TLDR
- Tether CEO Paolo Ardoino denied selling Bitcoin after YouTuber claimed BTC dump based on Q2 data
- Company transferred 19,800 BTC to Twenty One Capital project, didn’t sell holdings
- Tether’s net Bitcoin position actually increased by 10,424 BTC when transfers are included
- CEO reaffirms strategy of investing profits in Bitcoin, gold, and land
- Tether currently holds over 100,521 BTC worth approximately $11.17 billion
Tether CEO Paolo Ardoino has categorically denied rumors that his company sold Bitcoin to purchase gold investments. The controversy began when YouTuber Clive Thompson analyzed Tether’s quarterly attestation reports and concluded the stablecoin issuer had dumped over $1 billion in BTC.
Thompson’s analysis focused on Tether’s Bitcoin holdings dropping from 92,650 BTC in Q1 2025 to 83,274 BTC in Q2 2025. He interpreted this 9,376 BTC decrease as evidence of a deliberate sell-off strategy favoring gold over Bitcoin.
However, Jan3 CEO Samson Mow quickly identified flaws in Thompson’s methodology. Mow explained that the analysis failed to account for Tether’s strategic Bitcoin transfers to Twenty One Capital (XXI), a separate Bitcoin-focused financial initiative.
The transfers included 14,000 BTC moved in June and an additional 5,800 BTC transferred in July. These transactions supported XXI, a Bitcoin-native platform led by Strike CEO Jack Mallers.
Tether Bitcoin Holdings Actually Grew
When properly accounting for the XXI transfers, the data reveals Tether actually increased its Bitcoin position. Mow calculated that Tether held 4,624 more BTC in Q2 compared to Q1 after factoring in the project funding.
Including July’s 5,800 BTC transfer, Tether demonstrated a net increase of at least 10,424 BTC in its total holdings. This directly contradicts claims of any Bitcoin liquidation strategy.
Ardoino confirmed these calculations in his social media response. The CEO emphasized that Tether “didn’t sell any Bitcoin” and clarified that the holdings were transferred to support related projects, not sold on the market.
The stablecoin issuer currently maintains over 100,521 BTC according to BitcoinTreasuries.NET data. At current market prices, this Bitcoin treasury is valued at approximately $11.17 billion.
Investment Strategy Remains Unchanged
Ardoino reaffirmed Tether’s established investment approach of allocating profits across multiple asset classes. The company continues investing in what the CEO describes as “safe assets” including Bitcoin, gold, and real estate holdings.
While Tether has expanded its gold investments recently, these moves represent portfolio diversification rather than Bitcoin replacement. The company spent $90 million acquiring stakes in Elemental Altus Royalties Corp in June, followed by an additional $100 million investment this week.
Tether also operates Tether Gold (XAUT), a gold-backed stablecoin supported by 7.66 tons of physical gold stored in Swiss facilities. Approximately 5% of USDT reserves are maintained in gold holdings.
The incident highlights how cryptocurrency movements between related entities can be misinterpreted without proper context. Mow dismissed Thompson’s analysis as “false” and characterized it as an attempt to generate negative Bitcoin sentiment.
Tether moved over 37,000 BTC worth approximately $3.9 billion across multiple transactions to fund the XXI initiative during early June alone.
