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Tether boosts Bitcoin reserves

The stablecoin issuer Tether has moved nearly $780 million worth of Bitcoin into its Bitcoin reserve.

By Mike Hesp
• 1 min read
Tether boosts Bitcoin reserves

The stablecoin issuer Tether has moved nearly $780 million worth of Bitcoin into its Bitcoin reserve. According to data from Arkham the stablecoin issuer moved the Bitcoin in two tranches, one of 775 BTC and one of 7,628 BTC. The last time a transaction of this size occurred was in March. Back then, Tether moved 8,888 BTC to the reserve wallet. As of writing, Tether holds 83,759 BTC, worth about $7.8 billion. That accounts for roughly 0.49 percent of Bitcoin's total circulating supply. This puts it second among all private companies stockpiling Bitcoin, according to data from Bitbo. With about 446,400 BTC — 2.1 percent of the circulating supply — MicroStrategy is the largest publicly traded holder.

On December 30, Michael Saylor announced the recent purchase. But it’s not just companies or private investors speculating on the digital gold’s future growth. Today, the United States is weighing a Bitcoin reserve, and other countries are following suit abroad.

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