Paolo Ardoino, the leading figure at stablecoin provider Tether, has publicly refuted claims that the company is divesting from its Bitcoin holdings to acquire gold. In a recent statement shared on X, Ardoino clarified that “no Bitcoin has been sold” by the firm. He reaffirmed Tether’s strategy to allocate investments across “Bitcoin, gold, and real estate.”
These comments serve as a direct response to allegations made by content creator Clive Thompson. Thompson’s analysis, based on independent auditor BDO’s data reports for the first and second quarters of 2025, suggested a reduction in Tether’s Bitcoin reserves. Thompson highlighted a decrease from 92,650 BTC in Q1 to 83,274 BTC in Q2, interpreting this as a potential sale.
Assets Moved, Not Sold Off
Samson Mow, head of Jan3, challenged Thompson’s assertion, noting that Tether executed transfers of 19,800 BTC to Twenty One Capital (XXI), a separate entity. These transfers consisted of 14,000 BTC in June and an additional 5,800 BTC in July.
The transfers to XXI, a Bitcoin-focused financial platform spearheaded by Jack Mallers, CEO of Strike, involved over 37,000 BTC, exceeding $3.9 billion, across several transactions in early June. Mow contends that factoring in these movements shows that Tether’s overall Bitcoin holdings actually increased by 4,624 BTC compared to the end of the first quarter, reflecting a growth in their net position.
Ardoino reinforced this point, emphasizing that the Bitcoin was moved to other accounts, rather than sold. He added that Tether plans to continue allocating a portion of its profits into secure asset classes, despite current market uncertainty.
Data sourced from BitcoinTreasuries.NET indicates that Tether, the organization behind the USDT stablecoin, possesses over 100,521 BTC, valued at roughly $11.17 billion. These clarifications regarding Tether’s Bitcoin holdings surfaced concurrently with the announcement of El Salvador’s addition of 13,999 troy ounces of gold, valued at $50 million, to its national reserves – its first gold acquisition since 1990.
Featured Cryptocurrency Headlines:
PUMP Token: Will Bulls Push to $0.0050, or Will Bears Take Control?