🪙 Tether Increases Bitcoin Reserves with 700 Million USD
✅ Tether, the leading stablecoin issuer of USDT, recently executed a large transfer transaction by moving 7,629 BTC, equivalent to approximately 700 million USD, to its Bitcoin reserve address. This transaction took place from Bitfinex's hot wallet on the morning of December 30, demonstrating a strategic move to further strengthen Tether's position in the cryptocurrency space.
✅ In March 2024, Tether made another notable transfer by sending 8,888.88 BTC, and this latest move marks one of the largest additions to the company's Bitcoin reserve fund since then.
🚀 Growth of Tether's Bitcoin Reserves
✅ According to on-chain data from Arkham, on December 30, Tether recorded an impressive increase in their Bitcoin reserves, now totaling 82,983 BTC. The total investment value is estimated at approximately 2.99 billion USD, with an average purchase price of 36,125 USD per Bitcoin. This is part of Tether's expansion strategy in 2023, as they decided to allocate up to 15% of their profits to invest in Bitcoin to capitalize on this growth trend.
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