Tether CEO refutes claims that the firm sold Bitcoin and bought gold
Paolo Ardoino, CEO of Tether, the issuer of the largest stablecoin USDT, took to X on Sunday to refute claims about the firm promoting its Bitcoin (BTC) to put money into gold. In his put up, Ardoino wrote that “Tether didn’t promote any Bitcoin,” including that:
“While the world continues to get darker, Tether will proceed to speculate a part of its income into secure property like Bitcoin, Gold and Land.”
How the rumor began
On Sept. 6, YouTuber Clive Thompson claimed that “lately, Tether has been shopping for gold and promoting Bitcoin.” Thompson’s assertion was primarily based on an examination of Tether’s statements of property.
According to Thompson, Tether sold over $1 billion BTC and bought over $1.6 billion gold in the final quarter. This signifies that Tether is dumping Bitcoin in favor of gold, as per Thompson.
Flaws in Thompson’s claims
Jan3 CEO Samson Mow identified flaws in Thompson’s concept primarily based on public knowledge. In an X post, Mow defined that Thompson arrived at the improper conclusion since he assumed that a fall in BTC holdings of Tether robotically meant they sold it for gold.
In the first and second quarter of this 12 months, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. According to Mow, Thompson forgot to consider Tether’s funding of a separate challenge referred to as Twenty One Capital (XXI). Tether transferred 14,000 BTC on June 2 and 5,800 BTC in July, sending a complete of 19,800 BTC to XXI.
Therefore, Mow defined that Tether had 4,624 BTC extra in Q2 2025 than the earlier quarter. Accounting for July’s switch, Tether “has (not less than) a web improve in Bitcoin holdings of 10,424 BTC,” Mow wrote.
Consequently, Mow dismissed Thompson’s declare as “false” and labeled it a “determined” try to create bearish information surrounding Bitcoin.
Tether’s deepening relationship with Gold
The newest growth surrounding Tether comes simply days after the firm introduced that it’s wanting into investing in gold mining firms. But Tether has been diversifying into gold for some time.
In June, the stablecoin issuer spent $90 million to accumulate a considerable stake in an organization specializing in gold royalties. Earlier this week, Tether introduced that it should pour one other $100 million into the identical firm—Elemental Altus Royalties Corp.
Additionally, Tether points the gold-backed stablecoin Tether Gold (XAUT)—XAUT is backed by about 7.66 tons of gold saved in Switzerland. Around 5% of USDT reserves can also be held in gold by Tether.
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