Tether clarifies about the 37,229 BTC: internal transfers to Twenty One Capital, no market sale

Official denial, internal transfers, and absence of selling pressure: Tether has confirmed that the approximately 37,229 BTC moved, transferred to Twenty One Capital, were not sold on the market.

Tether’s official statement is available on the transparency site, and the reconstruction has also been reported by specialized publications (Tether – Transparency)

The company, led by Paolo Ardoino (often cited in official communications), reiterates the allocation of profits in bitcoin, gold, and land, with the aim of strengthening its reserves. 

According to the data collected by our on-chain analysis team and verified on public explorers, the movement patterns correspond to typical intra-group reallocation clusters and not to distributions towards spot exchanges.

Industry analysts observe that transfers of this magnitude (tens of thousands of BTC) usually indicate treasury reorganizations or the implementation of related financial vehicles, rather than immediate sales on the market.

The 3 things to know

• The official position: Tether states that it has not sold BTC; the observed movements are exclusively internal transfers and reallocations.
• The timeline: a main block of approximately 37,229 BTC was transferred at the beginning of June, valued at around 3.9 billion dollars at the exchange rate of the time, while subsequent flows of 14,000 BTC and 5,800 BTC, respectively in June and July, constitute a separate series of movements (the two series should not necessarily be summed) (BitcoinEthereumNews).
• The strategy: part of the profits is reinvested in bitcoin, gold, and land to diversify assets and manage risk, thus confirming a prudent policy of value preservation.

Official Statement and Context

Paolo Ardoino publicly clarified that «Tether has not sold any Bitcoin», explaining that the quarterly attestations may include intra-group movements or operations related to specific initiatives – in this case, the reallocation of the treasury – and not actual sales on the market.

In this context, the ambiguous reading of some attestations, erroneously interpreted by third parties, prompted the company to specify that these are exclusively internal operations (Tether – Transparency).

Among the useful sources for contextualizing the topic, in addition to Ardoino’s official profile on X (@paoloardoino), are the analyses. The public statements and posts on X were updated on September 7, 2025.

On-chain Transfers to XXI: History and Figures

In recent periods, significant on-chain movements have been observed in favor of Twenty One Capital (XXI), a platform specialized in financial services in BTC. In detail:

• Main block: approximately 37,229.69 BTC transferred at the beginning of June, valued at around 3.9 billion dollars based on the exchange rate at that time.
• Other flows: additional movements of 14,000 BTC recorded in June and 5,800 BTC in July, which constitute a separate series of transfers.
• Reconciliation: the two series of movements should not be directly summed, as they refer to distinct clusters and periods, as highlighted by on‑chain analysis.

According to the latest market surveys, as of September 7, 2025, BitcoinTreasuries.NET attributes over 100,521 BTC to Tether in its reserves (BitcoinTreasuries.NET), a figure useful for assessing the relative impact of individual transfers.

Impact on Reserves and the Market

Internal movements temporarily reduce the amount of BTC visible on specific addresses associated with Tether, without highlighting divestment operations on the spot market.

It should be noted that, consequently, there is no direct selling pressure and the company retains the ability to use the assets through connected vehicles like XXI.

• Reserves: some analysts note that, net of transfers, the overall position in BTC may have remained stable or even increased compared to previous periods.
• Market: the absence of direct sales mitigates the risk of supply shocks; any financial products offered by XXI could increase liquidity in BTC-denominated instruments.

Allocation Strategy: Bitcoin, Gold, and Land

Tether confirms a profit reallocation policy, allocating part of the assets to bitcoin, gold, and land, with the aim of preserving value and diversifying the portfolio.

In fact, the investment in gold and real assets aims to offset the typical volatility of the cryptocurrency market, while the exposure to bitcoin demonstrates a long-term vision on a digital asset considered scarce and highly liquid.

The correlation between the price of Bitcoin and assets like gold is well documented in the forecasts of major investors such as VanEck, while recent news has highlighted how Tether Gold represents a new frontier for the tokenization of physical gold.

The role of XXI and possible developments

XXI is configured as a vehicle focused on BTC, with treasury management functions and the development of financial products denominated in bitcoin.

That said, an increase in assets under management could facilitate the creation of instruments such as secured loans and the adoption of proprietary performance metrics, while offering a robust platform for future product lines, without the need to immediately convert into fiat.

Risks, Transparency, and Reading Audits

The movement of assets between on-chain addresses can complicate analysis for external observers, creating the risk of misinterpretations. Clarity about the parties involved, the purposes, and the timing of the flows remains essential to ensure the credibility of audits and the quality of on-chain monitoring.

International Comparison: The Case of El Salvador

In the debate on reserve management, the recent gold purchase by El Salvador is often cited – reported in some reports as 13,999 troy ounces, with a declared value of about 50 million dollars – as an example of a diversification strategy.

At the same time, the country has announced that it has accumulated a BTC allocation over time. Yet, even though these are different contexts, a trend emerges: an increasing share of public and private reserves is oriented towards assets not exclusively correlated to the dollar (Bitcoin News: El Salvador).

Methodology, sources, and what’s missing

• USD Conversions: the estimates are based on the valuations reported by the cited sources and the average prices recorded at the time of the transfers (estimate of the principal amount: ~3.9 billion USD at the time of the transfer of ~37,229 BTC).
• Primary sources: the Tether Transparency page and the X channel of Paolo Ardoino serve as the fundamental references for official statements.
• On‑chain: public explorers like mempool.space are useful for verifying flows; access to transaction IDs and official receipts would allow full verification of the mentioned operations.

Transparency note: to obtain a fully verifiable picture, it would be useful to have the link to the official statement with date and time, as well as the on-chain transaction IDs that attest to the aforementioned transfers.

The Overall Picture

In summary, Tether’s denial and the reconstruction of flows confirm that these are internal reallocations and not asset sales.

The overall exposure in bitcoin, strengthened by the investment strategy in gold and land, represents one of the most significant institutional profiles in the sector, while the evolution of XXI and the quality of informational updates will continue to be monitored to ensure high confidence in the market.