Tether Will Buy Bitcoin: Allocating 15% of Net Realized Operating Profits Regularly in BTC
Tether – the company behind the largest stablecoin by means of total market cap – USDT – will be buying Bitcoin. It joins the rank of other large corporations by adding the primary cryptocurrency to its balance sheet.
- Tether revealed today that starting this month (May), the company will “regularly” allocate as much as 15% of its net realized operating profits in Bitcoin.
- According to the official press release seen by CryptoPotato, its current and future BTC holdings in its reserves won’t be exceeding the Shareholder Capital Cushion, while it will also strengthen its reserves.
- Speaking on the matter was Paolo Ardoino, CTO at Tether, who said:
The decision to invest in Bitcoin, the world’s first and largest crytpocurrency, is underpinned by its strength and potential as an investment asset. Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned it as a favored choice among institutional and retail investors alike. Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live oru lives.
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OhNoRipple via https://www.ohnocrypto.com/ @George Georgiev, @Khareem Sudlow