Crypto News – Over $1.1 billion has apparently been profited from Tether’s Bitcoin holdings.
Tether Profit Passes $1 Billion
A major factor in Tether’s BTC holdings’ 85%+ profit has been the astounding rise in BTC price over the last few days, which has exceeded $41,000. Chinese writer Colin Wu revealed details of the $2.4 billion total value of 57,576 Bitcoins that Tether has amassed at a rate of $22,480 per coin in a recent X post published by Wu Blockchain. A total of 53,492 Bitcoins were reserved before March 2023, according to the tweet.
Tether Holds Close to $1.5 billion in bitcoin reserves
Tether’s remarkable gain in Bitcoin holdings is allegedly mostly the result of the platform buying cryptocurrencies with a percentage of its net revenues. Tether began investing in Bitcoin on a regular basis in May 2023, contributing 4,083 BTC to their portfolio with the use of 15% of their net income.
A new investment strategy that Tether implemented in May calls for the regular allocation of “up to 15% of its net realized operating profits towards purchasing Bitcoin.” Tether reported holding roughly $1.5 billion in Bitcoin reserves in its Q1 2023 Assurance Report. The goal of the new Bitcoin accumulation approach was to increase the reserves’ robustness and diversification.
Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential… Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.
Paolo Ardoino, Tether CTO
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