Tether Transfers $780 Million in Bitcoin to its Reserves

Stablecoin issuer Tether has completed its largest Bitcoin transaction in the past nine months by transferring nearly $780 million worth of Bitcoin to its corporate reserve. This significant transaction involved a total of 8,404.5

Bitcoin, which were sent in two separate transactions of approximately 7,628.9 and 775.6 Bitcoin respectively. These transactions, verified by Arkham Intelligence, amount to a total value of $777.4 million, reflecting Bitcoin’s current trading price of around $92,500.

With this move, Tether’s overall Bitcoin holdings have increased to a total of 83,759 BTC, which is equivalent to almost $7.75 billion.

The company had previously announced in May 2023 that it would allocate up to 15% of its net realized operating profits towards acquiring Bitcoin, demonstrating a commitment to diversifying and strengthening its financial reserves.