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Stablecoin issuer Tether posted a record net profit of $4.52 billion in the first quarter as bitcoin and gold gains surged.
Around $3.52 billion of unrealized gains came from price gains from his bitcoin and gold holdings, while the additional $1 billion came from his investments in the US Treasury. He increased its ownership of Treasury bills to the highest level ever recorded: $90 billion.
Tether reveals its net worth for the first time
Tie He also revealed his net worth for the first time, which was $11.37 billion as of March 31.
“This reflects a notable increase in registered equity of $7.01 billion as of December 31, 2023,” it said in a statement.
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Tether Releases Q1 2024 Certification: Reports Record Profit of $4.52 Billion, Highest Treasury Bill Ownership Percentage Ever, Total Group Assets of $11.37 Billion
Read more:https://t.co/lzvEGK6nJS
– Tether (@Tether_to) twitter.com/Tether_to/status/1785642325353349297?ref_src=twsrc%5Etfw”>May 1, 2024
Fiat-denominated stablecoins issued by the company are currently backed by up to 90% cash and cash equivalents, according to the latest certifications.
These certifications are part of the company's efforts to be more transparent and address the uncertainty around the company's reserves.
“Tether once again demonstrates its commitment to transparency, openness and conservative risk management,” Tether CEO Paolo Ardoino said in a May 1 statement. twitter.com/paoloardoino/status/1785645617651274040″>mail in x.
Sitting on a Huge Unrealized Gain from Your btc Position
Tether is the seventh largest holder of bitcoin. The “bc1q” wallet, belonging to the company, currently holds 75,354 btc worth more than $4.34 billion, according to Arkham Intelligence. This is after Tether acquired 8,888 btc worth $626 million from Bitfinex on March 31.
Even though bitcoin has more than 9% bitcoin/”>drop During the past week, Tethereum's unrealized gains from its holdings amount to around $2 billion, according to the Coin statistics portfolio tracker.
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