Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve

The post Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve appeared first on Coinpedia Fintech News

In a latest develoment, as per data from Arkham Intelligence, the stable coin issuer Tether, has sent 7,629 BTC worth approximately $700 million to its bitcoin reserve address from Bitfinex’s hot wallet about an hour ago at 14:00 UTC.

Notably, this is the largest transaction sent to Tether’s strategic bitcoin reserve since March 2024, when it transferred 8,888.88 BTC. The firm also sent 8,888.88 BTC to the fund on the last day of 2023.

In May 2023, Tether announced that it would start allocating as much as 15% of its profits into bitcoin and now holds over $7.6 billion in BTC. This move was aimed at diversifying the company’s holdings during a year when it began printing cash. Lately, Tether has made mindful efforts to diversify its holdings and invest its capital in emerging sectors like AI, bitcoin mining and decentralized communications.