- Tether has solidified its position as the second-largest private Bitcoin holder with a $780 million BTC purchase.
- Meanwhile, Hong Kong lawmakers and companies like MicroStrategy continue to champion Bitcoin for financial stability and diversification despite concerns over its price trajectory heading into 2025.
Tether, the prominent issuer of the USDT stablecoin has hit the headlines with a significant addition to its Bitcoin Reserves. Notably, on December 30, the company transferred approximately $780 million worth of BTC to its corporate treasury, marking its largest Bitcoin purchase since March 2024.
According to data from Arkham Intelligence, Tether’s Bitcoin wallets received two significant transfers totaling 8,404.5 BTC. At the time of purchase, Bitcoin was trading near $92,500, bringing Tether’s total holdings to 90,083 BTC, equivalent to a staggering $8.3 billion. This positions Tether as the second-largest private Bitcoin holder, trailing only Block.one, which holds 140,000 BTC.
TETHER ADDS ANOTHER $700M BITCOIN TO RESERVES
SOURCE: ARKHAM pic.twitter.com/jhj4jIEh5o
— Arkham (@arkham) December 30, 2024
MicroStrategy Doubles Down on Bitcoin
Meanwhile, MicroStrategy, a leading institutional Bitcoin investor, continued to expand its holdings. Between December 23 and 29, the company purchased 2,138 BTC for $209 million at an average price of $97,837 per coin. This latest acquisition pushed MicroStrategy’s total Bitcoin holdings to 194,180 BTC. Co-founder Michael Saylor reiterated the company’s unwavering commitment to Bitcoin, hinting at further purchases regardless of price.
In the same vein, MicroStrategy’s stock price (MSTR) plummeted over 8% on December 30th following the company’s $209 million Bitcoin purchase. This significant drop has prompted some analysts to express concerns about the company’s heavily leveraged Bitcoin strategy.
Hong Kong Eyes Bitcoin for National Reserves
In a significant policy shift, Hong Kong lawmakers are exploring the inclusion of Bitcoin in the region’s national reserves. Wu Jiexhuang, a member of Hong Kong’s Legislative Council, proposed leveraging the “one country, two systems” framework to integrate Bitcoin. Jiexhuang emphasized Bitcoin’s potential to bolster financial stability and attract global investment.
Drawing parallels to El Salvador and Bhutan, which have incorporated Bitcoin into their reserves, Jiexhuang suggested starting with Bitcoin ETFs to assess market impact. He highlighted the strategic advantage of being an early adopter, aligning Hong Kong with China’s substantial Bitcoin holdings of 190,000 BTC.
Meanwhile, Bitcoin, the crypto titan is swapping hands with $94,057.28 after a 0.42% surge in the past 24 hours. Additionally the digital asset holding a market cap of $1.86T has recorded gains of 0.28% in the past week.
Institutional Momentum Continues
The corporate Bitcoin rush remains a dominant theme. Tether’s $780 million purchase, alongside MicroStrategy’s consistent accumulation and growing interest from other companies like KULR Technology Group, underscores Bitcoin’s growing appeal as a reserve asset. As 2025 approaches, market participants are watching closely, balancing optimism with caution in the face of potential volatility.
Bitcoin’s role as both a corporate treasury asset and a potential national reserve currency highlights its evolving status in the global financial landscape. Whether as a hedge against inflation or a strategic investment, Bitcoin continues to solidify its position among institutional players and governments alike.
