Tether CEO Paolo Ardoino has pushed back against speculation that the stablecoin issuer has been selling off its Bitcoin reserves to buy gold, reaffirming that the company continues to expand its allocation across Bitcoin, gold, and real estate.
In a detailed post on X on Sunday, Ardoino stated clearly that Tether “didn’t sell any Bitcoin” and emphasized that the company’s treasury strategy remains focused on diversifying its profits into long-term stores of value, specifically Bitcoin, gold, and land. His comments were directed at addressing claims made by YouTuber Clive Thompson, who pointed to Tether’s Q1 and Q2 2025 attestation reports, audited by BDO, as supposed evidence of a sell-off.
Earlier coverage: Bitcoin price top calls for Q4 show lack of statistical understanding, says analyst.
Tether CEO denies Bitcoin sell-off rumors. Source: Paolo Ardoino
Thompson highlighted a decline in Bitcoin holdings from 92,650 BTC in Q1 to 83,274 BTC in Q2, alleging this was proof that Tether had liquidated part of its position. However, industry voices, including Jan3 CEO Samson Mow, quickly refuted the claim. Mow explained that the decrease was simply due to a transfer of Bitcoin to a separate Tether-backed initiative, Twenty One Capital (XXI). According to Mow, Tether shifted 19,800 BTC to XXI during that period, including 14,000 BTC in June and another 5,800 BTC in July, confirming that the assets were moved, not sold.
Tether shifts $3.9B worth of BTC to Twenty One Capital initiative
Supporting this explanation, blockchain data revealed that Tether moved over 37,000 BTC, valued at roughly $3.9 billion at the time, in a series of transactions in early June. The transfers were made to bolster XXI, a Bitcoin-native financial platform led by Strike CEO Jack Mallers.
Mow clarified that if the transfer were properly accounted for, Tether’s net Bitcoin holdings would have actually increased compared to Q1, noting, “Tether would have had 4,624 BTC more than at the end of Q1 if the transfer is accounted for.” Ardoino echoed this view, reiterating that the company has no intention of selling its Bitcoin and is instead reallocating within its broader strategy.
Tether holds over 100,000 BTC. Source: BitcoinTreasuries.NET
“While the world continues to get darker, Tether will continue to invest part of its profits into safe assets,” Ardoino said, underscoring the company’s long-term commitment to building reserves that include not only Bitcoin but also gold and land.
El Salvador makes first gold purchase since 1990, worth $50M
The rumors around Tether’s Bitcoin reserves coincided with a major development in El Salvador’s financial strategy. The Central Bank of El Salvador announced that it has purchased 13,999 troy ounces of gold—valued at approximately $50 million—for its foreign reserves. This marks the country’s first gold acquisition since 1990 and highlights its efforts to diversify beyond heavy reliance on the U.S. dollar.
The move comes as part of El Salvador’s broader initiative to strengthen its reserve assets, particularly as it continues to build its reputation as a pioneer in cryptocurrency adoption, having made Bitcoin legal tender in 2021. The gold purchase signals that the nation is now expanding its diversification strategy into traditional safe-haven assets, complementing its already significant Bitcoin holdings.