Tether CEO Paolo Ardoino has dismissed reports claiming the stablecoin issuer sold off part of its Bitcoin reserves to purchase gold.
Rumors surrounding Tether’s Bitcoin strategy gained traction over the weekend when online commentators suggested the company had quietly reduced its holdings. The claims stemmed from financial attestations reviewed by accounting firm BDO for the first half of 2025.
According to YouTuber Clive Thompson, Tether’s Bitcoin balance dropped from 92,650 BTC in Q1 to 83,274 BTC in Q2. Thompson argued this was proof the firm had liquidated part of its portfolio, possibly to increase gold exposure.
CEO Paolo Ardoino Responds
Tether CEO Paolo Ardoino quickly moved to address the speculation. In a post on X, he stated that the company “didn’t sell any Bitcoin” and reaffirmed its long-standing investment strategy.
“Tether continues to allocate part of its profits into safe assets such as Bitcoin, gold, and land,” Ardoino wrote. He stressed that the reduction highlighted in BDO’s reports reflected accounting movements, not market sales.
Samson Mow Provides Clarification
The narrative shifted further when Jan3 CEO Samson Mow weighed in. Mow revealed that the apparent reduction was the result of Tether transferring 19,800 BTC to a new venture, not selling.
He detailed that the company moved 14,000 BTC in June and another 5,800 BTC in July to support Twenty One Capital (XXI), a Bitcoin-native financial platform spearheaded by Strike CEO Jack Mallers.
Mow argued that if these transfers were included in the Q2 figures, Tether’s net holdings would have been higher than at the end of Q1.
“Tether would have had 4,624 more BTC if transfers were counted properly,” he explained.
$3.9 Billion in Bitcoin Allocated to XXI
The transfers formed part of a broader initiative. In June, Tether moved more than 37,000 BTC, with an estimated value of $3.9 billion, across several transactions to back XXI.
The project aims to develop a financial infrastructure rooted in Bitcoin. By supporting XXI, Tether signals its commitment not only to holding Bitcoin but also to fostering long-term institutional adoption.
Tether Remains a Top Bitcoin Holder
Despite speculation, Tether’s Bitcoin balance remains substantial. Data compiled by BitcoinTreasuries.NET shows the company currently holds 100,521 BTC, worth around $11.17 billion at recent market prices.
This makes Tether one of the largest corporate holders of Bitcoin globally.
El Salvador Turns to Gold Diversification
While Tether was clarifying its position, El Salvador announced a notable shift in its reserve strategy. The country’s central bank revealed it had acquired 13,999 troy ounces of gold, valued at $50 million.
This marks the first time El Salvador has purchased gold since 1990. Officials said the move is part of an effort to reduce reliance on the US dollar by broadening reserve assets.
El Salvador already maintains a Bitcoin reserve of 6,313 BTC, valued at about $702 million. However, an IMF report published in July indicated the country had not made additional Bitcoin purchases since February 2025. Meanwhile, the country continues to disclose daily acquisition of BTC.
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