Tether has profited by over $1.1 billion as a result of investments in Bitcoin. The company has increased its holdings of Bitcoin via strategic purchases and has benefited from the current price boom.
Tether, the company that issues the USDT stablecoin, has made investments in Bitcoin and now has a profit of more than $1.1 billion as a result of those transactions. Tether’s holdings of 57,576 Bitcoin were dramatically increased as a result of the recent price surge of Bitcoin to more than $41,000.
According to the information provided by a Chinese journalist named Colin, Tether purchased these bitcoins at an average price of $22,480 apiece. The majority of these bitcoins were purchased before March 2023, with the intention of taking advantage of the current price spike.
Tether began investing fifteen percent of its net income in Bitcoin in May 2023, therefore adding to the considerable amount of Bitcoin it already had. Tether’s reserves are going to be strengthened and diversified as a result of this strategic decision.
Bitcoin was highlighted as an attractive investment by Paolo Ardoino, the Chief Technology Officer of Tether, owing to the fact that it is decentralized and has a finite quantity. He believes that their investment in Bitcoin is in line with the development of transformational technologies.
Bitcoin’s performance has been tremendous as of late, with the cryptocurrency now trading at $41,821.40 and a weekly increase of 12.67%. Its market capitalization of $816 billion demonstrates that it continues to dominate the cryptocurrency industry.
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