Tether CEO Slams Rumors of Bitcoin Sell-Off for Gold Buys

The chatter began when commentators noticed an apparent decline in Tether’s reported Bitcoin stash between the first and second quarters of 2025. According to BDO attestation data, holdings seemed to fall by more than 9,000 BTC, prompting claims that the stablecoin issuer had liquidated part of its reserve to chase gold.

YouTuber Clive Thompson amplified the theory, suggesting Tether’s strategy was shifting away from Bitcoin.

The Counter-Narrative

Executives and close industry figures quickly disputed that interpretation. Samson Mow, CEO of Jan3, explained that the missing Bitcoin had been sent to Twenty One Capital (XXI), a separate financial initiative tied to Strike CEO Jack Mallers. Transfers in June and July totaled nearly 20,000 BTC, more than enough to explain the discrepancy.

Tether CEO Paolo Ardoino echoed the point, insisting no coins were sold. Instead, he said, the company continues to channel profits into what it considers long-term safe assets — “Bitcoin, gold, and land.”

Multi-Billion Dollar Transfers

Blockchain records confirm that in early June, Tether moved over 37,000 BTC — worth almost $3.9 billion at the time — to support XXI. Had those transfers been counted under Tether’s direct holdings, its balance sheet would have shown a net increase, not a reduction.

Independent data trackers still list Tether with more than 100,000 BTC valued above $11 billion, securing its place among the largest institutional holders.

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Timing With El Salvador’s Gold Buy

The controversy unfolded alongside unrelated headlines from El Salvador, which announced its first gold purchase in over three decades. The central bank added 13,999 troy ounces, worth roughly $50 million, to its reserves as part of a diversification plan away from the U.S. dollar.

The country has previously leaned heavily on Bitcoin, accumulating more than 6,200 BTC since 2021. Its recent pivot into gold added fuel to speculation that Tether might be considering a similar strategy.

Bitcoin Still at the Core

Despite the rumors, Ardoino framed Tether’s position clearly: Bitcoin remains at the center of the company’s reserve allocation. While diversification into other hard assets is part of the strategy, suggestions of a wholesale shift out of BTC appear unfounded.

For now, the episode highlights the microscope Tether operates under — and how quickly a few data points can ignite debate across the crypto world.

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