Tether moves over $70 million in bitcoin to reserve wallet: Arkham
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Tether, the world's largest stablecoin issuer, withdrew 951 bitcoin from a Bitfinex wallet, according to Arkham Intelligence data.
The bitcoin was worth $70.5 million at current prices.
Tether's bitcoin reserve now totals 97,141 BTC. The firm is the second-largest holder among private companies, behind Block One, according to Bitcoin Treasuries data. Strategy is the largest publicly-traded holder of BTC.
The move is consistent with Tether's pattern of accumulating bitcoin and moving the asset to its reserve wallet periodically. Last November, Tether moved 961 BTC (then worth $97 million) from Bitfinex to its bitcoin reserve.
Tether began buying bitcoin in September 2022. Then, in May 2023, the company announced that it would allocate 15% of its net profits each quarter toward bitcoin purchases. Since then, the company has consistently increased its reserves as part of its long-term diversification strategy.
Last June, Tether withdrew 14,000 BTC from its bitcoin reserve wallet and moved it to an address labeled as belonging to Twenty One Capital.
Bitcoin was trading for $73,936 as of 1:02 p.m. ET on Wednesday, according to The Block Price Page.
About 4% of Tether's over $190 billion worth of reserves backing its USDT stablecoin are held in bitcoin, according to the company's website.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
source: https://www.tradingview.com/news/the_block:4f4e8c590094b:0-tether-moves-over-70-million-in-bitcoin-to-reserve-wallet-arkham/
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