Tether adds to Bitcoin reserves with over $735 million withdrawals from the Bitfinex hot wallet

• Recent intelligence data indicates that Tether has acquired 8,888 BTC valued at $735 million from the Bitfinex hot wallet.
• The wallet in question now contains 92,000 BTC, amounting to $7.65 billion, positioning it as the sixth-largest BTC wallet.
• This acquisition aligns with Tether’s strategy to invest 15% of its profits into Bitcoin purchases to bolster its reserves.

Recent intelligence data indicates that Tether has secured 8,888 BTC, valued at $735 million, from Bitfinex’s hot wallet. The wallet currently houses 92,000 BTC worth $7.65 billion, making it the sixth-largest Bitcoin wallet. This action is part of Tether’s ongoing strategy, as it plans to use 15% of its profits to regularly buy Bitcoin to strengthen its reserves.

Tether increases its Bitcoin reserves by $735 million

Recent intelligence data reveals that Tether, the issuer of the USDT stablecoin, withdrew 8,888 BTC valued at $735 million from Bitfinex’s hot wallet on Tuesday, increasing its Bitcoin reserves. The company’s Bitcoin reserve wallet now holds 92,647 BTC, worth $7.65 billion, making it the sixth-largest BTC wallet.

Tether’s BTC reserve transfer chat.

This acquisition is part of Tether’s strategic plan to allocate 15% of its net operational profits toward regular Bitcoin purchases, aiming to diversify and strengthen its reserves, which include gold and US Treasury bonds.

Such developments are typically viewed as favorable for Bitcoin. Transferring coins from an exchange’s hot wallet to a non-exchange address, like Tether’s reserve, is often seen as a bullish indicator because it decreases the availability of Bitcoin for sale on the exchange, thereby reducing immediate selling pressure. Additionally, Tether’s acquisition reflects robust institutional interest in Bitcoin. As of Tuesday, Bitcoin was trading slightly higher, up 0.77%, at $83,170.