Tether Buys Bitcoin Based on Monthly Net Profits

Paolo Ardoino, Tether's chief technology officer, said the first and largest cryptocurrency is supported by its investment potential.

Tether Buys Bitcoin Based on Monthly Net Profits
Tether Buys Bitcoin Based on Monthly Net Profits

Tether, the company behind the largest stablecoin, is emulating MicroStrategy’s reserve management practices. The issuer of stablecoins intends to bolster its reserves with Bitcoin and move away from United States government debt.

Tether revealed in a May 17 announcement that it intends to invest a portion of its monthly profits in Bitcoin.

The company stated that it will “regularly allocate up to 15 percent of its net realized operating profits to Bitcoin purchases.”

The announcement comes within a week of the stablecoin issuer’s quarterly financial report, in which it reported net profits of $1.5 billion.

According to a company statement, Tether will store all of its bitcoin internally. At the end of the first quarter of 2023, it will have approximately 2% of its total reserves in Bitcoin, or $1.5 billion.

Cash, cash equivalents, and other short-term deposits, primarily Treasury bills, constituted 85% of the holdings.

Tether asserted that BTC was the obvious choice given that the market-leading cryptocurrency has proven itself to be a long-term store of value.

The stablecoin issuer based its decision on Bitcoin’s massive price increase over the past decade and its resistance to traditional financial failures.

Paolo Ardoino, chief technology officer of Tether, stated in a statement that the first and largest cryptocurrency is supported by its potential as an investment asset.

He added that Bitcoin’s limited supply, decentralized nature, and widespread adoption have made it a “favored choice among institutional and retail investors alike.”

MicroStrategy has a similar Bitcoin investment strategy, actively substituting Bitcoin for U.S. dollars in its reserves.

Tether plans to invest in BTC at the end of each month, whereas MicroStrategy does not have a set schedule for its BTC investment.


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