Tether Transfers 7,629 BTC Worth $700 Million To Its Bitcoin Reserve

In a latest development, as per data from Arkham Intelligence, the stable coin issuer Tether, has sent 7,629 BTC worth approximately $700 million to its bitcoin reserve address from Bitfinex’s hot wallet about an hour ago at 14:00 UTC.

Notably, this is the largest transaction sent to Tether’s strategic bitcoin reserve since March 2024, when it transferred 8,888.88 BTC. The firm also sent 8,888.88 BTC to the fund on the last day of 2023.

Currently, Tether Bitcoin reserves holds a total of 82,983 BTC. The firm accumulated this funds for $2.99 billion at an average price of approximately $36,125. These Bitcoin holdigns are currently worth $7.68 billion. 

Tether’s Increasing Efforts To Diversify

In May 2023, Tether announced that it would start allocating as much as 15% of its profits into bitcoin and now holds over $7.6 billion in BTC. This move was aimed at diversifying the company’s holdings during a year when it began printing cash. Lately, Tether has made mindful efforts to diversify its holdings and invest its capital in emerging sectors like AI, bitcoin mining and decentralized communications.

Besides, Paolo Ardoino, Tether’s CEO, has expressed ambitions to venture into other technological sectors, including artificial intelligence and energy. As per a previous report, Tether could bring some of its artificial intelligence plans to fruition by early 2025. 

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Delisting Concerns

Tether faces growing concerns as there is a lot of fear, uncertainty, and doubt (FUD) in the market around USDT’s legality in Europe once the MiCA rules are enforced. With the full implementation of the Markets In Crypto Assets (MiCA) regulation today, there are increasing concerns over the potential delisting of Tether.

Amidst growing concerns, USDT’s market cap fell from $140.5 billion to $138 billion over the past week, declining by $2 billion, which is the largest drop in a year of continuous growth. While the stablecoin will only exit the centralized exchanges in the EU, USDT will still be available on DEXs and P2P platforms.