Core Insights - Tether is expanding its presence in the U.S. with a significant investment in Anchorage Digital, marking a strategic shift from its historical focus on offshore and emerging markets [1][2] Group 1: Investment Details - Tether announced a $100 million investment in Anchorage Digital, a federally chartered crypto bank in the U.S. [2] - The partnership aims to enhance U.S. stablecoin infrastructure, with Anchorage providing custody, staking, settlement, and stablecoin services for institutional clients [2] - The investment values Anchorage Digital at $4.2 billion, as stated by the bank [3] Group 2: Strategic Goals - Tether's CEO, Paolo Ardoino, emphasized the company's mission to challenge the status quo and build global financial infrastructure, highlighting a shared belief in secure and transparent financial systems [3] - The partnership with Anchorage is expected to bring both capital and credibility to the bank [3][4] Group 3: Financial Position - Tether has accumulated between 80 to 116 metric tons of gold, positioning itself as the world's largest private-sector gold holder through its reserves and gold-backed token XAUT [5] - The company holds $122 billion in direct U.S. Treasuries and over $141 billion in total Treasury exposure, according to its latest BDO attestation [6]

Financial Data and Key Metrics Changes - Revenues for fiscal Q2 2026 increased 136% to $6.5 billion from $2.7 billion in Q2 of the previous year, with a 69% increase excluding $2.5 billion of forward sales [11][12] - Net income attributable to the company for Q2 totaled $11.6 million, or $0.46 per diluted share, compared to $6.6 million, or $0.27 per diluted share in the same year-ago quarter [19] - EBITDA for Q2 fiscal 2026 totaled $33.9 million, an increase of 109% compared to $16.2 million in the same year-ago quarter [20] Business Line Data and Key Metrics Changes - Gold sales in Q2 fiscal 2026 were 545,000 ounces, up 17% from Q2 of last year, while silver sales were 18.6 million ounces, down 15% from Q2 of last year [22] - The number of new customers in the DTC segment was 96,100 in Q2 fiscal 2026, up 47% from Q2 of last year [23] Market Data and Key Metrics Changes - Premium spreads remained tight through the end of 2025, with backwardation in the silver market contributing to trading losses [7] - The problem with backwardation in Q2 has eased, and markets are moving back towards contango, which is positive for the trading business [9] Company Strategy and Development Direction - The company aims to integrate and realize cost savings and synergies from recent acquisitions while expanding both domestic and geographic reach [25] - The strategic investment from Tether is expected to enhance liquidity and provide opportunities for growth in the physical gold markets [25][84] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating rapidly evolving market conditions and highlighted increased consumer demand across platforms [7] - The company anticipates a strong quarter ahead, driven by elevated consumer demand and improved premium spreads [9][37] Other Important Information - The company has entered into an agreement with Tether Investments for a significant investment, which includes a gold leasing facility of no less than $100 million [4][5] - The board of directors declared a quarterly cash dividend of $0.20 per share, maintaining the current dividend program [21] Q&A Session Summary Question: Comparison of gold and silver performance in the December quarter - Management noted a shift back to silver, with silver representing about 50% of total volume, and premiums for one-ounce silver products significantly higher than three months ago [32][33] Question: Impact of widening spreads on profitability - Management indicated expectations for a strong quarter due to widening spreads [37] Question: Tether investment impact on profitability - Management expects a significant drop in interest expense and improved liquidity from the Tether investment [44] Question: Ability to keep products in inventory amid surging demand - Management stated that having two mints allows for greater product availability compared to competitors [48] Question: Future capacity and logistics facility expansion - Management indicated that while there is potential for future expansion, current focus remains on optimizing existing facilities [54] Question: Non-controlling items impact on GAAP earnings - Management identified Sunshine Mint's facility shutdown as a key issue affecting non-controlling items this quarter [57][58] Question: Strategic M&A efforts post-Tether agreement - Management confirmed that the Tether partnership supports continued growth and larger transactions in the physical gold markets [83]

