Tether Moves $780 Million Worth of Bitcoin Into Its Corporate Reserve

Tether, a prominent issuer of stablecoins, has executed its largest Bitcoin transaction in nine months by moving nearly $780 million worth of Bitcoin into its corporate reserve.

Stablecoin issuer Tether has made its largest bitcoin purchase in nine months, adding nearly $780 million to its corporate reserve.

The crypto custodian moved 8,404.5 bitcoin into its coffers, according to analysis by Arkham Intelligence. The bitcoin, valued at a total of $777.4 million at the time of the transactions, was moved in two tranches of roughly 7,628.9 and 775.6 bitcoin, respectively.

The bitcoin price stood at about $92,500 over the weekend.

The new bitcoin brings Tether’s total holdings to 83,759 BTC, valued at nearly $7.75 billion.

The company announced in May that it intended to allocate up to 15% of its net realized operating profits towards bitcoin acquisitions, as part of an effort to diversify and strengthen its financial reserve.

Tether is now the second-largest bitcoin holder among private companies, following Block.one, the blockchain software firm that holds 140,000 BTC. Among all bitcoin holders, Tether ranks third, with MicroStrategy leading at 446,400 BTC.

The trend of corporate bitcoin treasuries has gained steam as firms leverage the crypto’s rising price to bolster their balance sheets. Notably, KULR Technology Group recently invested $21 million to acquire 217.18 bitcoin, leading to a significant surge in its stock value. Similarly, Quantum BioPharma announced a $1 million bitcoin purchase as part of its treasury diversification strategy.