Tether has increased its Bitcoin stockpile this week, having acquired BTC 951 amounting to over $70.4 million. According to data by on-chain security firm Arkham Intelligence, the acquired BTC has been wired into Tether’s reserve treasury wallet. The transaction was routed out of a Bitfinex hot wallet, data by Arkham showed on Wednesday.
Tether’s BTC reserve is now lush with approximitely BTC 97,141 making the stablecoin giant one of the largest holders of BTC in the private sector. Its BTC holdings are presently worth over $7.3 billion, Arkham’s data reflected at press time.
Since 2023, Tether has been allocating 15 percent of its net realized profits towards acquiring Bitcoin on a quarterly basis. The USDT issuer essentially converts a portion of its stablecoin issuance revenue into its BTC purchase.
Source: Arkham Intelligence
This is the second batch of BTC transfer that Tether has routed to its treasury reserve in the last one week.
On April 11 as well, Tether transferred four BTC approximately worth $288,700 from a Binance hot wallet into its treasury.
Source: Arkham Intelligence
The development comes a day after Tether debuted its self-custodial digital wallet called tether.wallet. The wallet service has been launched with support for assets like BTC, Tether, and XAUT (Tether Gold).
In the coming months, Tether will be undergoing a full audit checkup for the first time since being founded in July 2014. The company has tapped KPMG and PwC from the Big Four cluster for the process. While KPMG will be reviewing the stablecoin firm, PwC is helping Tether prepare its systems and controls for the auditory reporting purposes.
Through this audit, the company valued at around $184 billion is looking to bust the long followed trail of fud suspicions for its community.
As per company CEO Paolo Ardonio, the El Salvador-headquartered company is targeting a valuation of $500 billion and is already in discussion with potential investors.