Tether CEO denies selling Bitcoin to switch to gold, insists still bullish on both.

Tether, the issuer of the world's largest stablecoin USDT, recently refuted rumors regarding its sale of Bitcoin (BTC) to invest in gold. CEO Paolo Ardoino clearly stated on the X platform that Tether has not sold any Bitcoin and pointed out that the company continues to invest part of its profits in "safe assets," including Bitcoin and gold. This clarification stems from a misinterpretation of Tether's balance sheet data; although the company is indeed increasing its investments in gold, this does not mean it is abandoning Bitcoin.

Origin of the Rumor and Unveiling the Truth

On September 6, YouTube blogger Clive Thompson claimed in his video that "Tether has recently been buying gold and selling Bitcoin," a conclusion based on his analysis of Tether's balance sheet. According to Thompson, Tether sold over 1 billion USD in Bitcoin last quarter and purchased over 1.6 billion USD in gold, indicating that the company is abandoning Bitcoin in favor of gold.

However, Samson Mow, the CEO of the cryptocurrency company Jan3, quickly refuted this claim and posted on the X platform pointing out the data flaws. Samson Mow explained that Thompson mistakenly assumed that the decrease in Tether's Bitcoin holdings meant selling.

Tether's financial report shows that the Bitcoin holdings for the first and second quarters of this year were 92,650 BTC and 83,274 BTC, respectively. However, Mow pointed out that Thompson did not take into account the fact that Tether provided funding for the independent project named Twenty One Capital (XXI). Tether transferred 14,000 BTC and 5,800 BTC to XXI on June 2 and July, respectively, totaling 19,800 BTC.

Samson Mow explained that if the transferred Bitcoin is taken into account, Tether's net Bitcoin holdings at the end of the second quarter of 2025 are actually 4,624 BTC more than in the first quarter. With the transfer in July added, Tether's net Bitcoin holdings increased by 10,424 BTC. Therefore, he believes Thompson's statement is "wrong" and calls it a "desperate" attempt to create bearish news about Bitcoin.

Tether Continues to Deepen Gold Business

Although Tether has denied rumors of selling Bitcoin, the deepening of its relationship with gold is an undisputed fact. Just a few days ago, the company announced that it is considering investing in gold mining companies. Previously, Tether spent $90 million in June to acquire a significant stake in Elemental Altus Royalties Corp., a company focused on gold royalties. Earlier this week, Tether announced an additional investment of $100 million in the same company.

In addition, Tether has also issued a gold-backed stablecoin Tether Gold (XAUT). Each XAUT is backed by physical gold stored in Swiss vaults, with a total reserve of approximately 7.66 tons of gold. Tether has also stated that about 5% of its USDT reserves are held in the form of gold.

Conclusion

The clarification from Paolo Ardoino and Samson Mow indicates that Tether's choice between Bitcoin and gold is not "either-or." The company is adopting a diversified investment strategy, channeling profits into "hard assets" including Bitcoin, gold, and even land, to cope with what it describes as an "increasingly dark" global environment.

This event shows that Tether recognizes the value of Bitcoin as "digital gold" while also favoring physical gold as a traditional, time-tested reserve asset. These two types of investments do not compete with each other; instead, they complement each other and together form Tether's robust balance sheet. This not only helps maintain the credibility of its stablecoin but also reaffirms that Tether is transforming from a mere stablecoin issuer into a global enterprise with a grand investment vision.