Tether CEO Paolo Ardoino has denied recent rumors regarding the stablecoin issuer selling Bitcoin (BTC) to purchase gold.
According to Ardoino's post on the X platform on Sunday, the company "has not sold any Bitcoin" and reiterated its strategy of allocating profits to assets such as "Bitcoin, gold, and land."
Ardoino's statement was in response to speculation from YouTuber Clive Thompson. Thompson cited audit data from BDO for Tether's first and second quarters of 2025, claiming that the company's Bitcoin (BTC) holdings had decreased. He pointed out that Tether's Bitcoin holdings fell from 92,650 coins in the first quarter to 83,274 coins in the second quarter, suggesting that the company had sold off some of its holdings.
However, Jan3 CEO Samson Mow refuted this claim. He noted that Tether had transferred 19,800 Bitcoins to an independent project called Twenty One Capital (XXI) during the same period. Of this, 14,000 coins were transferred in June and 5,800 Bitcoins in July.
In early June, Tether transferred over 37,000 Bitcoins, worth approximately $3.9 billion, through multiple transactions to support the Bitcoin-native financial services platform XXI, led by Strike CEO Jack Mallers.
According to Mow, "If this transfer is accounted for, Tether's Bitcoin holdings would actually be 4,624 coins more than at the end of the first quarter," adding that the company has effectively increased its net holdings.
Ardoino also stated that the Bitcoins were merely transferred and not sold. He wrote, "As the world becomes increasingly dark, Tether will continue to invest a portion of its profits in safe assets."
According to data from BitcoinTreasuries.NET, Tether, as the issuer of USDT, holds over 100,521 Bitcoins, valued at approximately $11.7 billion.
Amid the rumors of Tether selling Bitcoin (BTC), El Salvador announced an addition of 13,999 ounces of gold to its foreign exchange reserves, valued at $50 million, marking the country's first purchase of gold since 1990. The country's central bank stated that this move aims to reduce dependence on the US dollar and implement a diversification strategy.
Before purchasing gold, El Salvador had accumulated a Bitcoin reserve worth $700 million, totaling 6,292 coins. However, a report from the International Monetary Fund released in July stated that this Central American country has not increased its Bitcoin holdings since February.
Related: Bitcoin whales have sold off the largest amount since mid-2022, with 115,000 BTC being sold.
Original article: “Tether Denies Bitcoin Sell-Off Rumors, Confirms Continued Investment in BTC, Gold, and Land”
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