Tether has launched its most up-to-date attestation, which claims document earnings of $5.2 billion for the primary half of 2024. Nevertheless, a detailed evaluation of the attestations reveals that Tether’s purchases of bitcoin appear to have been paused.
For context, in Could 2023, Tether introduced its intention to “regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin.” It additional famous that these investments would “not exceed the Shareholder Capital Cushion” which has reached a complete of just about $12 billion, nonetheless, the full quantity of bitcoin available is lower than $5 billion.
Carefully reviewing the attestations appears to recommend that Tether has not elevated its amount of bitcoin since its final attestation three months in the past, regardless of these document earnings.
This may be additional confirmed by checking bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4, the tackle that The Block has beforehand recognized as the place Tether was storing its bitcoin. This tackle noticed its final important improve at the start of April.
Whereas Tether has slowed its buy of bitcoin, it’s nonetheless actively investing within the trade, together with bitcoin mining.
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