Crypto News (December 31, 2024) – Tether’s Bitcoin Holdings Grow by $780 Million with Latest Transfer
Crypto News (December 31, 2024) – Tether, the issuer of the popular stablecoin USDT, has made a significant move by transferring nearly $780 million worth of Bitcoin into its corporate Bitcoin reserve, marking its largest transaction since March 2024. According to Arkham Intelligence, Tether’s Bitcoin wallets received two separate transfers on December 30, 2024, totaling approximately 8,404.5 BTC — one transfer of around 7,628.9 BTC and another of 775.6 BTC.
These newly added Bitcoin (BTC) holdings are currently valued at approximately $777.4 million, based on Bitcoin’s current price hovering around $92,500. This move brings Tether’s total Bitcoin holdings to 83,759 BTC, which is worth just under $7.75 billion.
Tether’s Bitcoin Strategy and Long-Term Commitment
Tether has previously stated that it intends to allocate up to 15% of its net realized operating profits toward purchasing Bitcoin, a strategy it officially outlined in May 2023. This move aligns with Tether’s broader commitment to bolster its Bitcoin reserves and provide further transparency in its operations. The December 30 transfer is the first major addition to its reserve since March 31, 2024, when the company added 8,888 BTC, shortly after Bitcoin broke through the $70,000 mark.
Tether’s Position Among Bitcoin Holders
With these new additions, Tether has cemented its position as one of the largest private holders of Bitcoin. It ranks second among privately owned companies, only behind Block.one, which holds 140,000 BTC. Overall, Tether is in third place when including both private and public companies, with MicroStrategy leading the pack with 446,400 BTC.
As Bitcoin’s price has surged, corporate Bitcoin treasuries have gained significant traction. Many firms, including KULR Technology Group and Quantum BioPharma, have followed suit by adding Bitcoin to their balance sheets in an effort to increase their market value and diversify assets. Tether’s continued commitment to Bitcoin acquisition highlights its belief in the long-term value of the cryptocurrency, as the market continues to evolve and expand.
Conclusion
Tether’s latest Bitcoin acquisition signals its ongoing strategy to enhance its reserve and strengthen its position in the growing cryptocurrency market. With over $7.75 billion in Bitcoin holdings, Tether remains one of the most influential players in the crypto space, alongside other major corporate holders like MicroStrategy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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