Tether Purchases $735 Million in Bitcoin in Q1
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Stablecoin issuer Tether Holdings purchased 8,888 Bitcoin in the first quarter, adding $735 million worth of the asset to its reserves on Tuesday alongside its latest attestation report. The company managing Tether’s industry-leading footprint now controls $7.8 billion worth of Bitcoin, according to the blockchain data platform Arkham Intelligence. Three months ago, Tether padded its reserves with $777 million worth of Bitcoin. Tether meanwhile reported record-breaking profits of $4.5 billion the first quarter, saying $1 billion flowed from massive holdings of U.S. Treasuries in a new attestation report. The El Salvador-based firm said it now holds $90.87 billion worth of U.S. Treasuries, which mirrors Germany’s holdings of U.S. debt in early 2024, per U.S. Treasury Department data. The remainder of Tether’s profits came from market-to-market gains on its Bitcoin and gold, the company said. Within the company’s reserves, which includes cash equivalents and other investments, Tether says it holds $5.4 billion worth of Bitcoin and $3.65 billion worth of gold. The company said in May 2023 that it would allocate up to 15% of its net realized operating profits to the world’s largest cryptocurrency. At the time, its Bitcoin holdings were worth around $1.5 billion. In the first quarter, the precious metal’s price set new records. Futures contracts for the precious metal also rose over 19%, marking the best quarterly stretch since 1986, per Barron’s. Bitcoin’s price fell 12% over the same period, according to the crypto data provider CoinGlass, suggesting gold played a major part in what Tether says is a new high-water mark. In addition to the stablecoin Tether, which has a total value of around $144 billion, the company issues Tether Gold, which is worth $780 million, according to CoinGecko. Tether Gold can be redeemed for actual gold, according to Tether’s website. For years, Tether has published…
Filed under: News - @ April 1, 2025 9:18 pm