Tether Adds $70 Million in Bitcoin to Reserves

Tether, the issuer of the largest stablecoin USDT, has continued its accumulation strategy by adding another $70 million in bitcoin to its reserves. According to blockchain data from Arkham Intelligence, 951 BTC was moved from Bitfinex to a wallet labeled 'Tether: BTC Reserve' on Wednesday.

The wallet now holds a total of 97,141 BTC, worth around $7.16 billion at current prices. This makes Tether one of the largest holders of bitcoin globally, surpassing other notable institutions.

The addition is part of Tether's policy to allocate up to 15% of its realized operating profits into bitcoin. Unlike traditional digital asset treasuries that raise capital to buy crypto, Tether uses excess earnings generated by its core business to accumulate BTC.