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  • ๏ปฟAnjali Belgaumkar
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    Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โ€œEnthusiastโ€ but trust me I'm getting there.

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Did Tether Sell Bitcoin For Gold? CEO Paolo Ardoino Reveals Truth

Rumors swirled this week that Tether, the issuer of the worldโ€™s largest stablecoin, had begun selling its Bitcoin holdings in exchange for gold. The speculation spread after a YouTuber claimed that Tetherโ€™s quarterly reports showed a sharp drop in its Bitcoin stash. Tetherโ€™s leadership, along with key industry voices, says the story is false.

The Rumor Mill

The claims started with Clive Thompson, a YouTuber who analyzed Tetherโ€™s auditor BDOโ€™s reports. He said that Tetherโ€™s Bitcoin holdings appeared to shrink between the first and second quarters of 2025.

  • Q1 2025 (March 31): 92,650 BTC
  • Q2 2025 (June 30): 83,274 BTC

On paper, that looked like a sell-off of more than 9,000 BTC. Thompson suggested the missing coins had been swapped for gold.

Samson Mow, CEO of Jan3, quickly pushed back on X. He argued that the drop had been misunderstood and that Tether had not sold.

What Really Happened

According to Mow, the decline was explained by Tetherโ€™s decision to move 19,800 BTC into its XXI initiative, a long-term investment arm.

  • June 2, 2025: 14,000 BTC transferred to XXI
  • July 2025: 5,800 BTC transferred to XXI

Adjusting for those transfers, Tether actually ended the second quarter with more Bitcoin than it held at the end of the first quarter. By Mowโ€™s calculations, Tetherโ€™s net position increased by at least 10,424 BTC once Julyโ€™s movement was included.

โ€œSeems everyone is desperate for bearish Bitcoin news these days,โ€ Mow wrote. โ€œTether is mega bullish on Bitcoin on all metrics.โ€

CEO Paolo Ardoino Sets the Record Straight

Tether CEO Paolo Ardoino backed Mowโ€™s explanation in his own statement on X.

โ€œCorrect. Tether did not sell any Bitcoin,โ€ Ardoino said. โ€œAs Samson explained, 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.โ€

Ardoino stressed that Bitcoin remains at the center of Tetherโ€™s strategy. Profits will continue to be reinvested into Bitcoin, alongside gold and real estate, which the company views as reliable stores of value.

Why It Matters

Tether plays an outsized role in the crypto market. Its stablecoin USDT is one of the most traded assets worldwide, making the companyโ€™s investment decisions closely watched by traders and critics alike.

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