Tether moves $70M in Bitcoin to reserve wallet as holdings top 97,000 BTC
Crypto Briefing
Tether transferred $70 million in Bitcoin to a reserve wallet, increasing its holdings to over 97,000 BTC.Summary
Tether has moved approximately $70 million worth of Bitcoin, equivalent to 951 BTC, to a reserve wallet. This transaction occurred when Bitcoin was trading around $74,200, and at press time, with Bitcoin prices near $75,000, Tether's identified Bitcoin holdings now exceed 97,204 BTC, valued at about $7.26 billion. This action aligns with Tether's established reserve strategy, which includes allocating up to 15% of net realized operating profits to Bitcoin purchases since May 2023 to bolster and diversify its reserves. Bitcoin now represents roughly 4.3% of Tether's total reserve assets, as indicated on the company's transparency report website.
(Source：Crypto Briefing)