Tether Makes Over $1.1 Billion Profit From Bitcoin Holdings

Tether Makes Over $1.1 Billion Profit From Bitcoin Holdings

Crypto FirmBitcoin

By Miles

05 Dec 2023 (6 months ago)

1 min read

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Tether gains over $1.1B from Bitcoin investments, boosting its BTC holdings with strategic buys and benefiting from the recent price surge.

The issuer of USDT stablecoin, Tether invested in Bitcoin and has gained over $1.1 billion profit from its investments. Bitcoin's recent price increase to over $41,000 significantly boosted Tether’s 57,576 BTC holdings.

Tether bought these Bitcoins at an average price of $22,480 each as reported by Chinese journalist Colin. Most of these Bitcoins were bought before March 2023, benefiting from the recent price surge.

Tether started investing 15% of its net profits into Bitcoin in May 2023, adding to its substantial BTC portfolio. This strategic move aims to diversify and strengthen Tether’s reserves.

Tether’s CTO Paolo Ardoino highlighted Bitcoin as an appealing investment, due to its decentralized nature and limited supply. He sees their Bitcoin investment as aligning with transformative technology.

Bitcoin performance has been outstanding lately, trading at $41,821.40 with a 12.67% weekly gain. Its market cap of $816 billion maintains its top position in the cryptocurrency market

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