- This is twice the net profit for the 4th quarter of 2022
- The company holds $1.5 billion in BTC in its accounts
Tether Company reported that for the first quarter of 2023, net income was approximately $1.5 billion. Compared to the previous quarter, this is almost twice as much.
Paolo Ardonio, CTO of Tether, stated:
“We are delighted with the impressive success that Tether has achieved in the first quarter of 2023. At the same time, our reserve surplus reached an all-time high of $2.44 billion. The company posted a net income of $1.48 billion for the quarter, which confirms the strength and stability of our platform.”
According to a May 9 report, Tether’s total consolidated assets are at least $81.8 billion and its consolidated total liabilities are $79.4 billion. The company also has excess reserves of at least $2.44 billion. 4 quarters of Tether in the amount of $960 million.
In addition, in the latest report, Tether disclosed for the first time the distribution of BTC, gold and several additional categories, which include overnight repos and corporate bonds. The company is known to hold $1.5 billion worth of bitcoins and $3.3 billion worth of precious metals.
Tether also said that about 85% of investments are held in cash, cash equivalents and other short-term deposits. Gold and BTC account for 4% and 2% of total reserves, respectively.
The service station of the company immediately gave a forecast for the next quarter:
“Looking forward to the second quarter, I am pleased to report that we have a very positive outlook and we continue to adhere to our principle of transparency. In the quarterly report, we have included new categories for the breakdown of reserves to provide even more transparency to our users.”