Tether, the issuer of the USDT stablecoin, has reaped over $1.1 billion in profits from its shrewd Bitcoin investments. The company's strategic Bitcoin buys, coupled with the recent price surge of the digital currency, have significantly bolstered Tether's BTC holdings to a staggering 57,576 BTC.
Tether acquired these Bitcoins at an average price of $22,480 each, with the majority of these purchases made before March 2023. This savvy investment strategy has positioned Tether to capitalize on the recent Bitcoin price rally.
In May 2023, Tether embarked on a new strategy of allocating 15% of its net profits to Bitcoin investments, further expanding its substantial BTC portfolio. This strategic move aims to diversify and strengthen Tether's reserves, enhancing the stability and security of its USDT stablecoin.
Tether's CTO, Paolo Ardoino, underscored Bitcoin's decentralized nature and limited supply as key factors driving Tether's investment decision. He views Bitcoin as a transformative technology that aligns perfectly with Tether's mission to provide a reliable and secure digital currency.
Bitcoin's recent performance has been nothing short of remarkable, with its price soaring to $41,821.40, representing a remarkable 12.67% weekly gain. Bitcoin's market cap, currently standing at $816 billion, reaffirms its position as the undisputed king of the cryptocurrency market.
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