It’s not just Tether! Sources familiar with the matter reveal: Bitfinex is also determined to invest in Bitcoin

After USDT issuer Tether announced that it would invest 15% of its net profits in Bitcoin every month, people familiar with the matter now pointed out that its sister company, cryptocurrency exchange BitFinex, has also included Bitcoin in the company's balance sheet.

Foreign media "The Block" quoted people familiar with the matter as saying that in order to demonstrate its long-term commitment to Bitcoin, Bitfinex has always allocated a portion of transaction fee income and then saved it in the form of Bitcoin, but he refused to disclose the amount.

Bitfinex Chief Technology Officer Paolo Ardoino wrote over the weekend that cryptocurrency exchanges that have "beneficially benefited" from Bitcoin should formulate policies to reinvest part of their profits in Bitcoin.

Cryptocurrency exchanges, that hugely benefitted from#Bitcoin, should have a policy to reinvest part of the profits into#Bitcoin.That's what we do at @bitfinex LN, RGB, Liquid, …

— Paolo Ardoino (@paoloardoino) 2023 年 9 月 3 日

He later revealed to the media that Bitfinex is not only buying Bitcoin, but also investing in Bitcoin technology, supporting the development of Bitcoin Layer 2 (Lightning, Liquid), and working on the development of the RGB protocol.

Tether becomes the 11th largest Bitcoin holder in the world

Tether first disclosed its Bitcoin holdings in the first quarter of this year, when the company said it would invest 15% of its net profits in Bitcoin every month to combat inflation, currency devaluation and other issues.

To date, Tether has accumulated 55,000 Bitcoins, worth approximately $1.6 billion, making it the 11th largest Bitcoin holder in the world.

Bitfinex and Tether are among the few companies that hold Bitcoin on their balance sheets, and other companies that use Bitcoin as a reserve asset include MicroStrategy, Tesla and Square.

Bitcoin is currently trading at around $25,707, according to CoinGecko.

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