Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve
In the latest development, stablecoin issuer Tether sent 7,629 BTC from Bitfinex’s hot wallet to its Bitcoin reserve address approximately one hour ago (14:00 UTC), worth approximately 700 million, according to data from Arkham Intelligence Dollar.
Notably, this is the largest transaction sent to Tether’s strategic Bitcoin reserve since March 2024, when 8,888.88 BTC was transferred. The company also sent 8,888.88 BTC to the fund on the last day of 2023.
In May 2023, Tether announced that it would begin allocating up to 15% of profits to Bitcoin and currently holds more than $7.6 billion worth of BTC. The move is aimed at diversifying assets within a year of the company starting printing money. Recently, Tether has worked to diversify its assets and invest its capital in emerging areas such as artificial intelligence, Bitcoin mining, and decentralized communications.
