Tether, the issuer of the widely used USDT stablecoin, has made impressive gains of over $1.1 billion from its Bitcoin investments.
This lucrative venture has significantly bolstered Tether’s Bitcoin holdings, reaching 57,576 BTC, thanks to the recent surge in Bitcoin prices, which soared past $41,000.
According to reports from Chinese journalist Colin, Tether strategically acquired these Bitcoins at an average price of $22,480 each.
Notably, a significant portion of these acquisitions occurred before March 2023, allowing Tether to capitalize on the remarkable upswing in Bitcoin’s value.
Initiating a proactive investment strategy, Tether commenced allocating 15% of its net profits into Bitcoin starting in May 2023.
This deliberate approach not only reflects the company’s confidence in Bitcoin’s potential but also serves as a diversification strategy, reinforcing Tether’s reserves with the ever-growing digital asset.
Paolo Ardoino, Tether’s Chief Technology Officer (CTO), emphasized the allure of Bitcoin as an investment, citing its decentralized nature and limited supply as key factors.
He views the investment in Bitcoin not just as a financial move but as an alignment with transformative technology that continues to shape the cryptocurrency landscape.
