Tether To Invest Up To 15% Of Monthly Operating Profits In Bitcoin
Tether is set to accumulate bitcoin on regular basis moving forward.
Tether and Bitfinex CTO Paolo Ardoino took to Twitter to make the announcement:
- "From the latest attestation (dated 2023-03-31), Tether has confirmed that it held already ~2% of its portfolio in bitcoin."
- "Today, Tether announces its commitment to use up to 15% of its newly monthly net operating profits (ie. accounting the realized dollarized profits coming from t-bill and similar investments) to purchase bitcoin as part of its excess reserves."
- "The total value of Bitcoin kept in the portfolio is currently well below our own excess reserves (~1.5B vs 2.5B), and our aim is to continue in the same direction, since only up to 15% of net operating profits will be used for these continuous Bitcoin purchases. "
- "Why bitcoin and not something else? Because Bitcoin is the epitome of a sound and secure monetary system with its decentralized nature and scarcity, Bitcoin is revolutionizing the concept of money and challenging traditional finance. Bitcoin has defied expectations, shattered boundaries, and provides access to the global financial system to anyone with an internet connection."
