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cryptonews 2024-12-31 05:28:54

Tether Moves Bitcoin Worth $780M to Reserve in Largest Move Since March

Tether Moves Bitcoin Worth $780M to Reserve in Largest Move Since March

Tether, the issuer of the world’s most widely used stablecoin, has moved nearly $780 million worth of Bitcoin into its corporate reserve in its largest transaction since March. According to Arkham Intelligence , Tether’s Bitcoin wallets received two separate transfers on December 30, amounting to approximately 8,404.5 BTC. With Bitcoin trading around $92,500, the addition brings Tether’s total holdings to 83,759 BTC, valued at nearly $7.75 billion. Tether Remains Committed to Bitcoin Purchases This move aligns with Tether’s commitment, announced in May 2023, to allocate up to 15% of its net realized operating profits toward Bitcoin purchases. The last significant addition occurred on March 31, when Tether acquired 8,888.88 BTC shortly after Bitcoin surpassed the $70,000 mark. Bitcoin’s price has more than doubled in 2024, reaching an all-time high of $108,000 in mid-December, though it has seen some recent declines. Tether now holds the second-largest Bitcoin reserve among private companies, trailing only Block.one, which owns 140,000 BTC. Overall, Tether ranks third when both private and public companies are considered, behind software giant MicroStrategy, which leads with an impressive 446,400 BTC. JUST IN: Tether buys 7,629 #bitcoin worth $705 million for its reserves, now owns $7.7 billion in bitcoin pic.twitter.com/0K2KTjCM2Z — Bitcoin Magazine (@BitcoinMagazine) December 30, 2024 Corporate Bitcoin treasuries have gained traction in 2024 as the cryptocurrency’s value surged. Companies like KULR Technology Group and Quantum BioPharma have recently added Bitcoin to their reserves. KULR’s $21 million purchase of 217.18 BTC on December 16 drove its stock price up over 40%, hitting a record high. Similarly, Quantum BioPharma announced a $1 million investment in Bitcoin and other digital assets to diversify its treasury on December 20. Last week, Tether made its first foray into venture capital by investing $2 million in Arcanum Capital’s Arcanum Emerging Technologies Fund II. The fund is a tokenized investment vehicle focused on supporting decentralized Web3 projects aimed at advancing blockchain-based technologies, including remittances, privacy, and financial inclusion. Furthermore, Tether recently invested $775 million in Rumble , a video-sharing platform known for its free speech ethos. US States Consider Adding Bitcoin To Reserves Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin. The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves. On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years. Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty. Furthermore, corporate Bitcoin holders like MicroStrategy and Metaplanet have expanded their Bitcoin holdings. MARA Holdings (MARA) has also bought 11,774 BTC in the latest acquisition, the company announced on X on Dec. 10. Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further. The post Tether Moves Bitcoin Worth $780M to Reserve in Largest Move Since March appeared first on Cryptonews .

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