Tether moves nearly $100 million in bitcoin to reserve wallet: Arkham

Tether has reportedly increased its Bitcoin holdings by 961 BTC, valued at $97.3 million, moving the assets to an address labeled as part of its reserve wallet, according to onchain analysts citing data from Arkham and Nansen. The funds originated from a Bitfinex hot wallet, making it unclear if this was a new purchase or an internal transfer of existing reserves. This move is consistent with Tether's strategy of accumulating Bitcoin, which it began in September 2022 and formalized by allocating 15% of quarterly net profits toward BTC purchases in May 2023. This latest addition brings Tether's total tracked reserve holdings to 87,296 BTC, making it the second-largest known private company holder. Analysts suggest that based on the withdrawal price from Bitfinex, the average purchase price was around $49,121, resulting in a significant floating profit. Separately, Tether recently reported over $10 billion in profits for the first three quarters of the year and holds over $135 billion in U.S. Treasurys.

(Source：The Block)