Tether Bets On Bitcoin: Allocates Up To 15% Of Profits For BTC Purchases
Sponsored
Sponsored
Tether, the company managing the reserves of the world’s largest stablecoin USDT, has announced a new investment strategy aimed at strengthening its reserves portfolio. Tether will now allocate up to 15% of its net realized operating profits toward purchasing Bitcoin (BTC) regularly. This move is expected to diversify Tether’s reserves, which currently hold approximately $1.5 billion in BTC. Tether’s Q1 2023 Assurance Report highlights the company’s commitment to maintaining a strong shareholder capital cushion while increasing its Bitcoin holdings. The report also notes that Tether takes possession of the private keys associated with all of its Bitcoin holdings, reflecting the
Tether’s substantial Bitcoin holdings and compliance with emerging U.S. stablecoin regulations have drawn the attention of financial analysts. Recent disclosures indicate that the stablecoin issuer holds approximately 83,759 BTC, valued at over $8.02 billion. This amount represents 0.4% of Bitcoin’s total supply. Meanwhile, latest analysis by JPMorgan has noted that…