Tether H1 2024 report shows $5.2 billion profit, equity nears $12 billion

Tether, the stablecoin giant behind USDT just dropped its H1 2024 report, showing a whopping $5.2 billion in profit and equity that’s just over the $12 billion mark. It’s not too shabby for a company that’s been the subject of so many rumours in the past year.

Here’s the lowdown on Tether’s money moves:

• Raked in $5.2 billion profit in the first half of 2024
• Net operating profit for Q2 alone hit $1.3 billion
• Total equity is knocking on $12 billion’s door at $11.9 billion
• They’re sitting on $97.6 billion in U.S. Treasury bills
• Tether’s got $4.7 billion in Bitcoin and $3.8 billion in gold

“It’s amazing to see how Tether has gone from crypto’s problem child to its golden goose,” says Tobi Opeyemi Amure, an analyst at Stockoptionscalculator.com.

Tether’s been on a roll, and they’re not shy about it. Their CEO, Paolo Ardoino, is practically doing a victory lap, calling it a “new profit benchmark.” And why not? They’ve more than doubled their Q1 profits in Q2.

But here’s where it gets interesting. Remember when everyone thought Tether was going to be the next domino to fall after the FTX fiasco? Well, they didn’t just survive – they’re thriving. They’ve got more U.S. Treasury bills than some countries. That’s right, Tether’s out here flexing on entire nations.

One small caveat to this all though is there’s a bit of a head-scratcher about their Bitcoin holdings. The report says they’ve got 75,354 Bitcoin, but Ardoino’s been tweeting about 80,000. Either someone’s math is off, or Tether’s been doing some secret Bitcoin shopping. Either way, it’s raised a few eyebrows.

And let’s not forget Tether’s colourful past. These are the same folks who had to cough up $18.5 million to settle with New York’s Attorney General over some, let’s say, creative accounting. So while these numbers look great, some folks are still giving Tether the side-eye.

The good part of all this is that Tether is spreading into subindustries—Bitcoin mining, AI, renewable energy—you name it. They’ve even earmarked $500 million for Bitcoin mining.