Tether achieves record profits in the first quarter of $4.52 billion, with Bitcoin appreciation contributing significantly.

The stablecoin issuer Tether has released the attestation report for the first quarter of 2024 signed by the accounting firm BDO. In the first quarter of 2024, Tether achieved a record-breaking profit of $4.52 billion, with approximately $1 billion of the profit coming from holdings in U.S. Treasury bonds, and the rest composed of gains from Bitcoin and gold positions valued at market prices.

Tether's Reserves in Q4 Exceed $5.4 Billion

Stablecoin issuer Tether has announced the issuance of the audit opinion for the first quarter of 2024 by BDO, one of the world's top five accounting firms.

As of December 31, 2023, the total assets of the group were $110,289,406,409, total liabilities were $104,027,539,692, with liabilities related to digital token issuance amounting to $104,019,279,735. The assets exceeded the liabilities. The difference between assets and liabilities, which would be listed as shareholder equity on a traditional balance sheet, is referred to as Shareholder Capital Cushion by Tether, amounting to approximately $6.26 billion.

Of the reserve assets, 84.05% are held in the form of cash, cash equivalents, and other short-term deposits, with the secured loans ratio decreasing from 4.95% in the previous quarter to 4.29%.

Tether also holds $5.37 billion worth of Bitcoin and $3.65 billion worth of precious metals, specifically gold.

Strategic Investments Exceed $5 Billion

The total amount of strategic investments by the Tether Group exceeds $5 billion, covering various areas such as artificial intelligence and data, renewable energy, P2P communications, and BTC mining.

Tether recently announced the establishment of four new business divisions to expand beyond stablecoins into the financial and technological ecosystem, providing a range of new decentralized infrastructure solutions to fulfill a broader mission.

Tether Expands Horizons, Launches Four New Business Divisions for Decentralized Infrastructure

Tether Reports Q1 Net Profit of $4.52 Billion

The first quarter of 2024 saw a record profit of $4.52 billion. The net profit for the full year of 2023 was $6.2 billion, with approximately $1 billion of the profit coming from holding U.S. Treasury bonds, and the rest from gains on Bitcoin and gold positions valued at market prices.

As reported earlier, Tether held $2.82 billion worth of Bitcoin, equivalent to 66,465.2 BTC at the end of last year, compared to the current $5.37 billion worth of Bitcoin this quarter. The difference mainly comes from the appreciation of Bitcoin, comparing the BTC price of $42,300 on 12/31 to $71,360 on 3/31.