Bitfinex has historically held a portion of its trading fee income in bitcoin as part of its commitment to the world’s first and largest cryptocurrency, a source told the publication, declining to comment on the numbers.
Bitfinex CTO Paolo Ardoino has previously said that crypto exchanges that have “received massive benefits” from bitcoin should have a policy of reinvesting part of their profits in BTC. This is exactly what Bitfinex does by supporting the second layer solutions for the Bitcoin network – Lightning Network and Liquid Network. The exchange is also developing the RGB protocol, which allows for cheaper and more private transactions.
“Bitfinex is reinvesting in Bitcoin technology. This is much more than just buying BTC,” Ardoino said.
Last month, The Block reported that Tether, a subsidiary of Bitfinex and issuer of the USDT stablecoin, is the 11th largest holder of bitcoin in the world. Aside from Bitfinex and Tether, few companies hold bitcoin on their balance sheets, including MicroStrategy, Tesla, and Square.
In May, Tether management decided to invest up to 15% of net profit in bitcoin every month to diversify reserves. As of May this year, the company has invested $1.5 billion in BTC.
Source: Bits
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