Newton Gitonga
Tether Holdings Limited has posted an impressive financial performance for the first half of 2024, showcasing a remarkable $5.2 billion in returns.
As the cryptocurrency market teeters on the edge of another potential surge, Tether’s robust earnings have captured the attention of investors and industry insiders alike.
In its second-quarter attestation, Tether Holdings revealed a net operating profit of $1.3 billion for Q2 2024. The official company report highlighted:
“Building on the momentum from Q1 2024, the second quarter of 2024 marked a significant milestone with a net operating profit of $1.3 billion, Tether’s best result ever, delivering a record net profit of $5.2 billion for the first half of the year.”
Tether the 18th largest US bondholder globally
The attestation highlighted Tether’s substantial reserves, boasting $97.6 billion in US Treasury holdings, making it the 18th largest bondholder globally, surpassing even Germany.
Additionally, Tether’s net consolidated equity reached $11.9 billion as of June 30, 2024, with Group Equity increasing by $530 million in Q2.
Despite a $653 million unrealized loss triggered by Bitcoin’s price fluctuations, Tether’s performance was bolstered by a $165 million unrealized gain in gold investments. The report noted:
“In Q2 2024, the Group Equity increased by $520 million after taking into consideration the drop in BTC prices (accounting for -$653 million of unrealized PnL), partially offset by a positive performance of gold (accounting for a positive $165 million of unrealized PnL).
The company used part of Q2 returns to reinvest in tactical projects to support the ecosystem and ensure USDT’s stability.
Moreover, Tether Holdings had revealed plans to purchase Bitcoin with its profits.
Thus, news of the firm using part of its billions to invest in the leading crypto could dominate the markets soon.
Meanwhile, the latest actions align with the company’s move to acquire BTC.
Tether CEO Paolo Ardoino stated that Bitcoin is an alternative asset to traditional finance.
He added that the leading crypto is immune to manipulation, making it a fair and transparent financial vehicle.
Ardoino emphasized that Bitcoin has remained stable despite the volatile native of cryptocurrencies.
That cements the narrative that Bitcoin is a lucrative store of wealth and a dependable hedge during economic turmoil.
In that context, Tether Holdings could be the next firm to shake the digital asset marketplace with enormous Bitcoin purchases.
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