Tether Moves ₱4.21 billion ($70 million) in Bitcoin to Reserves
Tether added to its Bitcoin reserves through a transfer from Bitfinex, bringing its total holdings to 97,141 BTC across reserve addresses. The stablecoin issuer allocates 15% of net realized profits to quarterly Bitcoin purchases.
Key Takeaway
Tether's consistent Bitcoin buying from stablecoin profits makes it the fifth largest on-chain holder with 97,141 BTC.
Blockchain analytics firm Arkham Intelligence spotted Tether transferring 951 BTC from a Bitfinex hot wallet to its designated reserve address. The move follows Tether's standing policy of allocating 15% of net realized profits to quarterly Bitcoin purchases, a framework introduced in 2023.
Tether CEO Paolo Ardoino previously confirmed the receiving wallet as the destination for the company's Bitcoin buys. The timing aligns with Tether's typical pattern of withdrawing from Bitfinex after each quarter closes.
The transfer ranks Tether as the fifth largest on-chain Bitcoin holder. Strategy leads with 780,897 BTC after acquiring 13,927 BTC for ₱60.08 billion ($1 billion) on April 13.
Tether launched tether.wallet on April 15, positioning it as a shift from backend liquidity provider to consumer-facing platform. The self-custodial wallet supports USDT, Bitcoin, and tokenized gold across Ethereum, Polygon, and Bitcoin blockchains, with private keys stored locally on user devices.
This article was written based on reporting from Bitcoin Magazine.
