Tether adds 9,850 Bitcoin to reserves over the past month
Key Takeaways
- Tether has increased its Bitcoin reserve by 9,850 Bitcoin over the past month.
- On Thursday, over $97 million in Bitcoin was sent to Tether's reserve wallet.
Tether, the issuer of the USDT stablecoin, has added 9,850 Bitcoin to its reserve since late September, according to Arkham Intelligence data .
The company has been transferring Bitcoin from Bitfinex to its official reserve addresses to strengthen the backing of its stablecoin operations. On November 6, over $97 million was transferred from Bitfinex’s wallet to Tether’s Bitcoin reserve wallet.
The move follows Tether’s ongoing approach to using Bitcoin reserves to hedge against market fluctuations while supporting its stablecoin infrastructure. The company’s reserve strategy involves building Bitcoin holdings during periods of market opportunity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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