Tether CEO Rebuts BTC Sell-Off Rumors Amid Gold Moves
What Sparked the BTC trade-Off Rumors?
Tether CEO Paolo Ardoino has denied speculation that the stablecoin issuer sold BTC holdings to purchase gold. In a Sunday post on X, Ardoino said the firm “didn’t trade any BTC” and reaffirmed its strategy of allocating profits into BTC, gold, and land. The rumors originated from YouTuber Clive Thompson, who cited quarterly attestations by BDO showing a drop in Tether’s reported holdings from 92,650 BTC in Q1 to 83,274 BTC in Q2.
The data led to claims that Tether had offloaded nahead 10,000 BTC during the quarter. However, industry figures rapidly countered the interpretation, stressing that the numbers reflected transfers rather than disposals.
Investor Takeaway
Where Did the BTC Actually Go?
According to Samson Mow, CEO of Jan3, Tether moved 19,800 BTC to a separate initiative, Twenty One Capital (XXI), during Q2. This included 14,000 BTC in June and another 5,800 BTC in July. Mow argued that when transfers are properly accounted for, Tether would have ended Q2 with 4,624 BTC more than in Q1—indicating a net increase rather than a trade-off.
Earlier in June, Tether moved a total of 37,000 BTC, valued at about $3.9 billion, to XXI. The platform, led by Strike , aims to build a BTC-native financial infrastructure. Ardoino confirmed the explanation, writing that the firm was reallocating, not liquidating, assets.
Data from BTCTreasuries.NET shows that Tether continues to hold more than 100,521 BTC, worth around $11.2 billion at current prices.
How Does Gold Fit Into the Narrative?
The controversy coincided with reports that El Salvador added 13,999 troy ounces of gold worth $50 million to its foreign reserves, its first such purchase since 1990. The central bank said the move reflects a diversification strategy aimed at reducing reliance on the U.S. dollar. El Salvador already holds 6,292 BTC, acquired for about $700 million, though an IMF report in July suggested the since February.
Tether has also been linked to gold investments, with previous reports indicating the company was exploring opportunities across the supply chain. Still, Ardoino’s statement reaffirmed that , alongside selected allocations to gold and land assets.
Investor Takeaway
What’s Next for Tether?
Tether continues to face scrutiny over its asset allocations, with attestations closely watched for signs of stress or balance sheet changes. The firm has sought to build credibility by while diversifying beyond fiat reserves. Its role as the largest stablecoin issuer, with USDt circulating above $100 billion, makes its treasury decisions a market.
For now, the firm insists it is accumulating rather than reducing its BTC exposure, while also pursuing strategic allocations to gold and other real assets. Whether investors view these moves as prudent diversification or as added opacity will shape sentiment toward Tether’s stability in coming quarters.
