Tether Strikes Gold In Bitcoin: Profits Soar Above $1 Billion Amid Bull Market
05 Diciembre 2023 - 1:00PM
NEWSBTC
Tether, known for its USDT stablecoin, has recently made headlines
with its Bitcoin holdings soaring in value, generating a profit
exceeding $1 billion. Notably, this significant financial gain can
be attributed to the stablecoin issuer’s approach of buying Bitcoin
using a portion of its net profits. This move has proven highly
lucrative amid the recent surge in BTC prices. According to
reporter Wu Blockchain, Tether’s holdings currently stand at 57,576
BTC, valued at an estimated $2.4 billion. These holdings were
acquired at an average rate of $22,480 per BTC, reflecting a savvy
investment strategy in the volatile crypto market. Tether’s
holdings of BTC currently have a profit of $1.1 billion (+85%).
Tether currently holds a total of 57,576 BTC ($2.4B), with a cost
of $22,480 per bitcoin. Among them, 53,492 BTC were reserved before
March this year, and 4,083 BTC were purchased regularly using 15%
of… — Wu Blockchain (@WuBlockchain) December 5, 2023 The recent
surge in Bitcoin’s value, which has surpassed the $41,000 mark, has
been a major contributor to Tether’s significant profit margin,
showcasing the potential of strategic crypto investments. Related
Reading: Bitcoin’s Bullish Surge Ahead: Deribit Predicts Major
Price Leap In Early 2024 BTC Accumulation And Market Impact The
notable profit realized by Tether is the result of its investment
strategy implemented in May 2023. The company began allocating up
to 15% of its net realized operating profits towards Bitcoin
purchases. This strategic decision has not only diversified
Tether’s investment portfolio but also aligned the company with
Bitcoin’s potential as a “transformative”
technology, according to Tether’s CTO Paolo Ardoino. Paolo
Ardoino noted that the choice to invest in Bitcoin was based on its
decentralized nature, limited supply, and growing global adoption.
Ardoino emphasized Bitcoin’s “resilience” as a “long-term store of
value” and its potential to reshape business and lifestyle
paradigms. The Tether CTO stated: 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. As of the first quarter of 2023,
Tether’s BTC reserves were valued at around $1.5 billion, a
testament to the success of its Bitcoin accumulation strategy.
Related Reading: Bitcoin Alert: $137 Million Moved By Long-Sleeping
Whale, Market Braces For Impact Bitcoin Rains Profits The ongoing
bull run in the crypto market has benefitted Tether and other
prominent Bitcoin proponents. Max Keiser, a well-known trader and
BTC supporter in the crypto community, recently revealed a
significant surge in his Bitcoin holdings on X. I’m up 20,000,000%
since 2011 with my #Bitcoin https://t.co/nfj4AMSgmR — Max Keiser
(@maxkeiser) December 4, 2023 Keiser, who has been investing in
Bitcoin since 2011, recognized the potential of BTC early on. While
Keiser has not publicly disclosed the exact amount of BTC he owns,
it’s clear that his early investment has paid off handsomely over
the years. Featured image from iStock, Chart from TradingView
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