Stablecoin issuer Tether conducted its largest Bitcoin purchase of the year on December 30, transferring nearly $780 million worth of Bitcoin (BTC) into its corporate reserves, demonstrating strong confidence in Bitcoin's long-term value.
8,404 Bitcoins transferred into reserves
According to data from blockchain data analytics platform Arkham, wallets marked as Tether's corporate reserves received two Bitcoin transfers on December 30, totaling approximately 8,404.5 Bitcoins, with amounts of 7,628.9 and 775.6 Bitcoins, respectively. At the Bitcoin price at the time ($92,500), the total value of this batch of assets reached $777.4 million.
Following this increase, Tether's total Bitcoin holdings rose to 83,759 Bitcoins, with a total value approaching $7.75 billion, solidifying its position on the global corporate Bitcoin holdings leaderboard.
Tether's Bitcoin reserve strategy
As early as May 2023, Tether announced that it would regularly allocate up to 15% of its net operating profits for the purchase of Bitcoin as an important part of its corporate asset allocation. This increase is the first significant action since March 2024, when Tether had acquired 8,888.88 Bitcoins after Bitcoin surpassed $70,000.
According to data from Bitcoin Treasuries, Tether is now the world's second-largest 'private enterprise' holder of Bitcoin, second only to blockchain software company Block.one, which holds 140,000 Bitcoins.
Overall, whether private or publicly listed companies, Tether ranks third on the Bitcoin reserve leaderboard among all enterprises, with the top position held by the publicly traded American company MicroStrategy, which holds 446,400 Bitcoins.
Bitcoin has become the new favorite for corporate financial reserves
As Bitcoin prices steadily rise, the trend of companies incorporating Bitcoin into their financial reserves is becoming increasingly evident, with more and more companies announcing acquisitions of Bitcoin as part of their reserve assets this year. Recent corporate accumulation cases include:
KULR Technology Group announced on December 16 that it purchased 217.18 Bitcoins for $21 million, with its stock price rising over 40% that day, setting a new historical high.
Quantum BioPharma announced on December 20 that it invested $1 million to purchase Bitcoin and other crypto assets to diversify its financial reserves.
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