Tether – the world's largest issuer of stablecoins – has just withdrawn 951 BTC from a wallet on Bitfinex, according to data from Arkham Intelligence. At current prices, this amount of bitcoin is worth approximately $70.5 million.
Following the transaction, Tether 's Bitcoin reserves increased to 97,141 BTC. According to Bitcoin Treasuries data, Tether is now the second-largest private entity holding BTC , after Block One; while Strategy is the largest public company holding BTC .
This is a familiar tactic for Tether: regularly accumulating bitcoin and periodically transferring it to a reserve wallet. Last November, Tether also transferred 961 BTC (then worth approximately $97 million) from Bitfinex to its bitcoin reserve wallet.
Tether began buying Bitcoin in September 2022. By May 2023, the company announced it would dedicate 15% of its net profit each quarter to buying BTC . Since then, Tether 's BTC reserves have continuously increased as part of its long-term diversification strategy.
Last June, Tether transferred 14,000 BTC from its reserve wallet to an address labeled as belonging to Twenty One Capital.
According to Tether's website, approximately 4% of the more than $190 billion in reserves backing USDT is held in bitcoin.
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The article "Tether Transfers Over $70 Million worth of Bitcoin to Reserve Wallet" first appeared on CoinMoi .
