Tether Holds $2.4 Billion Worth of Bitcoin, Makes Over $1 Billion in Profit
Tether, the top stablecoin issuer, has reportedly accumulated $2.4 billion worth of Bitcoin and has generated more than $1 billion in profit from its BTC investments. According to on-chain analyst EmberCN, Tether currently holds a total of 57,576 BTC purchased at an average cost of $22,480 per Bitcoin.
Tether’s Decision to Invest in Bitcoin
Tether, known for minting USDT, the largest stablecoin by market cap, made an announcement in May that it would allocate up to 15% of its net realized operating profits towards purchasing BTC. Since then, the company has acquired 4,083 BTC. Paolo Ardonio, Tether’s CEO, stated that the decision to invest in Bitcoin was due to its strength and potential as an investment.
Bitcoin’s Resilience and Growth Potential
Bitcoin’s limited supply, decentralized nature, and widespread adoption have made it a favored choice among institutional and retail investors. Tether’s investment in Bitcoin not only aims to enhance its portfolio performance but also aligns with the transformative potential of the technology.
Hot Take: Tether’s Strategic Move into Bitcoin
Tether’s strategic move to allocate part of its profits towards buying Bitcoin showcases the company’s confidence in the leading cryptocurrency as a long-term store of value. With over $2 billion worth of BTC holdings and substantial profits from its investments, Tether solidifies its position as a major player in both the stablecoin and crypto markets.
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