Is Tether really more profitable than BlackRock?
Tether has made a habit of sharing truly massive quarterly profit numbers alongside its attestations reports — and they’re bigger than BlackRock’s.
The firm has reported $12.72 billion in net profit since Q4 2022, compared to BlackRock’s $9.83 billion. What isn’t usually discussed is that Tether is lumping in the profit from US Treasurys with the mark-to-market gains of its bitcoin and gold holdings — potential profit or unrealized gains — as outlined in one of its blog posts.
And it’s inflating Tether’s numbers. Tether’s quarterly attestations describe assets in the pool of reserves that give tethers their value.
As of its most recent report, for the end of Q2, there was almost $118.44 billion backing the tethers in circulation — conveniently over $5 billion more. Read more: Tether reports net profit of $5.2B in H1 2024 Which means all tether is all properly backed by an equivalent value of assets in reserve, and then some. (It’s worth noting that attestations are not audits and Tether has never been “audited,” for reasons.) Short-dated US Treasurys made up around 68% of Tether reserves, with reverse repurchase agreements, money market funds, secured loans and bitcoin as the next largest categories.
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