Tether Reports Record-Breaking Q1 Profits and Treasury Holdings
Tether announced a record-breaking $4.52 billion net profit in Q1 2024, along with its highest treasury bill ownership percentage ever, totaling $11.37 billion in group equity.
The assurance opinion of Tether Holdings Limited highlighted the firm’s significant success in the beginning of the year. It attributed a major contribution of $1 billion to those responsible for issuing its stablecoin offering and managing reserves.
Tether Releases Q1 2024 Attestation: Reports Record-Breaking $4.52 Billion Profit, Highest Treasury Bill Ownership Percentage Ever, Total Group Equity of $11.37 Billion
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— Tether (@Tether_to) May 1, 2024
The digital asset industry has been a prominent topic in finance, especially after the approval of the Spot Bitcoin ETF in January, leading to increased market activity. Tether stands out as one of the successful participants, reporting its record-breaking profits for Q1 2024.
Most of Tether’s profits came from US Treasury holdings, with additional gains from “mark-to-market gains in Bitcoin and gold positions,” according to the firm’s press release.
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Tether emphasized its achievement in increasing both direct and indirect ownership of US Treasuries, which now exceed $90 billion.
The firm disclosed a net equity of $11.37 billion as of March 31st, 2024, up from $7.01 billion recorded in December 2023, aiming to enhance transparency.
Furthermore, Tether revealed a $1 billion increase in reserves, bringing the total to nearly $6.3 billion, to strengthen its stablecoin offerings.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
