USDT Issuer Tether Reports Record Profits Of $5.2 Billion, Why This Is Good For Bitcoin
Summary
Tether reported a record net profit of $5.2 billion in the first half of the year, with plans to use some of the profits to buy Bitcoin. The stablecoin issuer has been steadily accumulating Bitcoin, with its reserves now totaling 75,354 BTC. Tether's CEO confirmed that the company's investment arm bought Bitcoin in the second quarter. Tether has also ventured into Bitcoin mining and plans to build mines in Uruguay, Paraguay, and El Salvador. Bill Miller IV highlighted the advantages of companies holding Bitcoin on their balance sheets, citing Microstrategy as a successful example. Bitcoin is currently trading at around $64,200.
