Tether CEO Paolo Ardoino has pushed back against fresh rumors that the world’s largest stablecoin issuer is dumping Bitcoin to stockpile gold. The executive called the claims “false” and reaffirmed Tether’s long-term bullish stance on BTC.
Rumors Spark Over Bitcoin Holdings
The chatter began after independent analyst Clive Thompson flagged a decline in Tether’s reported Bitcoin holdings between Q1 and Q2 2025. Data from accounting firm BDO showed that Tether held 92,650 BTC at the end of Q1, compared with 83,274 BTC at the end of Q2.
Thompson argued the drop suggested the company had liquidated part of its Bitcoin stash to expand its gold reserves.
But Bitcoin advocate Samson Mow, CEO of Jan3, countered the claim. He explained that Tether had transferred nearly 20,000 BTC into its investment vehicle XXI, which wasn’t reflected in Thompson’s analysis.
“June 2, 2025, 14,000 BTC was transferred to XXI. In July, another 5,800 BTC. That means at the end of Q2, Tether would’ve actually had 4,624 BTC more than at the end of Q1. With the July transfer included, Tether increased its Bitcoin holdings by at least 10,424 BTC,” Mow wrote on X.
Ardoino: “We Buy and Hold Both”
Ardoino confirmed the explanation, stating that Tether hasn’t sold Bitcoin but instead allocated part of its holdings 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,” he said.
On social media, Ardoino dismissed the allegations as classic FUD (fear, uncertainty, and doubt).
“Tether new FUD: Tether sold BTC for Gold. False. We buy and hold both,” he wrote, before joking that critics might next accuse him of “putting cream in carbonara.”
A Hybrid Reserve Model
The clarification comes as Tether expands its diversification strategy. The company has reportedly amassed $8.7 billion worth of gold, with nearly 80 tons stored in vaults in Zurich.
Tether also issues Tether Gold (XAUT), a token pegged to physical bullion. XAUT recently surpassed a $1.3 billion market cap, breaking into the crypto top 100.
Meanwhile, Bitcoin remains at the center of Tether’s reserves. “Everyone is desperate for bearish Bitcoin news these days. Tether is mega bullish on Bitcoin on all metrics,” Mow added.
Why It Matters
Tether’s approach highlights a broader trend among crypto firms: hedging fiat risk with hard assets. By balancing Bitcoin, gold, and even land, Tether is positioning itself as more than just a dollar-backed stablecoin issuer—it’s building a diversified reserve model that mixes digital and traditional safe havens.
For now, Ardoino’s message is clear: Tether isn’t swapping Bitcoin for gold—it’s holding both.
