The largest issuer of stablecoins, TetherThe company recently announced record net profit for the first half of this year. This is undoubtedly a positive thing for the company. Bitcoinconsidering the company’s commitment to pooling the leading cryptocurrency with some of those profits.
Tether posts $5.2 billion net profit
Tether was revealed in Q2 Certification Report Saudi Telecom Company (STC) announced that it achieved a net operating profit of $5.2 billion in the first half of the year. This significant achievement came after the company recorded a net profit of $1.3 billion in the second quarter of this year. tie rope This record achievement is a positive development for Bitcoin because some of these profits will be used to purchase the leading cryptocurrency.
The stablecoin issuer is known to have started buying Bitcoin in September 2022 and has been adding to its Bitcoin holdings every quarter. In May 2023, the company took another step in Boosting its Bitcoin reserves By allocating 15% of its net profits to buy more Bitcoin.
At that time, Tether already owned about $1.5 billion worth of bitcoin. Since then, its bitcoin reserves have grown significantly, with Data from Arkham Intelligence On-Chain Analytics Platform Data from Arkham shows that the USDT issuer now owns 75,354 BTC ($4.8 billion). Data from Arkham also shows that Latest Bitcoin Purchase for Tether This came in March when they purchased 8,888 BTC for $626 million.
Tether CEO Paolo Ardoino This was explained in the last X (formerly Twitter) mail A Tether executive said the company’s investment arm bought bitcoin in the second quarter of this year. However, he did not provide any additional information on whether the company’s investment arm will handle bitcoin purchases going forward.
It’s also worth noting that Tether’s involvement in Bitcoin goes beyond just buying the leading cryptocurrency. The stablecoin issuer has also taken steps to become a major Bitcoin miner. Last year, Ardoino revealed plans to build Bitcoin mines in Uruguay and Paraguay and The Savior While it has acquired stakes in other Bitcoin mining companies.
Bitcoin’s Power on a Company’s Balance Sheet
Bill Miller IVChairman and Chief Investment Officer of Miller Value Partners, Recently highlighted How companies that have bitcoin on their balance sheet give them an advantage and allow them to outperform their competitors. He also pointed out that Small strategywhich has been buying Bitcoin since 2020, thanks to Co-founder of the company, Michael Sailor.
This “Bitcoin strategy” has certainly worked out well for the software company, which has become more valuable thanks to its exposure to the leading cryptocurrency. Miller noted that more companies are now looking to follow suit. Microstrategy stepsafter we realized the power of Bitcoin.
At the time of writing, Bitcoin is trading at around $64,200, down more than 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com