Tether CEO Paolo Ardoino has publicly addressed and dismissed circulating claims that the firm sold Bitcoin for gold. The controversy erupted on September 6, after YouTuber Clive Thompson suggested that Tether had quietly altered its investment strategy.
Citing the company’s statements of assets, Thompson alleged that the firm had sold over $1 billion worth of Bitcoin while acquiring $1.6 billion in gold during the last quarter. He suggested this was evidence that the firm was dumping Bitcoin in favor of gold, which led to speculation that the world’s largest stablecoin issuer was losing confidence in BTC.
Transfers Mistaken for Sell-Off
Online chatter around the claim surged, drawing reactions from prominent figures in the crypto industry. Long-time BTC advocate and Jan3 CEO Samson Mow stepped in to correct the narrative and pointed out that Thompson’s analysis overlooked a crucial detail.
According to Mow, Tether’s Bitcoin holdings indeed appeared lower in its Q2 2025 attestation report, 83,274 BTC compared to 92,650 BTC in Q1, but this drop was due to transfers made to Tether’s affiliated entity XXI rather than sales. Specifically, 14,000 BTC was moved to XXI on June 2, followed by another 5,800 BTC in July.
Factoring these transfers in, Mow explained that the company’s net holdings actually increased by over 10,000 BTC across Q2 and July combined. He dismissed the claims of a sell-off as an example of the market’s hunger for bearish Bitcoin narratives, adding that Tether remains “mega bullish” on the asset.
Tether CEO Paolo Ardoino also confirmed Mow’s clarification and stated that the firm had not sold any Bitcoin but had simply allocated part of its reserves to XXI. Ardoino reiterated that while the stablecoin issuer continues to diversify profits into assets like Bitcoin, gold, and land, its commitment to BTC remains unshaken.
“While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold, and Land.”
Bitcoin Gains Push Tether’s Q2 Profit
Owing to Bitcoin’s rally, Tether reported a strong second quarter after posting $4.9 billion in profit. This figure was a staggering 277% increase compared to the same period last year. The quarter pushed its year-to-date revenue to $5.7 billion, with $3.1 billion coming from recurring operations and another $2.6 billion driven by gains on its Bitcoin and gold holdings.
The company also demonstrated solid financial health, as it disclosed reserves of $162.5 billion against $157 billion in liabilities as of June 30, 2025, reflecting a comfortable surplus.
