- Tether reported a record net profit of $4.52 billion in the first quarter of 2024, with $3.52 billion stemming from financial gains on Bitcoin and gold holdings
- Tether’s net equity stands at $11.37 billion as of March 31, 2024, a significant increase from $7.01 billion at the end of December 2023
- Tether’s Bitcoin wallet (bc1q) holds 75,354 BTC worth over $4.38 billion, making it the seventh-largest Bitcoin holder
Tether, the company behind the world’s largest stablecoin USDT, reported a record net profit of $4.52 billion in the first quarter of 2024. The majority, or $3.52 billion, of the profit stemmed from the firm’s financial gains on Bitcoin and gold, while the additional $1 billion came from operating profits.
Tether Reveals Net Equity for First Time
Tether also revealed its net equity for the first time, which stands at $11.37 billion as of March 31. This represents a significant increase from the $7.01 billion worth of equity recorded at the end of December 2023, according to Tether’s attestation report for the first quarter of 2024.
Majority of Profit from Bitcoin and Gold Gains
Approximately $1 billion stemmed from operating profits derived from United States Treasury holdings, while the remainder of $3.52 billion comprised the market-to-market gains in the firm’s Bitcoin (BTC) and gold positions.
Tether’s USDT is the world’s largest stablecoin worth over $110 billion, according to CoinMarketCap data. The company issued $12.5 billion worth of USDT in the first quarter of 2024.
Excess Reserves Increased by $1 Billion
The report also revealed a $1 billion increase in excess reserves that are maintained as a buffer to support the company’s stablecoin offerings. Tether’s excess reserves stood just below $6.3 billion.
Liabilities Exceeded by Over $6.2 Billion
The report further revealed over $10.4 billion worth of liabilities related to digital tokens issued, while the value of Tether’s reserve assets exceeded the value of its liabilities by over $6.2 billion as of March 31.
Tether Remains 7th Largest Bitcoin Holder
Tether’s Bitcoin wallet bc1q currently holds 75,354 BTC worth over $4.38 billion, according to on-chain intelligence platform Arkham Intelligence.
Tether acquired 8,888 Bitcoin worth $626 million from Bitfinex on March 31. This makes Tether’s bc1q address the seventh-largest Bitcoin holder.
Despite Bitcoin falling below the $60,000 mark, Tether is sitting on an unrealized profit of over $9.1% worth over $2 billion, according to the CoinStats portfolio tracker.
