Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion.
Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition
Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the firm detailed in a blog post. “Tether anticipates that the current and future BTC holdings in its reserves will not exceed the Shareholder Capital Cushion and will further strengthen and diversify the reserves,” the stablecoin issuer added.
Prior to the announcement, the company’s latest attestation report showcased its possession of $1.5 billion in bitcoin reserves. Notably, the report also indicated that a significant portion of Tether’s reserves, amounting to $3.39 billion, is invested in precious metals. The company’s announcement on Wednesday said that the investment…
