Tether Moves 780 Million USD Bitcoin to Reserve: Largest Move in 9 Months

Stablecoin issuer Tether has transferred nearly $780 million worth of Bitcoin to the company’s Bitcoin reserve warehouse, in the largest move since March. Arkham Intelligence shows that Tether’s tagged Bitcoin (BTC) reserves wallets received separate transfers of approximately 7628.9 BTC and 775.6 BTC on December 30, totaling just under 8404.5 BTC. The latest BTC additions have a total value of $777.4 million, with Bitcoin fluctuating around $92,500. This raises Tether’s total holdings to 83,759 BTC, valued at just under $7.75 billion. Tether, the company behind the stablecoin of the same name, Tether (USDT), first announced in May 2023 that they plan to “regularly allocate up to 15% of net operating profit to buy Bitcoin”. Please provide the text to be translated. This is the first significant move by the company since March 31, when the company added approximately 8888.88 BTC just a few weeks after this cryptocurrency surpassed $70,000 for the first time and reached the all-time high that has been maintained for a long time. Bitcoin price has doubled in 2024 and has increased over 108% this year, although the price has dropped this week and declined from its all-time high in mid-December at around $108,000. According to Bitbo’s data, Tether is the second largest Bitcoin holder among private enterprises, only behind 140,000 BTC held by blockchain software company Block.one. In general, the amount of Tether held has propelled the company to third place among private and public companies, with software company MicroStrategy leading the pack with 446,400 BTC held. Bitcoin bonds of companies have become more popular as the price of Bitcoin has risen in the past year, as some companies have announced they will include this type of cryptocurrency in their books in hopes of increasing their stock price. One of the companies that recently adopted Bitcoin, KULR Technology Group, announced on December 16th that they spent $21 million to buy 217.18 Bitcoin, causing their stock price to increase over 40% that day to a record high of $4.80. In addition, on December 20th, Quantum BioPharma, a biopharmaceutical company, announced that they had purchased 1 million USD worth of BTC and other cryptocurrencies to diversify their treasury. DYOR! #BtcNewHolder #Write&Earn $BTC {spot}(BTCUSDT)