Tether, the issuer of USDT, the largest stablecoin in the crypto money market, announced the ratio of Bitcoin and gold reserves to total reserves for the first time in its first quarter report.
After the Bitcoin reserve announcement, Tether announced that they will regularly buy Bitcoin from the profits of Tether, which continues its BTC moves.
Tether made the following statements in its statement:
“Tether International Limited (Tether), the company that manages the reserves of the first and most widely used stablecoin, today announced its latest investment strategy aimed at further strengthening its reserve portfolio.
Starting this month, Tether will dedicate up to 15% of its net operating profit to the regular purchase of Bitcoin (BTC).
As of the end of March 2023, Tether has approximately $1.5 billion worth of BTC in its reserves. "
Tether also stated that it will keep its Bitcoins to itself, stating that "While it is common practice among many institutional investors to entrust their Bitcoins to third parties, Tether believes in the philosophy of "Not your keys, not your bitcoin" and takes ownership of the private keys associated with all Bitcoin assets. " said.
Tether CTO Paolo Ardoino said the following about Tether buying Bitcoin:
“The decision to invest in Bitcoin, the world's first and largest cryptocurrency, is supported by its strength and potential as an investment asset.
We consider BTC to be a futures store of value with significant growth potential.
Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a preferred choice among both institutional and individual investors.
Our investment in Bitcoin is not only a way to improve the performance of our portfolio, but also our way of adapting to a transformative technology that has the potential to reshape the way we do business and live our lives."
*Not investment advice.
