Tether is back action, but not for the reasons many expected. Over the past few days, speculation has been swirling that the world’s largest stablecoin issuer sold part of its Bitcoin stash in exchange for gold. The rumor gained traction after analyst Clive Thompson claimed that Tether’s BTC holdings dropped between Q1 and Q2 2025 based on attestations published by BDO.
But according to Samson Mow and Paolo Ardoino, that conclusion is flat-out wrong.
Breaking Down the Numbers
Thompson pointed out that Tether’s Bitcoin reserves declined from 92,650 BTC in March 2025 to 83,274 BTC in June 2025. At face value, that looks like nearly 9,400 BTC missing from the books. His conclusion: Tether quietly sold the coins and rotated into gold.
Mow, however, argues that this analysis left out a key detail. In June and July, Tether transferred a total of 19,800 BTC to its new venture, XXI. Specifically, 14,000 BTC were sent on June 2, and another 5,800 BTC followed in July. When you adjust for those movements, Tether’s net holdings were actually higher at the end of Q2 than in Q1 – by more than 4,600 BTC. Add in the July transfer, and the company had effectively increased its Bitcoin exposure by over 10,000 BTC.
In other words, far from selling, Tether was doubling down.
Ardoino Confirms: “Tether Didn’t Sell Any Bitcoin”
Tether’s CEO Paolo Ardoino backed Mow’s statement, saying plainly that Tether hasn’t sold any Bitcoin. Instead, it allocated part of its holdings into XXI, which appears to be part of the company’s broader investment strategy.
Correct. Tether didn't sell any Bitcoin. As Samson says below, it 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. https://t.co/4KxdeNEsOE
— Paolo Ardoino (@paoloardoino) September 7, 2025
Ardoino added that while Tether continues to explore safe-haven assets such as gold and land, Bitcoin remains at the core of its treasury approach. He ended his post by calling Tether “the Stable Company” – a clear jab at critics who question its reserves.
Read also: Here’s the EXACT Reason Why Altseason Is About to Begin, But There’s a Catch for ETH and BTC Traders
Opinion: Why This Matters
The rumor is a reminder of just how sensitive the market remains to anything involving Tether. As the largest issuer of stablecoins, with over $100 billion USDT in circulation, even small whispers about its reserves can shake confidence across the crypto ecosystem.
But the speed and clarity of the rebuttal from both Mow and Ardoino paint a different picture. Instead of trimming exposure, Tether appears to be scaling its Bitcoin bets, funneling coins into strategic ventures like XXI. That should reassure markets that Tether isn’t quietly dumping BTC, but rather aligning itself as one of the largest institutional buyers.
The deeper takeaway here is how easily bearish narratives can spread when the market is looking for cracks. Mow was blunt: “Seems everyone is desperate for bearish Bitcoin news these days.” And he might be right.
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The post Did Tether Sell Bitcoin for Gold? Paolo Ardoino Shuts Down the Rumors appeared first on CaptainAltcoin.
