In a new investment strategy, Tether, the stablecoin issuer, announced on Wednesday that it will begin regularly purchasing bitcoin (BTC) using a portion of its profits.
Tether to Put 15% of Realized Profits Into Bitcoin
Last week, Tether revealed that it holds $1.5 billion worth of BTC and $3.4 billion in gold, alongside its $82 billion USDT stablecoin. The company's reserves consist of 85% cash and cash-like assets, including U.S. Treasury bonds.
Paolo Ardoino, Tether's chief technology officer, emphasized the long-term value and growth potential of Bitcoin, stating that the investment would enhance their portfolio and align the company with transformative technology. The firm's decision represents a step towards addressing concerns about transparency and controversial investment practices.