Tether CEO Confirms No Bitcoin Sell-off, Explains 19,800 BTC Transfer to XXI

TLDR

• Tether CEO Paolo Ardoino denied rumors that the company sold Bitcoin to buy gold
• Tether transferred 19,800 BTC to Twenty One Capital (XXI), not sold it
• The company continues investing profits in “Bitcoin, gold, and land”
• Tether holds over 100,521 BTC worth approximately $11.17 billion
• Tether has been increasing investments in gold-related companies with $190 million spent on gold royalties firms

Tether, the company behind the world’s largest stablecoin USDT, has not sold its Bitcoin holdings to purchase gold, according to CEO Paolo Ardoino. The clarification came after rumors circulated in crypto circles suggesting the stablecoin issuer was moving away from Bitcoin in favor of gold investments.

On Sunday, Ardoino took to social media platform X to address these claims directly. “Tether didn’t sell any Bitcoin,” he stated firmly.

The rumor began when YouTuber Clive Thompson analyzed Tether’s quarterly attestation data from BDO. Thompson pointed to a decrease in reported Bitcoin holdings from 92,650 BTC in Q1 2025 to 83,274 BTC in Q2 2025 as evidence of a sell-off.

Thompson claimed this reduction represented over $1 billion worth of Bitcoin being sold while Tether simultaneously purchased over $1.6 billion in gold during the same period.

However, Jan3 CEO Samson Mow quickly challenged these assertions with public data that told a different story.

Mow explained that the decrease in reported holdings was due to Tether transferring 19,800 BTC to Twenty One Capital (XXI), a Bitcoin-native financial platform led by Strike CEO Jack Mallers.

The transfers occurred in two main batches – 14,000 BTC in June and another 5,800 BTC in July.

When accounting for these transfers, Tether actually increased its net Bitcoin holdings by 10,424 BTC compared to the previous quarter, according to Mow’s analysis.

Tether’s Investment Strategy

Ardoino confirmed that Tether continues to allocate its profits to what he described as “safe assets like Bitcoin, Gold and Land.”

This investment approach appears to be part of a broader diversification strategy for the stablecoin issuer.

Current data from BitcoinTreasuries.NET shows Tether holds over 100,521 BTC, valued at approximately $11.17 billion at current prices.

While maintaining its Bitcoin position, Tether has indeed been expanding its gold-related investments, though not at the expense of its Bitcoin holdings.

In June, the company spent $90 million to acquire a stake in Elemental Altus Royalties Corp, a company specializing in gold royalties.

Tether recently announced plans to invest an additional $100 million into the same firm, bringing its total investment to $190 million.

The company also issues Tether Gold (XAUT), a gold-backed stablecoin. XAUT is reportedly backed by approximately 7.66 tons of gold stored in Switzerland.

Gold Investments Expanding

Tether’s interest in gold extends beyond its stablecoin offering. Recent reports indicate the company is exploring investments across the gold supply chain, including potential stakes in gold mining companies.

About 5% of USDT reserves are already held in gold, according to company reports.

The confusion over Tether’s Bitcoin holdings comes at a time when other major entities are also diversifying into gold.

El Salvador, known for its Bitcoin-friendly policies, recently added 13,999 troy ounces of gold worth $50 million to its foreign reserves. This marks El Salvador’s first gold acquisition since 1990, as part of a strategy to reduce reliance on the US dollar.

El Salvador currently holds 6,292 BTC valued at approximately $700 million.

Tether’s balanced approach to both Bitcoin and gold appears to reflect a broader trend of institutional diversification across different asset classes.

The most recent data confirms Tether continues to grow its Bitcoin position while also expanding its gold investments as part of its profit allocation strategy.

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