- Tether gains a profit of more than $1 billion in its Bitcoin holdings, while BTC sees substantial growth.
- The platform currently owns a total of 57,576 BTC, worth $2.4B, accumulated at a rate of $22,480 per coin.
- The profit is mainly because of Tether’s strategy of purchasing BTCs using a portion of its net profits.
Tether, the blockchain-enabled platform and issuer of USDT stablecoin, 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.
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…The post Tether’s Profit in Bitcoin Holdings Surges Past $1 Billion: Report appeared first on Coin Edition.