Leading stablecoin issuer Tether has rekindled its drive to stack Bitcoin after shifting millions worth of the premier asset to its reserve wallet on Monday.
According to market intelligence platform Arkham, an address marked as the Tether Bitcoin reserve amassed 8,404 BTC worth $776.6 million on Monday. The data confirmed that the wallet received the assets from two separate addresses.
Tether Acquires New Bitcoins
The first transaction happened around 14:01 (UTC), with Tether receiving 7,629 BTC ($705 million) from crypto exchange Bitfinex’s hot wallet. An hour later, the wallet tied to the stablecoin issuer gulped another 775.56 BTC from the address “bc1qh,” totaling 8,404 BTC ($776.6 million).
Meanwhile, Tether’s Monday purchase took its total holdings to 83,759 BTC, worth $7.77 billion. With the latest buy-in, the issuer is now the second-largest privately owned Bitcoin holding company, just below blockchain firm Block.one.
Moreover, this is Tether’s first notable transaction in nine months. The last transaction on its Bitcoin reserve wallet was on March 31, when it purchased 8,888 BTC ($618 million).
Another Corporate Firm Acquires Bitcoin
Notably, Tether had pledged to periodically buy into Bitcoin, a testament to its belief in the crypto firstborn. On May 17, 2023, the USDT issuer announced it would dedicate 15% of its net realized operating profit to diversifying into the crypto asset.
Meanwhile, several corporate entities have flocked to Bitcoin since then, with its adoption hitting a fever pitch. Most recently, firms like Kurl Technology, Matador, and Rumble have opted to strategically store their reserve asset in Bitcoin amidst growing economic instability.
Furthermore, traditional names like MicroStrategy, Marathon Digital, and Metapanet have incessantly piled into Bitcoin, leveraging several debt instruments to increase their exposure to the pioneering cryptocurrency.
For instance, the Michael Saylor-chairmaned MicroStrategy acquired 2,138 BTC ($209 million) yesterday, its eighth consecutive weekly purchase.
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