Tether CEO Paolo Ardoino stated in an interview that net profit in 2024 is expected to exceed 10 billion USD. Tether has invested more than half of its net profit, and it will be the same next year. Tether also announced a 775 million USD investment in the video sharing platform Rumble.
Tether's net profit in 2024 exceeds 10 billion USD, half will be used for investment.
According to Bloomberg reports, Tether CEO Paolo Ardoino stated in an interview that net profit is expected to exceed 10 billion USD by the end of this year.
As Bitcoin and many other cryptocurrencies surged to all-time highs, the demand for Tether's USDT stablecoin, which is pegged to the US dollar, skyrocketed. According to CoinMarketCap data, the market cap of this token increased by nearly 50 billion USD this year, currently exceeding 140 billion USD. Most of Tether's revenue comes from investing the reserves that support its stablecoin in U.S. Treasury bonds, gold, and Bitcoin.
Ardoino stated that this year, Tether has invested more than half of its net profit. It will be the same next year.
Our investments have just begun, Tether plans to launch its own AI platform in the first quarter, allowing people to interact with AI using their smartphones.
Tether announced an investment in Rumble.
Last Friday, Tether announced an investment in the video sharing platform Rumble, purchasing 103,333,333 shares of Rumble Class A common stock at a price of 7.50 USD per share, totaling 775 million USD. Of this amount, 250 million USD will be used to support growth plans.
Rumble is an online video platform, web hosting, and cloud services company headquartered in Toronto, Canada, with its U.S. headquarters in Florida. The company was founded in 2013 by Chris Pavlovski to provide an alternative platform to YouTube for independent filmmakers and small content creators.
Rumble has received investments from venture capitalists such as Peter Thiel, Vivek Ramaswamy, and Trump’s running mate JD Vance.
In December 2021, Trump Media & Technology Group (TMTG) announced a broad technology and cloud services agreement with Rumble, with Rumble responsible for operating part of the Truth Social platform.
Upon the news, Rumble (stock code: RUM) saw its stock price surge over 50% in after-hours trading, reaching 10.79 USD.
This article Tether's net profit in 2024 exceeds 10 billion USD, announcing an investment in the video platform Rumble first appeared in Chain News ABMedia.