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Tether discloses 83,758 BTC holdings and $13 billion profit in 2024

Press Releases Crypto News CryptoSlate Tether discloses 83,758 BTC holdings and $13 billion profit in 2024

Tether reported $7.8 billion in Bitcoin (BTC) holdings in the fourth quarter, which boosted its profits to over $13 billion last year. The company’s informed price of $93,812 puts its Bitcoin stash at 83,758 BTC.

Meanwhile, the firm’s profits increased by $5.3 billion in the fourth quarter.

According to the assurance opinion conducted by global accounting firm BDO, the company’s gold and Bitcoin holdings generated approximately $5 billion in unrealized profits.

Tether’s exposure to US Treasuries reached $113 billion in 2024, and the firm’s net profits increased $5.3 billion in the fourth quarter, exceeding $13 billion for the year. The firm’s excess reserve buffer exceeded $7 billion, reflecting a 36% annual increase.

Treasury holdings and repo agreements contributed $7 billion, while other traditional investments added another $1 billion. Additionally, group equity surpassed $20 billion through investments of over $12 billion in renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.

Total assets

Tether reported total consolidated assets of $157.6 billion and total liabilities of $137.6 billion. The reserves for issued Tether tokens amounted to $143.7 billion, exceeding liabilities related to token issuance by over $7 billion.

The company noted that its proprietary investments are not included in the reserves backing the tokens.

Tether CEO Paolo Ardoino said the company “continues to set the gold standard for stability and trust in the digital assets space” and also highlighted the Digital Asset Service Provider (DASP) license recently secured in El Salvador.

The move is a part of Tether’s plans to move its headquarters to the country.

In a Jan. 31 X post, he said that Tether invested in talent for key areas while maintaining its lean workforce.

Ardoino also shared tha

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Author: Gino Matos

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