Tether moves $70M in Bitcoin to reserve wallet as holdings top 97,000 BTC

Tether moved 951 Bitcoin worth about $70 million to a reserve wallet earlier today, according to Arkham tracked wallet activity.

The transfer was made when Bitcoin was trading near $74,200. At press time, Bitcoin was changing hands around $75,000, lifting the stablecoin issuer’s identified holdings to roughly 97,204 $BTC, worth about $7.26 billion.

The move appears consistent with Tether’s longer running reserve strategy rather than a sudden change in allocation. In May 2023, the company said it would regularly direct up to 15% of its net realized operating profits toward Bitcoin purchases as part of a plan to strengthen and diversify reserves.

Since then, Bitcoin has become a visible part of Tether’s treasury mix as the company continues expanding the reserves backing USDT, with $BTC now accounting for roughly 4.3% of Tether’s reserve assets, according to the company’s transparency reserves report website.