Paolo Ardoino, CEO of Tether, the publisher of the biggest Stablecoin USDT, won X on Sunday and rebutted claims about a company selling Bitcoin (BTC) to invest in gold. In his post, Aldoino wrote, “Tether did not sell Bitcoin,” adding:
“The world continues to get darker, but Tether continues to invest some of its profits in safe assets such as Bitcoin, gold and land.”
How the rumors began
On September 6th, YouTuber Clive Thompson claimed that “Recently, Tether has bought gold and sells Bitcoin.” Thompson’s claims were based on an investigation into Tether’s assets statement.
According to Thompson, Tether sold over $1 billion in BTC and bought over $1.6 billion in gold in the last quarter. This shows that Tether, according to Thompson, is dumping Bitcoin in favor of gold.
Thompson’s claims are flawed
Jan3 CEO Samson Mow pointed out the flaws in Thompson’s theory based on public data. In X’s post, Mow explained that Thompson came to the wrong conclusion as he assumed that Tether’s BTC holdings declined automatically means selling for gold.
In the first and second quarters of this year, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. According to Mow, Thompson had forgotten to consider the funding of Tether for another project called Twenty One Capital (XXI). Tether moved 14,000 BTC on June 2nd and 5,800 BTC in July, sending a total of 19,800 BTC to XXI.
Crypto Investor Blueprint: 5-day course on bag holdings, insider frontrunning, and lost alpha
Therefore, Mow explained that Tether had 4,624 BTC more in the second quarter of 2025 than the previous quarter. Given the July move, Tether “has (at least) a net increase in Bitcoin holdings of 10,424 BTC,” writes Mow.
As a result, Mow dismissed Thompson’s claim as “false” and labeled it as a “desperate” attempt to create bearish news surrounding Bitcoin.
The serious relationship between tether and gold
The latest developments surrounding Tether come just days after the company announced it was considering investing in a gold mining company. However, tethers have diversified into gold for some time.
In June, Stablecoin Issuer spent $90 million to acquire a significant stake in a company specializing in gold royalties. Earlier this week, Tether announced that he would pour another $100 million into the same company, Eleclytus Royalties Corp.
Additionally, the tether issues a gold-backed Stablecoin Tether Gold (Xaut). Approximately 5% of the USDT reserves are also held in gold by tethers.
It is mentioned in this article
(tagstotranslate)bitcoin
