Tether said it had a net profit of $1.5 billion according to its first-quarter report, more than double the previous period.
Tether CTO Paolo Ardoino said: “We are very excited about the tremendous success of Tether in the first quarter of 2023 and the all-time high of our reserve surplus of $2.44 billion. “Our net profit for the quarter was $1.48 billion, which is a testament to the strength and stability of our platform.”
Bitcoin Represents 2% of Total Reserve
According to the statement, Tether’s consolidated total assets were at least $81.8 billion as of May 9, while its consolidated total liabilities amounted to $79.4 billion.
For the first time, Tether has included additional categories in its reserve reporting. These categories included Bitcoin, physical gold, overnight repos and corporate bond allocations. According to the data, Tether holds $1.5 billion worth of Bitcoin and $3.3 billion worth of precious metals.
Tether said 85 percent of its investments are held in cash, cash equivalents and other short-term deposits. Gold and Bitcoin represent about 4% and 2% of total reserves, respectively.
Ardoino continued: “We continue to constantly monitor the risk-adjusted return on all assets in our portfolio. “As part of our ongoing risk management processes, we expect to make further changes as the overall economic environment changes and the market cycle progresses.”
In addition to these, Ardoino stated that they have a very positive outlook for the second quarter and they maintain their determination on transparency.
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