The majority, or $3.52 billion of the profit, stemmed from the firm’s financial gains on Bitcoin and gold, while the additional $1 billion came from operating profits.
Tether Holdings, the company behind the world’s largest stablecoin (USDT), reported a record net profit of $4.52 billion in the first quarter of 2024.
Tether also revealed its net equity for the first time, which stands at $11.37 billion as of March 31. This represents a significant increase from the $7.01 billion worth of equity recorded at the end of December 2023, according to Tether’s attestation report for the first quarter of 2024.
Approximately $1 billion stemmed from operating profits derived from United States treasury holdings, while the remainder of $3.52 billion comprised the market-to-market gains in the firm’s Bitcoin (BTC) and gold positions.