Tether CEO Refutes Bitcoin Sell-Off Allegations
Tether’s Chief Technology Officer, Paolo Ardoino, publicly denied recent speculation that the stablecoin issuer was offloading its Bitcoin reserves to purchase gold. In a statement posted on the social platform X, Ardoino emphasized that the company did not sell any Bitcoin and reaffirmed its commitment to investing profits into assets including Bitcoin, gold, and land.
Clarifying Bitcoin Holdings and Transfers
The rumors originated from YouTuber Clive Thompson, who analyzed Tether’s Q1 and Q2 2025 attestation reports from BDO, noting a decline in Bitcoin holdings from 92,650 BTC in Q1 to 83,274 BTC in Q2. He interpreted this reduction as a sell-off. However, Samson Mow, CEO of Jan3, clarified that the apparent decrease was due to Tether transferring 19,800 BTC to Twenty One Capital (XXI), a Bitcoin-centric financial platform led by Strike CEO Jack Mallers. These transfers occurred in two tranches: 14,000 BTC in June and 5,800 BTC in July.
Mow further explained that accounting for these transfers implies Tether’s net Bitcoin holdings actually increased by 4,624 BTC compared to the end of Q1. Ardoino echoed this point, reiterating that the BTC movements were transfers, not sales, and underscored Tether’s ongoing strategy to invest in “safe assets” amid economic uncertainties.
Significant Bitcoin Reserves and Strategic Investments
Tether currently holds over 100,521 BTC, valued at approximately $11.17 billion, according to BitcoinTreasuries.NET. The stablecoin issuer’s recent transactions included moving over 37,000 BTC—worth roughly $3.9 billion—to support Twenty One Capital in early June. This initiative aligns with Tether’s broader strategy to diversify its asset base beyond stablecoin reserves.
Contextual Market Moves: El Salvador’s Gold Purchase
Coinciding with the rumors about Tether, El Salvador disclosed it had acquired 13,999 troy ounces of gold, valued at $50 million, marking its first gold purchase since 1990. The Central American nation aims to diversify its foreign reserves and reduce dependency on the US dollar. Previously, El Salvador amassed a Bitcoin reserve valued at $700 million, holding 6,292 BTC, though a July International Monetary Fund report indicated no new Bitcoin acquisitions since February.
FinOracleAI — Market View
Tether’s clarification that Bitcoin holdings were transferred, not sold, mitigates concerns about a large-scale sell-off, supporting confidence in the stablecoin issuer’s asset management strategy. The firm’s continued investment in Bitcoin and other tangible assets like gold and land suggests a cautious but growth-oriented approach amid economic uncertainty. Key risks include potential market volatility impacting BTC valuations and regulatory developments affecting stablecoins. Investors should monitor future attestation reports and Tether’s asset allocation disclosures for signs of strategic shifts.
Impact: neutral
