Tether adds almost $800M worth of bitcoin, lifting reserves above 96,000 BTC.

The move reflects Tether’s standing policy of directing up to 15% of its quarterly profits into bitcoin, a framework that has steadily positioned the world’s largest stablecoin issuer among the largest corporate BTC holders.

The transfer, valued at roughly $780 million at current market prices, highlights a disciplined accumulation strategy rather than a one-off purchase. Since rolling out the policy in 2023, Tether has consistently funneled a portion of its realized quarterly operating profits into bitcoin, effectively operating as a systematic buyer.

Those purchases are tied directly to Tether’s profit engine. Earnings are generated primarily from the cash-like assets backing USDT, including short-term U.S. Treasuries and repurchase agreements. As interest rates stay elevated and stablecoin demand remains strong, operating profits rise — increasing the capacity for further bitcoin accumulation.

Unlike corporate buyers that raise external capital to fund BTC acquisitions, Tether’s approach functions as an internal treasury allocation. The company uses surplus earnings to diversify its reserves without dipping into the assets that support its stablecoin liabilities, while keeping the bulk of backing in highly liquid instruments.

The timing stands out as well. Bitcoin has struggled to sustain rallies into year-end, with liquidity thinning across exchanges and risk appetite remaining uneven.

Bitcoin was trading near $89,000 by mid-day Hong Kong time.