Tether, the issuer of USDT-indexed stablecoins, announced its last quarter balance sheet the other day. While Tether, the largest stablecoin issuer, announced a profit on its latest balance sheet, investors’ eyes were on the number of Bitcoins owned by the company. According to its Q2 report, Tether added $70 million worth of Bitcoin to company assets.
According to Bitcoin prices in the first quarter, the company had 52,698 BTC. However, as of June, this figure had risen to 55,008. The crypto giant bought 2,310 BTC in 3 months.
Did Tether Keep Its Bitcoin Promise?
The USDT issuer posted a profit of $1 billion in the latest report. Stating that it will buy BTC with 15% of its profits in May, the company apparently did not keep its promise.
When we subtract the company’s investment expenditures, the remaining profit of $850 million, 15%, corresponds to a much higher figure. The USDT issuer needed to buy $127 million worth of BTC to keep its promise made in May. However, the company made $70 million in acquisitions, according to its last quarter report.
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