news 
Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve
In a significant development, stablecoin issuer Tether has reportedly transferred 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.
According to data from Arkham Intelligence, this massive transaction marks the largest transfer sent to Tether’s strategic bitcoin reserve since March 2024. It is also worth noting that Tether had previously sent a similar amount of 8,888.88 BTC in December 2023 and 8,888.88 BTC on the last day of 2022.
The move comes as part of Tether’s efforts to diversify its holdings by investing in emerging sectors like AI, bitcoin mining, and decentralized communications. The company has stated that it will allocate up to 15% of its profits into bitcoin, which now totals over $7.6 billion in BTC.
It is essential to note that this transaction serves as a testament to Tether’s continued commitment to its strategic bitcoin reserve, highlighting the company’s dedication to hedging against market fluctuations and ensuring the stability of its stablecoin offerings.
In related news, Genius Group has made significant moves by expanding its Bitcoin treasury with a $10 million purchase, achieving an impressive 1,649% BTC yield in the process.
Source: coinpedia.org
