Tether CEO Paolo Ardoino has resisted speculation that the world’s largest stablecoin issuer is selling Bitcoin (BTC) to accumulate gold.
According to Ardoino, these claims are false, with the crypto executive reaffirming Tether’s long-term bullish stance on BTC.
Tether’s Hybrid Reserve Model Counters Bearish Rumors
The rumors began after Clive Thompson, an independent analyst, claimed that Tether’s Bitcoin holdings had declined between the first and second quarter of 2025. The analyst cited attestations from the accounting firm BDO.
According to the documents, Tether held 92,650 BTC at the end of Q1, compared with 83,274 BTC at the end of Q2. Thompson argued this suggested the company had liquidated part of its position to fund growing gold investments.
Samson Mow, CEO of Jan3 and a vocal Bitcoin advocate, rebuts the claim. He explained that Tether had transferred nearly 20,000 BTC into investment vehicle XXI, which was not factored into Thompson’s analysis.
“June 2, 2025, 14,000 BTC was transferred to XXI. In July 2025, an additional 5,800 BTC was transferred to XXI. That means that at the end of Q2 2025, Tether would have had 4,624 BTC more than at the end of Q1 2025. If you combined it with the July transfer, then Tether has (at least) a net increase in Bitcoin holdings of 10,424 BTC,” Mow wrote on X (Twitter).
Ardoino confirmed the explanation, articulating that Tether did not sell any Bitcoin, and noting that the stablecoin issuer 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,” he wrote.
The clarification comes as Tether builds a broader diversification strategy that increasingly includes precious metals.
Tether new FUD: Tether sold BTC for Gold.
False.
We buy and hold both.https://t.co/m4SDqIbOWk
— Paolo Ardoino
https://t.co/m4SDqIbOWk
(@paoloardoino) BeInCrypto reported that the company has amassed $8.7 billion worth of gold, nearly 80 tons of which are stored in Zurich vaults.
Tether Balances Bitcoin Core Strategy with Gold Expansion and XAUT Growth
Tether has also been exploring opportunities across the gold mining supply chain. While this move has drawn skepticism from the conservative mining industry, it highlights the company’s ambition to expand beyond digital assets.
DeFi researcher Tran Hung also revealed close communication with Ardoino, reiterating that Bitcoin remains Tether’s core focus.
Meanwhile, according to the crypto executive, claims that the stablecoin issuer is sidestepping Bitcoin for gold is misinformation, intended to spread fear, uncertainty, and doubt (FUD).
In the future FUDsters will say that “Paolo puts cream in the carbonara pasta”. https://t.co/5P5DHZdH9c
— Paolo Ardoino
Nevertheless, dual accumulation of Bitcoin and gold positions Tether at the center of a growing trend where crypto firms hedge against fiat currency instability with hard assets.
The company’s gold-backed token, XAUT, has extended stablecoin utility into precious metals, giving investors blockchain-based access to bullion.
Recent data indicates that Tether Gold or XAUT surpassed the $1.3 billion market cap threshold, effectively foraying into the crypto top 100.
Notwithstanding, the rumors highlight market eagerness for bearish Bitcoin narratives.
“Seems everyone is desperate for bearish Bitcoin news these days. Tether is mega bullish on Bitcoin on all metrics,” Mow added.
As Tether strengthens its hybrid reserve model, Ardoino holds that while Bitcoin remains the cornerstone, gold and land are also part of a broader shield against global economic uncertainty.
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