In a significant financial maneuver, stablecoin issuer Tether has added nearly $780 million worth of Bitcoin to its corporate reserve. This marks the company’s largest Bitcoin purchase since March, signaling a continued commitment to its strategy of integrating the world’s leading cryptocurrency into its treasury. Boost to Tether’s Bitcoin Holdings Blockchain data from Arkham Intelligence revealed that on December 30, Tether’s Bitcoin reserve wallets received two substantial transfers —7,628.9 BTC and 775.6 BTC—totaling just under 8,404.5 BTC. With Bitcoin trading around $92,500 at the time, the total value of the addition reached an impressive $777.4 million. This latest move raises Tether’s Bitcoin holdings to 83,759 BTC, valued at approximately $7.75 billion. It reflects Tether’s ongoing implementation of its 2023 plan to allocate up to 15% of its net realized operating profits toward purchasing Bitcoin. The firm last made headlines with a similar purchase in March when it added 8,888 BTC, just as Bitcoin prices surged past $70,000. Bitcoin has seen remarkable growth throughout 2024, doubling in value and recording a 108% year-to-date increase. While it recently hit a high of $108,000, the cryptocurrency has experienced a slight dip in recent weeks. Corporate Bitcoin Treasuries Gain Traction Tether’s move solidifies its position as a major player in the corporate Bitcoin treasury arena. With 83,759 BTC, the company ranks third in overall Bitcoin holdings among both private and public entities. It trails only blockchain software firm Block.one, which holds 140,000 BTC, and software company MicroStrategy, the undisputed leader with a staggering 446,400 BTC. The surge in corporate Bitcoin treasuries mirrors Bitcoin’s stellar performance in 2024. Companies increasingly view Bitcoin as a strategic asset capable of bolstering their balance sheets and enhancing investor confidence. For instance, KULR Technology Group recently invested $21 million to acquire 217.18 BTC, resulting in a 40% surge in its stock price to an all-time high. Similarly, Quantum BioPharma allocated $1 million to Bitcoin and other cryptocurrencies, aiming to diversify its treasury portfolio. Tether’s bold acquisition underscores its confidence in Bitcoin’s long-term potential and highlights a broader trend among corporations embracing the cryptocurrency as a strategic asset. The post Tether Bolsters Bitcoin Reserve with $780 Million Addition appeared first on TheCoinrise.com .
