $780 million worth of Bitcoin into its corporate reserve fund. According to Arkham Intelligence, wallets labeled as Tether's Bitcoin reserve fund received two transactions totaling 8,404.5 BTC on December 30, worth approximately $777.4 million when Bitcoin reached $92,500.
Tether Strengthens Its Position in the Bitcoin Market
This amount of Bitcoin brings Tether's total reserves to 83,759 BTC, worth $7.75 billion, making Tether the second-largest private company holding Bitcoin, after Block.one (140,000 BTC). Overall, Tether ranks third globally among private and public companies, after MicroStrategy (446,400 BTC).
Tether's Long-Term Strategy
In May 2023, Tether announced plans to allocate 15% of its net operating profit to purchase Bitcoin to build a stronger reserve fund. The last move before that was in March 2023, when the company added 8,888.88 BTC, shortly after Bitcoin surpassed $70,000.
Growing Popularity of Bitcoin Reserve Funds
Over the past year, the increase in Bitcoin's price has prompted many companies to adopt cryptocurrency reserve strategies, reflecting the growing trend of using Bitcoin as a strategic reserve asset.
Tether continues to strengthen its position in the cryptocurrency market while helping to affirm Bitcoin as an important reserve option for businesses. However, investors need to closely monitor market developments and make investment decisions cautiously.#USDT #BTC #bitcoin
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