Financial Data and Key Metrics Changes - Revenues for fiscal Q2 2026 increased 136% to $6.5 billion from $2.7 billion in Q2 of the previous year, with a 69% increase excluding $2.5 billion of forward sales [10] - Net income for Q2 2026 totaled $11.6 million, or $0.46 per diluted share, compared to $6.6 million, or $0.27 per diluted share in the same year-ago quarter [17] - Gross profit for Q2 2026 increased 109% to $93 million, or 1.44% of revenue, from $44.8 million, or 1.63% of revenue in Q2 of last year [11] - SG&A expenses for Q2 2026 increased 132% to $59.8 million from $25.8 million in Q2 of last year [12] - EBITDA for Q2 2026 totaled $33.9 million, an increase of 109% compared to $16.2 million in the same year-ago quarter [18] Business Line Data and Key Metrics Changes - The company sold 545,000 ounces of gold in Q2 fiscal 2026, up 17% from Q2 of last year and up 24% from the prior quarter [20] - The company sold 18.6 million ounces of silver in Q2 fiscal 2026, down 15% from Q2 of last year but up 79% from last quarter [20] - The number of new customers in the DTC segment was 96,100 in Q2 fiscal 2026, up 47% from Q2 of last year [21] Market Data and Key Metrics Changes - Premium spreads remained tight through the end of 2025, with backwardation in the silver market contributing to trading losses [6] - The problem with backwardation in Q2 has eased, and the markets are moving back towards contango, which is positive for the trading business [8] Company Strategy and Development Direction - The company aims to integrate and realize cost savings and synergies from recent acquisitions while expanding both domestic and geographic reach [23] - The strategic partnership with Tether is expected to enhance liquidity and provide opportunities for growth in the physical gold markets [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating rapidly evolving market conditions and highlighted increased consumer demand across platforms [6] - The company anticipates a strong quarter ahead, driven by elevated consumer demand and expanding premium spreads [8] Other Important Information - The company has entered into an agreement with Tether Investments for the purchase of approximately $125 million of common shares, which is expected to provide increased funding and flexibility [4] - The board of directors declared a quarterly cash dividend of $0.20 per share, payable on March 1, 2026 [18] Q&A Session Summary Question: Comparison of gold and silver performance in the December quarter - Management noted a shift back to silver, with silver now representing about 50% of total volume, and premiums for one-ounce silver products significantly higher than three months ago [29][30] Question: Impact of widening spreads on profitability - Management indicated expectations for a strong quarter due to widening spreads [34] Question: Challenges in keeping popular SKUs in inventory - Management stated that having two mints allows for greater product availability compared to competitors, although some challenges with delayed delivery remain [44][46] Question: Tether investment impact on profitability - Management expects a significant drop in interest expense and improved liquidity from the Tether investment [41] Question: Future of the Tether relationship - Management sees numerous opportunities for collaboration with Tether, including potential expansion in services and product offerings [66][70]

Bill, I want to start off actually talking about the Treasury model here in this space here and whether given some of the pullback that we've seen in the actual price of Bitcoin itself, does that actually still seem like an attractive business to you. Well, the last time you asked me that question a few months ago, I gave you an answer. And the answer has not changed.I never like those investments. I never understood why someone would want to hold the crypto in a vehicle that we all know. When you have thes ...

Tether Investments announced a $100 million strategic equity investment in Anchorage Digital, whose banking unit, Anchorage Digital Bank, N.A., is the issuer of USA₮. The firm also disclosed a separate $150 million investment in https://t.co/C0ryNKwn7A for an approximately 12% stake, which includes integrating Tether’s gold-backed token XAU₮ and exploring physical gold purchases using USD₮ and USA₮, subject to regulatory and technical conditions. https://t.co/CKYOc9ePIP & https://t.co/NSeVGqpup1 ...

Tether deepens metals exposure with $150 million investment in https://t.co/VKqKWIbMz4 https://t.co/UjtfzSoIVz ...

