Stablecoin issuer Tether (USDT) said it would use 15% of its net realized operating profits to purchase Bitcoin (BTC).
In a May 17 company statement, the stablecoin issuer said it would self-custody the purchased BTC — adding that its purchase “will focus exclusively on utilizing realized profits from its investment strategy, disregarding unrealized capital gains generated by price increases.”
Tether said its BTC purchase is part of efforts to diversify its reserves. The company’s quarterly attestation showed that it held $1.5 billion of its reserves in the flagship digital asset. The stablecoin firm also had a substantial amount of gold and 85% of its reserve in cash, cash equivalents, and other short-term deposits.
“Tether’s purchase of BTC is part of its conservative and prudent approach to investment decisions aimed at strengthening, increasing, and diversifying its reserves.”
According to its statement, the firm anticipates that its regular BTC purchase would not “
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