Bitcoin

<ul class="news-points"> 
 <li>Tether gains a profit of more than $1 billion in its Bitcoin holdings, while BTC sees substantial growth.</li> 
 <li>The platform currently owns a total of 57,576 BTC, worth $2.4B, accumulated at a rate of $22,480 per coin.</li> 
 <li>The profit is mainly because of Tether’s strategy of purchasing BTCs using a portion of its net profits.</li> 
</ul> 
Tether, the blockchain-enabled platform and issuer of <a href="https://coinedition.com/what-is-a-stablecoin/">USDT stablecoin</a>, has reportedly acquired a profit of over $1.1 billion from its Bitcoin holdings. The remarkable surge in BTC price over the past few days, surpassing $41,000, has greatly contributed to the 85%+ profit in Tether’s BTC holdings. 
In a recent X post shared by Wu Blockchain, Chinese crypto journalist Colin Wu shed light on the total 57,576 Bitcoins, worth $2.4 billion, accumulated by Tether at a rate of $22,480 per coin. As per the tweet, 53,492 Bitcoins of the total collection were reserved before March 2023. 
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 Tether’s holdings of BTC currently have a profit of $1.1 billion (+85%). Tether currently holds a total of 57,576 BTC ($2.4B), with a cost of $22,480 per bitcoin. Among them, 53,492 BTC were reserved before March this year, and 4,083 BTC were purchased regularly usi…
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The post <a href="https://coinedition.com/tethers-profit-in-bitcoin-holdings-surges-past-1-billion-report/">Tether’s Profit in Bitcoin Holdings Surges Past $1 Billion: Report</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Tether’s Profit in Bitcoin Holdings Surges Past $1 Billion: Report

Coin Edition

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