Tether has transferred 7,629 Bitcoin (BTC), valued at approximately $700 million, to its strategic reserve account.
Tether has transferred 7,629 Bitcoin (BTC), valued at approximately $700 million, to its strategic reserve account.
This transaction, confirmed by on-chain data from Arkham Intelligence, occurred on Monday at 2:00 p.m. UTC. The BTC was sent from Bitfinex’s hot wallet, marking the largest transfer to Tether's Bitcoin reserve since March 2024.
The recent transfer is part of Tether's ongoing strategy to diversify its holdings. In May 2023, the company announced plans to allocate up to 15% of its profits into Bitcoin. As of writing, Tether holds over 82,000 BTC, amounting to more than $7.6 billion.
This move comes amid a record profit generation, with Tether reporting $5.2 billion in profits for the first half of 2024, according to CEO Paolo Ardoino.
Tether's investments are primarily backed by U.S. Treasury bonds and cash equivalents, which yield returns that the company reinvests. In addition to Bitcoin, Tether has also shown interest in emerging sectors, including artificial intelligence, decentralized communications, and Bitcoin mining.
Notably, this transfer is not yet reflected on Tether’s transparency page, which was last updated on Dec. 30, 2024. Previous significant transactions include an 8,888.88 BTC transfer at the end of 2023 and another of the same amount in March 2024.
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