Recent speculation suggested that Tether, the firm behind the USDT stablecoin, might be divesting its Bitcoin reserves in favor of gold. However, Tether’s CEO, Paolo Ardoino, has firmly refuted these claims.
In a statement shared on X this past Sunday, Ardoino clarified that the company “did not sell any Bitcoin.” He further emphasized their ongoing strategy of allocating a portion of profits into a diverse range of assets, explicitly mentioning “Bitcoin, gold, and land” as key investment areas.
These comments were issued in direct response to assertions made by a YouTuber named Clive Thompson. Thompson’s analysis, drawing from Tether’s Q1 and Q2 2025 attestation data provided by BDO, alleged a reduction in Tether’s Bitcoin (BTC) holdings. He highlighted a reported decline from 92,650 BTC in the first quarter to 83,274 BTC in the second quarter, interpreting it as a clear indication of a significant sell-off.
However, Samson Mow, CEO of Jan3, challenged Thompson’s interpretation. He pointed out that during the same period, Tether transferred 19,800 BTC to a separate venture known as Twenty One Capital (XXI). This transfer included 14,000 BTC in June and an additional 5,800 BTC in July, accounting for the perceived reduction.
Related: Tether reportedly exploring investments across the gold supply chain
Tether Shifting $3.9 Billion in BTC to XXI Initiative
Earlier in June, Tether facilitated the movement of over 37,000 BTC, an amount valued at approximately $3.9 billion, through a series of transactions aimed at supporting XXI, a financial platform focused on Bitcoin, under the leadership of Strike CEO Jack Mallers.
Mow clarified that “if the transfer is taken into consideration, Tether would actually have 4,624 BTC *more* than at the end of Q1,” effectively debunking the sell-off narrative and suggesting an increase in overall holdings.
Ardoino reaffirmed this perspective, emphasizing that the Bitcoin was transferred, not liquidated. “Even as the global landscape presents uncertainties, Tether remains committed to allocating a portion of its profits into dependable, stable assets,” he stated.
According to data aggregated by BitcoinTreasuries.NET, Tether currently holds over 100,521 BTC, valued at around $11.17 billion, solidifying its position as a significant holder of the cryptocurrency. As issuer of the stablecoin USDt (USDT)
Related: Tether reverses course, will continue supporting USDT on five blockchains
El Salvador Adds $50 Million in Gold to Reserves
Coinciding with the Tether speculation, El Salvador announced the addition of 13,999 troy ounces of gold, valued at $50 million, to its national foreign reserves. This represents the nation’s first gold purchase since 1990. The central bank stated that this acquisition is a strategic move aimed at diversifying its reserves and mitigating its reliance on the U.S. dollar.
Prior to this gold acquisition, El Salvador had established a Bitcoin reserve valued at $700 million, consisting of 6,292 BTC. However, a report issued by the International Monetary Fund (IMF) in July indicated that the Central American nation has not undertaken any new Bitcoin purchases since February of this year.
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