Tether Moves $1 Billion in Bitcoin from Bitfinex Wallet
The USDT issuer acquired an additional 8,889 BTC for $1 billion, increasing its total reserves and solidifying its rank as the second-largest corporate Bitcoin holder behind MicroStrategy.
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Summary
Tether has increased its Bitcoin holdings by purchasing an additional 8,889 BTC for approximately $1 billion at the end of the third quarter. According to Arkham data and confirmed by CEO Paolo Ardoino, this brings Tether's total reserves to 86,335 BTC, valued at over $10.2 billion. The acquisition solidifies Tether's position as the second-largest corporate Bitcoin treasury, controlling 0.4% of the total BTC supply.
Terms & Concepts
- BTC: The ticker symbol for Bitcoin, the first and largest cryptocurrency by market capitalization.
- USDT: The ticker symbol for Tether, a stablecoin pegged to the U.S. dollar and issued by Tether Limited.
- Corporate Treasury: The financial assets a company holds on its balance sheet. Some corporations have begun adding Bitcoin to their treasury reserves as a hedge against inflation or a long-term investment.