Is God's Throne still upon the water, and what is the wisdom behind Allah's saying: "And His Throne was upon the water"?

The Throne of Allah was upon water before the creation of the heavens and the earth, as stated in the Holy Quran and the Prophet's Sunnah. For instance, Qatadah said: "Your Lord, blessed and exalted be He, informs you how His creation began before He created the heavens and the earth." Another Hadith indicates that the Throne has remained as such, meaning it is still upon water.