Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Tether CEO Paolo Ardoino has publicly denied recent rumors that the stablecoin issuer is selling off its substantial Bitcoin holdings, asserting that the company continues to allocate profits into a diversified portfolio including Bitcoin, gold, and land. The denial comes in response to speculation fueled by a YouTuber, who cited attestation data to suggest a reduction in Tether’s BTC reserves, a claim swiftly debunked by industry figures who pointed to significant transfers to a separate initiative rather than a sell-off.
Tether Reaffirms Investment Strategy
In a post on X, Ardoino directly addressed the circulating rumors, stating unequivocally, “Tether didn’t sell any Bitcoin.” He reiterated the firm’s long-standing strategy of reinvesting a portion of its profits into a mix of “Bitcoin, gold, and land,” emphasizing a commitment to these assets as the global economic landscape reportedly “continues to get darker.”
Rumors Stem from Attestation Data
The speculation originated from YouTuber Clive Thompson, who referenced Tether’s Q1 and Q2 2025 attestation data from BDO. Thompson highlighted a reported drop in Tether’s Bitcoin holdings from 92,650 BTC in Q1 to 83,274 BTC in Q2, interpreting this as evidence of a significant sell-off by the company.
Debunking the Claims: Transfers, Not Sales
However, Samson Mow, CEO of Jan3, quickly countered Thompson’s claims, explaining that the apparent reduction was due to a strategic transfer of Bitcoin. Mow clarified that Tether moved 19,800 BTC to Twenty One Capital (XXI), a separate Bitcoin-native financial platform, during the same period. This included a transfer of 14,000 BTC in June and an additional 5,800 BTC in July.
Twenty One Capital Initiative
Mow further elaborated that if these transfers are accounted for, Tether would have actually increased its net Bitcoin holdings by 4,624 BTC compared to the end of Q1. In early June, Tether had already moved over 37,000 BTC, valued at approximately $3.9 billion at the time, across multiple transactions to support the XXI initiative, which is led by Strike CEO Jack Mallers. Ardoino confirmed this explanation, emphasizing that the Bitcoin was “moved, not sold.”
Tether’s Current Bitcoin Holdings
According to data from BitcoinTreasuries.NET, Tether, the issuer of the USDt stablecoin, currently holds over 100,521 BTC. These holdings are estimated to be worth around $11.17 billion, underscoring the company’s significant position within the Bitcoin ecosystem.
El Salvador’s Gold Acquisition
The rumors surrounding Tether’s Bitcoin activities coincided with news from El Salvador, which recently announced its acquisition of 13,999 troy ounces of gold, valued at $50 million, for its foreign reserves. This marks the Central American nation’s first gold purchase since 1990, undertaken as part of a strategy to diversify its reserves and reduce reliance on the US dollar.
Prior to this gold acquisition, El Salvador had built a Bitcoin reserve totaling 6,292 BTC, valued at approximately $700 million. However, a report from the International Monetary Fund in July indicated that El Salvador had not made any new Bitcoin purchases since February.
Tether’s CEO has firmly dispelled recent rumors of a Bitcoin sell-off, clarifying that reported reductions in holdings were due to internal transfers to a new initiative. The company remains committed to its strategy of investing profits into a diversified portfolio that includes Bitcoin, gold, and land, maintaining a substantial reserve of the flagship cryptocurrency.
