- Analyst Clive Thompson misread Tether’s Q2 attestation, mistaking Bitcoin transfers for a sell-off into gold investments.
- Samson Mow explained Tether moved nearly 20,000 BTC to XXI, confirming the company increased holdings instead of reducing them.
- Tether’s reserves now exceed 100,000 BTC, with additional exposure to gold and land, supporting its diversified investment model.
Tether CEO Paolo Ardoino has addressed speculation over the company’s Bitcoin reserves after reports suggested a potential sell-off. The rumors emerged following analysis of quarterly attestation data from BDO, which showed a decline in Bitcoin between the first and second quarters of 2025.
Independent analyst Clive Thompson pointed to the drop, claiming the stablecoin issuer reduced Bitcoin exposure to expand gold investments. However, Ardoino publicly denied the claims, stating the firm “didn’t sell any Bitcoin” and continues to accumulate both assets.
Analyst Data Sparks Market Confusion
According to Thompson, Tether’s Q1 report showed holdings of 92,650 BTC, while Q2 reflected 83,274 BTC. He argued the difference suggested a partial liquidation aimed at funding gold allocations.
The suggestion gained traction online, fueling speculation that Tether had shifted part of its strategy away from Bitcoin. However, Samson Mow, CEO of Jan3 and a Bitcoin advocate, challenged the conclusion.
He explained that nearly 20,000 BTC had been moved into Twenty One Capital (XXI), a Bitcoin investment vehicle not included in Thompson’s analysis. Mow detailed transfers of 14,000 BTC in June and 5,800 BTC in July 2025, which accounted for the reported decline.
Transfers Explain Decline in Quarterly Report
Ardoino confirmed Mow’s explanation, noting that the movement of funds created the appearance of a sell-off. He reiterated that Tether had reallocated Bitcoin into XXI rather than liquidating reserves.
When the transfers are factored in, the company’s net position shows growth rather than reduction. Data indicates that by the end of Q2, Tether’s total holdings were 4,624 BTC higher than Q1.
After July’s additional transfer, the firm maintained a net increase of 10,424 BTC. Ardoino emphasized that Bitcoin was “moved, not sold,” clarifying that the reported decline was misinterpreted.
Broader Strategy Includes Bitcoin, Gold, and Land
The clarification also aligns with Tether’s wider investment model. Ardoino said profits are directed toward assets such as Bitcoin, gold, and land. This approach aims to create balance in the firm’s reserves, which now exceed 100,000 BTC.
Tether has also been increasing its exposure to physical gold, complementing its digital reserves. This is reflected in the company’s gold-backed token, XAUT, which recently reached a market capitalization above $1.3 billion.
Ardoino described the company as committed to maintaining diversified holdings. He said Tether will continue allocating profits to assets viewed as safe during uncertain economic conditions.
