Tether CEO Paolo Ardoino denied recent claims about the company selling Bitcoin to buy gold. He labeled such claims false and reaffirmed Tether’s strong support for Bitcoin. The speculation arose from a misinterpretation of financial data and has now been directly addressed.
Independent analyst Clive Thompson suggested Tether reduced its Bitcoin holdings in Q2 2025. He cited BDO’s attestations showing a decrease from 92,650 BTC in Q1 to 83,274 BTC in Q2. He argued this drop hinted at a sale to fund gold purchases.
However, this claim omitted transfers to investment vehicle XXI. Bitcoin advocate Samson Mow explained that 14,000 BTC moved to XXI on June 2, 2025. A further 5,800 BTC moved in July, clarifying the shift was not a sale.
“Adding those transfers, Tether actually increased Bitcoin holdings,” Mow wrote. The figures, he noted, reflect a net gain of 10,424 BTC. Thus, Tether’s position remains strong, contrary to Thompson’s suggestion.
Ardoino supported Mow’s explanation and reiterated no Bitcoin was sold. He stated, “Tether contributed part of its stash into XXI.” This move aligns with Tether’s broader investment strategy.
Tether has expanded into gold as part of its hybrid reserve model. The firm now holds $8.7 billion worth of gold assets in Zurich vaults. These holdings represent about 80 tons of physical bullion.
Ardoino confirmed gold is part of a diversified approach, not a replacement for Bitcoin. “Tether will continue to invest profits in safe assets,” he said. These include Bitcoin, gold, and land, according to his recent statement.
The company also explores opportunities across the gold mining supply chain. This effort underscores its ambition to move beyond digital assets. Still, Bitcoin remains at the center of its reserves.
Tether’s gold-backed token, XAUT, plays a key role in this strategy. The token recently surpassed a $1.3 billion market cap. It has entered the crypto top 100 by market value.
Ardoino dismissed speculation as misinformation meant to spread fear and doubt. He emphasized Bitcoin remains Tether’s cornerstone asset. “Tether is mega bullish on Bitcoin on all metrics,” Mow added.
Correct.
Tether didn't sell any Bitcoin. As Samson says below, it contributed part of its stash into XXI.While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.
Tether is the Stable Company. https://t.co/4KxdeNEsOE
— Paolo Ardoino
(@paoloardoino) September 7, 2025
DeFi researcher Tran Hung also confirmed Ardoino’s commitment to Bitcoin. They remain in close communication on Tether’s reserve priorities. Hung reiterated that digital gold, not physical gold, leads Tether’s vision.
Although gold gains traction, it complements rather than competes with Bitcoin. Tether uses both assets to hedge against fiat instability. This dual approach signals long-term risk management.
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