The largest stablecoin issuer Tether now reportedly owns $2.4 billion worth of Bitcoin and has made more than $1 billion in profits on its BTC investments.
Pseudonymous on-chain analyst EmberCN tells their 64,000 followers on the social media platform
The highest-ranked crypto asset by market cap is trading at $44,061 at the time of writing and is up more than 5% in the last 24 hours.
Tether mints USDT, the largest stablecoin by market capitalization. Company announced in May that it would regularly spend up to 15% of its net realized operating profit on purchasing BTC. EmberCN notes that Tether has purchased 4,083 BTC since the announcement.
Paolo Ardoino, Tether’s new CEO, said at the time that the company’s decision to invest in Bitcoin was due to its power and potential as an investment.
“Bitcoin has consistently proven its resilience and emerged as a long-term store of value with substantial growth potential. Bitcoin’s limited supply, decentralized nature, and widespread adoption have positioned it as a favorite choice among both institutional and retail investors.
Our investment in Bitcoin is not only a way to improve the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to change the way we do business and live our lives to reshape.”
Ardoino was Tether’s Chief Technology Officer at the time of the announcement, but he was promoted to CEO in October.
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Generated image: Midjourney
