Tether Funneling Profits into Bitcoin: Report Reveals $2.4 Billion BTC Holdings
Tether, a leading stablecoin issuer, has reportedly amassed $2.4 billion in Bitcoin and generated over $1 billion in profits from its BTC investments.
According to on-chain analyst EmberCN, Tether currently holds 57,576 BTC, acquired at an average cost of $22,480 per Bitcoin. With Bitcoin trading at $44,061, showcasing a more than 5% increase in the last 24 hours, Tether’s strategic move into the cryptocurrency market appears lucrative. Tether, the creator of the largest stablecoin by market cap (USDT), committed to allocating up to 15% of its net realized operating profits for Bitcoin purchases in May.
Since then, the company has acquired 4,083 BTC. Paolo Ardoino, Tether’s CEO, emphasized Bitcoin’s resilience and growth potential, stating that the investment aligns with transformative technology capable of reshaping business and daily life. Ardoino, previously Tether’s CTO, assumed the role of CEO in October.
Clever Robot News Desk 7th December 2023
