TL;DR
- Tether Holdings reported a record net profit of $4.52 billion in the first quarter of 2024.
- Most of the profits came from financial operations with Bitcoin and gold.
- Transparency and stability were highlighted with the disclosure of his net worth and the support of his stablecoins.
Tether Holdings reported a record net profit of $4.52 billion in the first quarter of 2024.
Most of the profits came from financial operations with Bitcoin and gold.
Tether Releases Q1 2024 Attestation: Reports Record-Breaking $4.52 Billion Profit, Highest Treasury Bill Ownership Percentage Ever, Total Group Equity of $11.37 Billion
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— Tether (@Tether_to) May 1, 2024
Tether’s transparency and stability were highlighted with the disclosure of its net worth and the support of its stablecoins.
Tether Holdings Limited has announced exceptional financial results for the first quarter of 2024, cementing its position as a leader in the cryptocurrency space.
The company behind the famous stablecoin Tether (USDT) revealed a record net profit of $4.52 billion, exceeding market expectations and highlighting its ability to generate significant revenue in a relatively short period.
Tether’s earnings structure this quarter is notable, with approximately $3.52 billion coming from financial earnings on Bitcoin and gold, while the remaining $1 billion came from operating profits derived from holdings in US Treasuries.
This diversification in its income sources reflects a solid and balanced strategy to maintain profitability in various markets.
In addition to its record profits, the company has also excelled in terms of transparency and stability.
Tether revealed its net worth for the first time, reaching $11.37 billion at the end of Q1 2024
This increase represents significant growth from the end of 2023.
A key aspect that supports the company’s stability is the composition of its reserves backing its fiat-denominated stablecoins.
According to BDO reports, 90% of these reserves are backed by cash and cash equivalents, ensuring the liquidity needed to support its operations and maintain confidence in the cryptocurrency market.
In addition to its direct investments in Bitcoin and gold, the company has diversified its portfolio with strategic investments in sectors such as artificial intelligence, renewable energy, P2P communication and BTC mining, totaling more than $5 billion.
This diversification shows a long-term vision for the company and its commitment to innovation and sustainable growth in the crypto ecosystem.
Tether’s strong financial results, improved transparency and strategic investments solidify its position as a key player in the cryptocurrency market, setting standards in terms of reliability and growth within an ever-evolving digital economic environment.
