2024

Artificial Intelligence

Bitcoin

<img width="2560" height="1707" src="https://coingape.com/wp-content/uploads/2024/01/WB10.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/WB10.jpg 2560w, https://coingape.com/wp-content/uploads/2024/01/WB10-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/WB10-1224x816.jpg 1224w, https://coingape.com/wp-content/uploads/2024/01/WB10-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/WB10-1536x1024.jpg 1536w, https://coingape.com/wp-content/uploads/2024/01/WB10-2048x1366.jpg 2048w, https://coingape.com/wp-content/uploads/2024/01/WB10-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2024/01/WB10-272x182.jpg 272w" sizes="(max-width: 2560px) 100vw, 2560px">
According to the latest Tether earning report for the fourth quarter of 2023, the firm recorded $2.85 billion in profit. The report, prepared by global auditing firm BDO shows that this net profit is now 10% of JPMorgan’s earnings according to an observation made by Messari founder and CEO, Ryan Selkis. 
<h2 id="strong-tether-earnings-breakdown-strong">Tether Earnings Breakdown</h2> 
Paolo Ardoino, Tether’s CEO who also doubles as Bitfinex’s CTO, posted more details of the Tether earnings report.&nbsp; 
The $2.85 billion profit for the quarter brings Tether’s total profit for 2023 to $6.2 billion. Of the Q4 2023 profit, $1 billion was in net operating profit tied mainly to US Treasury Bills’ interests while approximately $1.85 billion was from its gold and Bitcoin holdings.&nbsp; 
In addition to the recorded Tether earnings, the firm also set a new all-time-high increase in excess reserves backing its tokens in circulation.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Tether Q4/2023 attestation is out. 
 My summary: 
 – profit for the quarter: $2.85B, of which ~$1B in net operational profit (mainly US t-bill interests), ~$1.85B from gold and <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> holdings. 
 – total profit for 2023: $6.2B. 
 – cash &amp; cash equivalents cover now 90% of all… <a href="https://t.co/AXjDw33QTc">https://t.co/AXjDw33QTc</a> 
 — Paolo Ardoino <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f350.png" alt="🍐" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1752702607305691232?ref_src=twsrc%5Etfw">January 31, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Notably, the profit pushed the firm’s excess reserves by $2.2 billion to a total of $5.4 billion. The other parts of the funds were invested in project investments like mining, Artificial Intelligence (AI) infrastructure, and P2P communications, but Tether does not regard them to be part of its reserves. 
<h2 id="strong-tether-is-advancing-on-different-levels-strong">Tether is Advancing on Different Levels</h2> 
The Tether ecosystem has faced intense scrutiny that questioned the validity of its reserve. However, in recent times the firm has been receiving validation from protocols that attest to its reserve. Howard Lutnick, the Chairman and CEO of American Financial Services firm, Cantor Fitzgerald recently <a href="https://coingape.com/cantor-fitzgerald-ceo-validates-tether-usdt-reserves/">attested to the validity of Tether reserves</a>. 
Generally, the USDT issuer has made giant strides in the last few months which has contributed to its growing popularity. A few days ago, Tether <a href="https://coingape.com/tether-mints-1-billion-targets-historic-market-cap/">minted an additional $1 billion in&nbsp;USDT tokens</a>&nbsp;on the Tron blockchain. Ardoino noted that the minting operation&nbsp;is aimed at future requirements rather than immediate circulation.&nbsp; 
Since last year, the firm has itemized its huge multi-year mining strategy with the plan to become one of the largest Bitcoin miners in the long run. <a href="https://coingape.com/tether-maps-out-3-year-mega-bitcoin-mining-plans/">Tether mapped out a three-year mega plan</a>&nbsp;for its&nbsp;Bitcoin&nbsp;mining&nbsp;venture, a move that has gained momentum as it involves investing up to $500 million into the sector until 2025. 
Similarly, the firm is looking into the construction of crypto-mining sites and would likely purchase stakes in other companies. 
The post <a href="https://coingape.com/tether-prints-10-of-jpmorgans-earnings-new-report-shows/">Tether Prints 10% of JPMorgan’s Earnings, New Report Shows</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Tether Prints 10% of JPMorgan’s Earnings, New Report Shows

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