Bitcoin

Northern

Billion

Rise

<a href="https://en.coin-turk.com/bitcoin-price-surpasses-30000-barrier-amid-speculation-of-sec-approval-for-spot-bitcoin-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> reached an impressive price of $44,000 for a short period of time in a week when the world’s largest stablecoin, <a href="https://coin-turk.com/cuzdaninda-tether-usdt-tutanlarin-aklinda-tek-bir-soru-usdt-yerini-ve-gucunu-kaybedecek-mi" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a>, behind which is the company <a href="https://coin-turk.com/tether-davasi-yaklasiyor-uzmanlar-ve-tether-aciklamasi-neye-isaret-ediyor" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a>, saw a significant increase in the value of its <a href="https://en.coin-turk.com/bitcoin-price-outlook-will-bitcoin-rise-after-rebounding-from-25000-support/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> assets. The company achieved an astonishing profit of over $1 billion with the increase in the price of the largest cryptocurrency. It is known that Tether had accumulated 4,083 BTC since May of this year.
<h2 style="text-align: justify" id="strong-tether-s-bitcoin-assets-value-is-rapidly-increasing-strong">Tether’s Bitcoin Assets Value is Rapidly Increasing</h2>
According to the data compiled by crypto analyst EmberCN, Tether currently holds approximately 57,576 BTC, equivalent to about $2.4 billion. The average purchase price per Bitcoin is $22,480, resulting in a profit rate of 85% at current prices. The company has reached an unrealized profit of $1.1 billion since its BTC purchases.
<img decoding="async" class="aligncenter size-full wp-image-285101" src="https://coin-turk.com/wp-content/uploads/2023/12/Altcoin-Tether-USDT-Bitcoin-BTC.jpeg" alt="" width="1280" height="720">
Tether’s massive unrealized profit is primarily due to the recent increase in the price of Bitcoin. The largest cryptocurrency briefly surpassed the $44,000 threshold on November 5 and is currently priced above $43,000. Data shows that the price of the crypto king has increased by 14.5% in the last 7 days.
Furthermore, the Bitcoin assets of the company behind USDT can be divided into two categories: the first category includes 53,492 BTC purchased before March of this year, while the second category includes 4,083 BTC purchased in May of this year. Moreover, Tether commits to allocate up to 15% of its realized profit to Bitcoin continuously.
Despite concerns caused by Bitcoin’s high volatility, Tether sees it as a flexible and long-term investment. This decision is part of the company behind USDT’s strategy to expand its portfolio beyond traditional assets such as cash and cash equivalents.
<h2 style="text-align: justify" id="strong-entering-the-bitcoin-mining-sector-strong">Entering the Bitcoin Mining Sector</h2>
In addition to increasing its Bitcoin assets, Tether plans to allocate more funds to Bitcoin mining as part of its expansion plans. The company announced in its recently published attestation report that it has a cash surplus exceeding $3 billion and plans to allocate $500 million to Bitcoin mining activities in the next six months.
In this context, Tether plans to establish new Bitcoin mining facilities and invest in existing mining operations. This includes providing a $609 million debt financing to the European Bitcoin miner Northern Data Group as part of Tether’s strategic initiatives. Continue Reading: <a href="https://en.coin-turk.com/bitcoins-rise-boosts-tethers-profit-reaching-1-billion/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-rise-boosts-tethers-profit-reaching-1-billion/</a>

Bitcoin’s Rise Boosts Tether’s Profit, Reaching $1 Billion

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