Unprecedented Blockchain Transaction: 7,629 BTC Transferred to Tether’s Bitcoin Reserve
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Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve
December 30, 2024 – In a shocking move, Tether, the leading stablecoin issuer, has transferred an astonishing 7,629 BTC worth approximately $700 million to its Bitcoin reserve address from Bitfinex’s hot wallet. This massive transaction occurred around 14:00 UTC.
It is worth noting that this transfer marks the largest single transaction sent to Tether’s strategic Bitcoin reserve since March 2024, when it transferred an enormous 8,888.88 BTC. The firm also executed a similar move on December 31st, 2023, sending another massive 8,888.88 BTC to the fund.
As reported earlier this year, Tether announced its decision to allocate as much as 15% of its profits into Bitcoin and now holds over $7.6 billion in BTC. This strategic move aimed at diversifying the company’s holdings during a tumultuous year where it began printing cash.
Recently, Tether has been making concerted efforts to diversify its assets by investing in emerging sectors such as AI, Bitcoin mining, and decentralized communications.
As news continues to unfold, investors remain vigilant, awaiting further information regarding this monumental transfer.
Source: coinpedia.org
