Stablecoin issuer Tether Holdings purchased 8,888 Bitcoin in the first quarter, adding $735 million worth of the asset to its reserves on Tuesday alongside its latest attestation report.
The company managing Tether’s industry-leading footprint now controls $7.8 billion worth of Bitcoin, according to the blockchain data platform Arkham Intelligence. Three months ago, Tether padded its reserves with $777 million worth of Bitcoin.
Tether meanwhile reported record-breaking profits of $4.5 billion the first quarter, saying $1 billion flowed from massive holdings of U.S. Treasuries in a new attestation report.
The El Salvador-based firm said it now holds $90.87 billion worth of U.S. Treasuries, which mirrors Germany’s holdings of U.S. debt in early 2024, per U.S. Treasury Department data.
The remainder of Tether’s profits came from market-to-market gains on its Bitcoin and gold, the company said. Within the company’s reserves, which includes cash equivalents and other investments, Tether says it holds $5.4 billion worth of Bitcoin and $3.65 billion worth of gold.
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