Group 1 - Tether is making a $150 million investment in Gold.com, Inc., which includes an initial purchase of approximately $125 million in common shares and an additional $25 million pending regulatory approval [2][3] - The partnership aims to create a vertically integrated gold ecosystem by combining Gold.com's gold infrastructure with Tether's stablecoin platform [3][6] - Tether currently holds close to 140 tons of gold, valued at over $23.3 billion, and issues Tether Gold, which has over 50% market share in the gold stablecoin sector [4][5] Group 2 - The investment is expected to enhance the credibility and distribution of Tether Gold (XAU₮) and expand Gold.com's retail and digital offerings [5] - Gold.com has a legacy of over 60 years and offers a direct-to-consumer marketplace along with various products, including JMBullion.com and GovMint.com [6] - Tether reported a net profit of $10 billion in 2025 and holds excess reserves of over $6.3 billion, with investments in diverse sectors including bitcoin mining and artificial intelligence [7]

Core Insights - Tether has acquired a $150 million minority stake in Gold.com, representing a 12% ownership, as part of its strategy to enter the gold market amid rising investor interest in gold for stability [1][2]. Investment Details - The investment allows Tether to integrate its gold-backed token, XAUT, into Gold.com's platform, which facilitates access to both physical and tokenized gold [2]. - Tether and Gold.com are exploring the possibility of enabling purchases of physical gold using Tether's USDT and the newly launched USAT stablecoin [2]. Market Context - Gold prices have recently surged, exceeding $5,000 per ounce, contributing to a significant increase in the blockchain-based gold token market, which grew from $1.3 billion to over $5.5 billion [3]. - Tether's XAUT token currently dominates the tokenized gold market, accounting for over 60% and is fully backed by physical gold stored in Swiss vaults [3]. Strategic Perspective - Tether's CEO, Paolo Ardoino, emphasized that gold serves as a long-term hedge against instability rather than a short-term trade, reflecting the company's commitment to protecting its user base [4]. - Tether also announced an investment in Anchorage Digital, a regulated crypto bank, further indicating its strategic expansion in the financial services sector [4].

LATEST: 📈 Tether says it added 35.2 million users in Q4 2025 to reach 534.5 million worldwide, with USDT's market cap also hitting a record high of $187.3 billion despite the market downturn. https://t.co/FIc5hoXOB7 ...

Core Viewpoint - The global gold market experienced its most severe turbulence in 40 years, with a dramatic drop in gold prices following the nomination of Kevin Warsh as the next Federal Reserve Chairman, shifting market expectations from aggressive monetary easing to maintaining high interest rates and reducing the balance sheet [1][3][6] Group 1: Market Reaction - On January 30, 2026, the London spot gold price peaked at $5,598 per ounce before plummeting nearly $670, a drop of 12.92%, reaching a low of $4,682 per ounce [1][3] - The Shanghai Gold Exchange Au9999 contract saw a daily drop of over 9%, with some gold jewelry prices adjusting down by 15% [3] - The panic among investors was evident, with many rushing to liquidate their holdings, leading to long queues at gold shops [3][11] Group 2: Economic Factors - The direct trigger for the price drop was the nomination of Kevin Warsh, a known hawk, which altered market expectations regarding monetary policy [3][6] - Prior to the crash, gold prices had surged significantly, with a 67% increase in 2025, leading to a market that was severely overbought [3][8] - The relative strength index (RSI) for gold reached 90, indicating extreme overbought conditions, while non-commercial net long positions in gold futures were at 68%, well above the historical average of 45% [3][8] Group 3: Market Structure - Central banks globally increased their gold holdings, with net purchases reaching 863 tons in 2025, while Tether became the largest private holder with 140 tons [5] - The leverage in gold futures increased by 37% compared to early 2025, exacerbating market vulnerability [6][9] - The strong performance of the US dollar and rising Treasury yields further pressured gold prices, with the dollar index rising 1.01% on January 30, reaching a seven-month high [6][8] Group 4: Historical Context - The recent crash shares similarities with past significant declines in gold prices, notably in 1980 and 2013, driven by aggressive Federal Reserve policies and economic recovery signals [9][11] - Unlike previous crashes, the current decline is characterized by a rapid adjustment but with stronger fundamental support due to increased central bank demand for gold [9][11] Group 5: Consumer Behavior and Market Dynamics - The price drop led to a bifurcation in consumer behavior, with some investors liquidating assets while younger consumers took the opportunity to purchase gold [11][13] - Retail strategies were quickly adjusted, with brands like Chow Tai Fook changing pricing strategies and online platforms promoting discounted gold [11][13] - The volatility in the gold market highlighted the complexities and vulnerabilities of modern financial markets, posing challenges to global financial stability [11][13]