Tether CEO Addresses Bitcoin Holding Rumors
Tether CEO Paolo Ardoino has refuted recent speculation suggesting that the stablecoin issuer is liquidating its Bitcoin holdings to invest in gold.
On a Sunday post on X, Ardoino clarified that the company “didn’t sell any Bitcoin” and reiterated its approach of directing profits towards assets like “Bitcoin, gold, and land.”
These remarks were made in response to comments from YouTuber Clive Thompson, who referred to Tether’s Q1 and Q2 2025 attestation data from BDO, asserting that the firm had decreased its Bitcoin (BTC) holdings. Thompson highlighted a decline from 92,650 BTC in Q1 to 83,274 BTC in Q2 as proof of a sell-off.
Nonetheless, Jan3 CEO Samson Mow countered this assertion, explaining that Tether transferred 19,800 BTC to a separate initiative known as Twenty One Capital (XXI) during the same timeframe. This included 14,000 BTC sent in June and an additional 5,800 BTC in July.
In early June, Tether shifted over 37,000 BTC, valued at around $3.9 billion, through multiple transactions to support XXI, a Bitcoin-native financial platform led by Strike CEO Jack Mallers.
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“Tether would have had 4,624 BTC more than at the end of Q1 if the transfer is accounted for,” Mow stated, adding that the firm had actually increased its net holdings.
Ardoino confirmed this explanation, stating that the Bitcoin was transferred, not sold. “While the world continues to get darker, Tether will continue to invest part of its profits into safe assets,” he wrote.
Tether, the issuer of the USDt (USDT) stablecoin, currently holds over 100,521 BTC, equivalent to approximately $11.17 billion, according to data from BitcoinTreasuries.NET.
Tether Rumors Coincide with El Salvador’s Gold Acquisition
These rumors regarding Tether’s Bitcoin sell-off coincided with El Salvador announcing the addition of 13,999 troy ounces of gold worth $50 million to its foreign reserves, marking its first gold acquisition since 1990. The central bank indicated that this action is part of a diversification strategy aimed at reducing dependence on the US dollar.
Prior to its focus on gold, El Salvador established a $700 million Bitcoin reserve, holding 6,292 BTC. However, a report from the International Monetary Fund in July claimed that the Central American nation has not made any new Bitcoin purchases since February.
