Tether added another block of Bitcoin to its balance sheet at the end of the quarter, with on-chain data showing roughly 8,888 coins, about $1 billion at recent prices, moved into a wallet labeled as part of the firm’s reserves on September 30.
The transfer was flagged by blockchain tracking services that monitor addresses associated with the stablecoin issuer and Bitfinex, its sister exchange.
Tether has not issued a formal press statement on the transaction, but the pattern mirrors prior quarter end top ups that on-chain analysts have documented.
The purchase is consistent with a policy Tether announced in 2023 to regularly allocate up to 15% of quarterly net realized operating profits to Bitcoin.
The company framed the move as diversification within its reserve mix alongside cash, cash equivalents, and other short duration assets.
The size of the latest transfer fits that playbook while underscoring how the stablecoin business model, which earns interest on large holdings of U.S. Treasurys and cash equivalents, can translate into recurring capacity to accumulate Bitcoin.
Tether is a dominant source of crypto market liquidity. When it adds to its Bitcoin holdings, it signals durable institutional demand and can tighten the free float, especially around quarter end when traditional markets also see portfolio rebalancing.
The timing of the September 30 move suggests Tether continues to batch purchases and consolidate them into a primary reserve address after coins are sourced from an exchange wallet, a workflow that aligns with earlier observed transactions tied to the company.
Tether reported billions in quarterly net profit and highlighted the contribution from interest income on its Treasury holdings.
While those reports do not provide a line by line count of every coin, they illustrate why the company has latitude to keep adding to Bitcoin without dipping into circulating token backing.
Any mark to market gains on Bitcoin are separate from operating results, which Tether says continue to be driven by its core stablecoin business.
On-chain labeling is strong but not infallible, and without an explicit company confirmation there is a nonzero chance that some portion of the flow reflects internal wallet management rather than fresh net buying.
The destination address matches a reserve wallet that analysts have tracked through prior quarter end transfers, and the amounts are in the same ballpark as past additions.
