Tether CEO Paolo Ardoino has dismissed rumors suggesting the stablecoin giant has been liquidating its Bitcoin reserves in favor of gold.
In a statement on X this Sunday, Ardoino clarified that “no Bitcoin has been sold” and emphasized that Tether continues to channel its profits into assets such as Bitcoin, gold, and land.
The rebuttal followed speculation from YouTuber Clive Thompson, who used Tether’s Q1 and Q2 2025 attestation reports by BDO to argue that the firm’s Bitcoin balance had declined—from 92,650 BTC in the first quarter to 83,274 BTC in the second.
Jan3 CEO Samson Mow challenged that interpretation, pointing out that nearly 19,800 BTC were redirected to Twenty One Capital (XXI), a Bitcoin-focused financial venture. The transfers—14,000 BTC in June and 5,800 BTC in July—were incorrectly framed as a sell-off, Mow explained.
$3.9 billion in BTC allocated to XXI
In June, Tether executed multiple transactions moving more than 37,000 BTC—worth around $3.9 billion—to back XXI, a project spearheaded by Strike CEO Jack Mallers.
“If those transfers are properly considered, Tether’s position would actually be 4,624 BTC higher than at the end of Q1,” Mow said, noting the company had increased its net holdings.
Ardoino echoed that view, reiterating that the coins were relocated, not sold. “As the world grows increasingly uncertain, Tether remains committed to placing part of its profits into reliable stores of value,” he wrote.
Data from BitcoinTreasuries.NET shows Tether, issuer of the USDt (USDT) stablecoin, currently holds 100,521 BTC—an amount valued at about $11.17 billion.
El Salvador makes gold purchase
The controversy surrounding Tether coincided with news from El Salvador, which disclosed the purchase of 13,999 troy ounces of gold valued at $50 million. It’s the Central American nation’s first gold acquisition since 1990, aimed at diversifying its reserves away from the U.S. dollar.
Before turning to gold, El Salvador had amassed a $700 million Bitcoin reserve, totaling 6,292 BTC. However, a July IMF report suggested the government has not expanded its Bitcoin holdings since February.
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