Tether, the company behind the popular stablecoin USDT, just announced record profits for the first half of this year. They made a whopping $5.2 billion! This is good news for Bitcoin because Tether is using some of these profits to buy more Bitcoin.
Tether’s Bitcoin Buying Spree
Tether started buying Bitcoin in September 2022 and has been adding to its stash every quarter. They even decided to dedicate 15% of their profits to buying more Bitcoin back in May.
Right now, Tether holds a massive amount of Bitcoin – over 75,000 BTC, worth around $4.8 billion! They last bought Bitcoin in March, adding another 8,888 BTC to their collection.
Bitcoin’s Power on Company Balance Sheets
Tether isn’t the only company getting into Bitcoin. Many companies are starting to see the value of holding Bitcoin on their balance sheets.
Bill Miller, a well-known investor, says that companies with Bitcoin on their books are likely to outperform their competitors. He points to Microstrategy as a great example. Microstrategy has been buying Bitcoin since 2020 and has seen its value increase significantly thanks to its Bitcoin holdings.
More and more companies are taking notice and are starting to follow in Microstrategy’s footsteps. It looks like Bitcoin is becoming a popular investment for businesses!
