TLDR
- Tether CEO Paolo Ardoino denied rumors that the company sold Bitcoin to buy gold
- The confusion arose from misinterpreted data showing a drop in BTC holdings from Q1 to Q2 2025
- Tether actually transferred 19,800 BTC to separate initiative Twenty One Capital (XXI), not sold them
- After accounting for transfers, Tether increased its net Bitcoin holdings by over 10,000 BTC
- Company continues strategy of investing profits in Bitcoin, gold, and land as “safe assets”
Tether CEO Paolo Ardoino has firmly rejected claims that his company sold Bitcoin holdings to purchase gold. The denial came after YouTuber Clive Thompson suggested Tether had dumped over $1 billion in BTC based on quarterly attestation data.
Correct.
Tether didn't sell any Bitcoin. As Samson says below, it contributed part of its stash into XXI.While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.
Tether is the Stable Company. https://t.co/4KxdeNEsOE
— Paolo Ardoino 🤖 (@paoloardoino) September 7, 2025
Thompson pointed to a decrease in Tether’s Bitcoin holdings from 92,650 BTC in Q1 2025 to 83,274 BTC in Q2 2025. He interpreted this drop as evidence that Tether was selling Bitcoin to buy gold instead.
Jan3 CEO Samson Mow quickly disputed Thompson’s analysis by examining the actual transactions. Mow explained that Tether had transferred 19,800 BTC to a separate project called Twenty One Capital during the same period.
The transfers included 14,000 BTC sent in June and another 5,800 BTC moved in July. These coins went to support XXI, a Bitcoin-native financial platform led by Strike CEO Jack Mallers.
Bitcoin Holdings Actually Increased
When accounting for the XXI transfers, the data shows Tether actually increased its Bitcoin position. Mow calculated that Tether held 4,624 more BTC in Q2 than in Q1 after factoring in the transfers.
Including July’s transfer of 5,800 BTC to XXI, Tether showed a net increase of at least 10,424 BTC in its holdings. This directly contradicts claims of a Bitcoin sell-off.
Ardoino confirmed this explanation in his response on social media platform X. He stated clearly that Tether “didn’t sell any Bitcoin” and emphasized that the coins were transferred, not sold.
The CEO reaffirmed Tether’s investment strategy of allocating profits into what he called “safe assets.” These include Bitcoin, gold, and land as part of the company’s diversification approach.
Tether currently holds over 100,521 BTC according to BitcoinTreasuries.NET data. This Bitcoin position is worth approximately $11.17 billion at current market prices.
Gold Investments Continue Separately
While denying Bitcoin sales, Tether has indeed been expanding its gold investments through separate initiatives. The company recently announced plans to invest in gold mining companies as part of its diversification strategy.
In June, Tether spent $90 million to acquire a stake in Elemental Altus Royalties Corp, a gold royalties specialist. This week, the company announced an additional $100 million investment in the same firm.
Tether also issues Tether Gold (XAUT), a gold-backed stablecoin supported by approximately 7.66 tons of physical gold stored in Switzerland. Around 5% of USDT reserves are held in gold by the company.
The confusion over Bitcoin sales highlights how cryptocurrency movements between related entities can be misinterpreted. Mow dismissed Thompson’s claims as “false” and called them a “desperate” attempt to create negative Bitcoin news.
Tether moved over 37,000 BTC worth approximately $3.9 billion across numerous transactions to support the XXI initiative in early June alone.
