The leading stablecoin issuer, Tether added around 8,404.5 BTC to its Bitcoin reserve, amounting to some $777.4 million at current Bitcoin’s price of approximately $92,500.
Both transfers, valued at 7,628.9 BTC and 775.6 BTC, were made in wallets tagged for Tether’s reserves by Arkham Intelligence. This acquisition marks Tether’s first major Bitcoin move since March 31. when it acquired 8,888 BTC shortly after Bitcoin surged past $70,000.
With the latest addition, Tether’s total Bitcoin holdings now stand at 83,759 BTC, worth approximately $7.75 billion. Despite Bitcoin’s recent dip from its mid-December all-time high of $108,000, it has experienced a 108% price increase in 2024.
With the second position and only behind Block.one with 700,000 BTC in their privately owned businesses, Tether has become the second largest Bitcoin holder ever. Third among all companies, private and public, Tether ranks. Microstrategy has 446,400 BTC in their portfolio according to Bitbo data.
Tether invests $775M in Rumble for strategic growth
Tether went even further, and it recently invested $775 million into video sharing platform Rumble. Rumble’s ambitious growth plans align with this partnership. The announcement reveals that $250 million of those funds will support Rumble’s expansion efforts and that the remaining $525 million will facilitate a buyback of up to 70 million shares of Rumble’s Class A Common Stock at $7.50 per share at the same rate that Tether is providing the investment.
Tether’s support positions Rumble to strengthen its market presence and drive innovation in video-sharing technology. This is Tether’s attempt to expand into new investments while continuing to hold its own in the cryptocurrency market. Tether has positioned itself as a major force in both the crypto and tech industries by its backing of tech focused enterprises and strengthening its digital asset reserves.
