Stablecoin

Equity

Bitcoin

Meme AI

Billion

Stablecoin issuer Tether recorded a record net profit of $4.52 billion in the first quarter as gains from Bitcoin and gold surged.
About $3.52 billion of the unrealized profit came from price gains on its holdings of Bitcoin and gold, while the additional $1 billion came from its US Treasury investments. It increased its ownership of Treasury bills to the highest level ever at $90 billion.
<img decoding="async" src="https://images.ctfassets.net/vyse88cgwfbl/UU9OhN1Z9UpSd77JhEadS/ace22e54b804df56a127fb7ed72c77d8/Tether_on_Fuze_TWITTER_copy.png" alt="Tether">
<h2 id="span-style-font-weight-400-tether-reveals-its-net-equity-for-the-first-time-span">Tether Reveals Its Net Equity For The First Time</h2>
<a href="https://insidebitcoins.com/news/tether-freezes-dozens-of-wallets-linked-to-us-sanctions" rel="noopener noreferrer nofollow">Tether</a> also revealed for the first time its net equity, which stood at $11.37 billion on March 31.&nbsp;
“This reflects a notable uptick from the recorded equity of $7.01 billion on December 31, 2023,” it said in a statement.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Tether Releases Q1 2024 Attestation: Reports Record-Breaking $4.52 Billion Profit, Highest Treasury Bill Ownership Percentage Ever, Total Group Equity of $11.37 Billion
 Read More:<a href="https://t.co/lzvEGK6nJS" rel="noopener noreferrer nofollow">https://t.co/lzvEGK6nJS</a>
 — Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1785642325353349297?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Fiat-denominated stablecoins issued by the firm are currently backed by as much as 90% in cash and cash equivalents, according to the latest attestations.
These attestations are part of the company’s efforts to be more transparent, and to address the <a href="https://insidebitcoins.com/news/binance-ceo-calls-tether-usdt-a-blackbox-lacking-transparency-aims-to-give-investors-alternatives" rel="noopener noreferrer nofollow">uncertainty</a> around the company’s reserves.&nbsp;
 “Tether once again demonstrates its commitment to transparency, openness and conservative risk management,” Tether CEO Paolo Ardoino said in a May 1 <a href="https://twitter.com/paoloardoino/status/1785645617651274040" rel="noopener noreferrer nofollow">post</a>&nbsp;on X.
<h2 id="span-style-font-weight-400-sitting-on-a-massive-unrealized-profit-for-its-btc-position-span">Sitting On A Massive Unrealized Profit For Its BTC Position</h2>
Tether is the seventh largest Bitcoin holder. Wallet “bc1q,” belonging to the company, currently holds 75,354 BTC that is worth over $4.34 billion, according to <a href="https://platform.arkhamintelligence.com/explorer/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4" rel="noopener noreferrer nofollow">Arkham Intelligence</a>. That is after Tether acquired 8,888 BTC with a value of $626 million from Bitfinex on Mar. 31.
Despite Bitcoin’s more than 9% <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">drop</a> over the past week, Tether’s unrealized profit for on its holdings stand at about $2 billion, according to the <a href="https://coinstats.app/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4/" rel="noopener noreferrer nofollow">CoinStats</a> portfolio tracker.
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
<ul>
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/upcoming-crypto-presales-unlock-early-investment-calsona-plu5e/" rel="noopener noreferrer nofollow">Upcoming Crypto Presales: Unlock Early Investment Opportunities!</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/bitcoin-plunges-8-to-below-60k-as-crypto-markets-have-worst-month-since-ftx-imploded-in-november-2022" rel="noopener noreferrer nofollow">Bitcoin Plunges 8% To Below $60K As Crypto Markets Have Worst Month Since FTX Imploded In November 2022</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/meme-ai-price-prediction-memeai-drops-3-as-this-chain-hopping-dogecoin-derivative-ico-blasts-past-13-million" rel="noopener noreferrer nofollow">Meme AI Price Prediction: MEMEAI Drops 3% As This Chain-Hopping Dogecoin Derivative ICO Blasts Past $13 Million</a></li>
</ul>

Tether Hits Record $4.5 Billion Profit In First Quarter On Gains From Bitcoin And Gold

목차

Inside Bitcoins

2024년 5월 2일에 게재된 다른 기사

FTX Executive’s Extravagant Lifestyle: From Bulletproof Cadillac to $1.5M Titanic Watch, Fueled b...

PEPE Price Remains Bullish Despite Market Plunge! What’s Next?

US Senators Urge President Joe Biden to Act on Crypto Regulation

Dev Venture Capital Firm Invests in Altcoin: Significant Surge in Coin Value Noted (ALT/USD)

Top Crypto Gainers Today May 02 – Telcoin, Axelar, Optimism, Jito

Bitcoin (BTC) and Ethereum (ETH) Surge Amid Steady US Interest Rates: A Crypto Market Revival

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!