Tether Posts $1.1 bn Profit From Bitcoin Holdings
Tether, the issuer of USDT stablecoin, has reportedly gained over $1.1 billion from its Bitcoin investments, bolstering its BTC holdings with strategic buys and profiting from the recent price surge.
The company bought Bitcoins at an average price of $22,480 each, with most bought before March 2023. Tether started investing 15% of its net profits into Bitcoin in May 2023, aiming to diversify and strengthen its reserves.
CTO Paolo Ardoino praised Bitcoin’s decentralized nature and limited supply, viewing it as aligning with transformative technology. Bitcoin’s performance has been outstanding, trading at $41,821.40 with a 12.67% weekly gain, maintaining its top position in the cryptocurrency market.
(With inputs from Shikha Singh)
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