Tether Dismisses Bitcoin Sell-Off Rumors, Confirms BTC, Gold and Land Buys
CEO Paolo Ardoino insists holdings are intact after speculation over Q2 report
Tether CEO Paolo Ardoino has rejected claims that the stablecoin giant sold Bitcoin to buy gold, reaffirming its strategy of allocating profits into “Bitcoin, gold, and land.”
In a Sunday post on X, Ardoino said the company “didn’t sell any Bitcoin,” addressing speculation from YouTuber Clive Thompson, who cited Tether’s quarterly attestations to argue the firm cut its BTC position. Thompson pointed to a drop from 92,650 BTC in Q1 to 83,274 BTC in Q2.
However, Jan3 CEO Samson Mow clarified that 19,800 BTC were transferred to Twenty One Capital (XXI), a Bitcoin-native initiative led by Strike CEO Jack Mallers. “Tether would have had 4,624 BTC more than at the end of Q1 if the transfer is accounted for,” Mow said.
$3.9B in Bitcoin transferred to XXI
In June, Tether moved over 37,000 BTC – worth $3.9 billion – across multiple transactions to back XXI. Ardoino stressed the coins were moved, not sold, noting that Tether still increased its net holdings.
Tether currently holds 100,521 BTC valued at about $11.17 billion, according to BitcoinTreasuries.NET. The firm continues to diversify into hard assets while remaining one of the largest corporate Bitcoin holders.
El Salvador adds $50M in gold reserves
The rumors coincided with El Salvador announcing its first gold purchase in more than three decades. The country’s central bank added 13,999 troy ounces worth $50 million to its reserves, calling it a hedge against reliance on the US dollar.
El Salvador also maintains a $700 million Bitcoin reserve of 6,292 BTC, though the IMF recently reported that no new Bitcoin buys have been made since February.
