Nikolas Sargeant
Tether, the company behind the world's largest stablecoin, has executed its most substantial Bitcoin transaction since March, moving approximately $780 million worth of Bitcoin to its corporate reserve. According to Arkham Intelligence, the transfer occurred on December 30 through two separate transactions, totaling 8,404.5 BTC. This addition brings Tether's total Bitcoin holdings to 83,759 BTC, valued at approximately $7.75 billion at current prices around $92,500.
The transfer aligns with Tether's May 2023 commitment to invest up to 15% of its net realized operating profits in Bitcoin. This latest move positions Tether as the second-largest Bitcoin holder among private companies, surpassed only by Block.one's 140,000 BTC. When including public companies, Tether ranks third, with MicroStrategy leading the pack with 446,400 BTC.
Corporate office and State Bitcoin Adoption Accelerates
This expansion of Bitcoin holdings coincides with broader institutional adoption trends. Notable newcomers to Bitcoin treasury management include KULR Technology Group, which purchased 217.18 BTC for $21 million on December 16, resulting in a 40% surge in its stock price. Similarly, Quantum BioPharma diversified its treasury with a $1 million investment in digital assets on December 20.
Tether's investment strategy extends beyond Bitcoin. The company recently ventured into venture capital with a $2 million investment in Arcanum Capital's Emerging Technologies Fund II, focusing on Web3 projects. Additionally, Tether made a significant $775 million investment in the video-sharing platform Rumble.
The trend of institutional Bitcoin adoption has expanded to state governments. Ohio has joined Texas and Pennsylvania in considering Bitcoin for state treasury reserves. Texas's Strategic Bitcoin Reserve Act, introduced by Representative Giovanni Capriglione, proposes holding Bitcoin as a reserve asset for at least five years. Pennsylvania's legislation, introduced by Representative Mike Cabell, suggests allocating up to 10% of the state's balance sheet to Bitcoin.
Corporate entities continue to demonstrate strong interest in Bitcoin accumulation. MARA Holdings announced the acquisition of 11,774 BTC on December 10, while Riot Platforms plans to raise $500 million through private bonds to expand its Bitcoin reserves. These moves reflect growing institutional confidence in Bitcoin as a treasury asset amid its price appreciation, with the cryptocurrency reaching an all-time high of $108,000 in mid-December 2024.
