The USDT stablecoin issuer, Tether, is also on the list of companies around the globe that have adopted a strategic Bitcoin reserve. In a recent transaction, its Bitcoin holding wallet received 7,629 BTC worth approximately $705.25 million from a wallet linked to Bitfinex.
Just in: #Tether Bitcoin reserves have received 7,629 $BTC worth $705.25M from #Bitfinex after being dormant for 9 months.
Currently, #Tether Bitcoin reserves hold 82,983 $BTC accumulated for $2.99B at an average price of ~$36,125. Currently, these $BTC are worth $7.68B.… pic.twitter.com/nOhyNWpgby
— Onchain Lens (@OnchainLens) December 30, 2024
Remarkably, Tether’s bitcoin purchase falls on the same day as American business intelligence firm MicroStrategy’s latest acquisition announcement. Bitcoin also dropped as low as $91,800 on Monday.
83,983 BTC Bagged
According to Arkham, Tether’s Bitcoin reserve wallet has been dormant for nine months. Moreover, its latest purchase rounded its holdings to about 83,983 BTC, acquired for $2.99 billion at an average purchase price of $36,125. By the crypto’s spot price of $92,000, it is worth more than $7.7 billion.
Notably, Tether is the only company whose average bitcoin purchase price is lower than that of MicroStrategy.
Genius Group Joins Shopping Spree
Another company on the list of Bitcoin reserve adopters is Genius Group, an AI-powered, Bitcoin-first education group. On the same day, it announced a purchase of about $10 million worth of BTC at an average price of $93,919, increasing its holdings to 319.4 bitcoins, valued at approximately $30 million.
The company adopted a “bitcoin-first” strategy in November and has revealed plans to commit at least 90% of its current and future reserves to BTC acquisition, targeting at least $120 million worth of crypto holdings. Remarkably, its latest purchase conquers 25% of its goal, as it plans to meet the milestone quickly.
Roger Hamilton, CEO of Genius Group, said:
“It has been less than two months since we launched our Bitcoin Treasury Strategy. We have been buying Bitcoin consistently and are pleased to be ahead of our internal schedule to reach our initial target of 1,000 Bitcoin in our treasury.”
Between the day of its first purchase and Monday, December 30, 2024, Genius Group achieved a BTC yield of 1,649% in Q4 2024.
Meanwhile, BTC has recovered in price and sits above the $94,200 mark at press time.
