Rumors swirled this week that Tether, the issuer of the world’s largest stablecoin, had begun selling its Bitcoin holdings in exchange for gold. The speculation spread after a YouTuber claimed that Tether’s quarterly reports showed a sharp drop in its Bitcoin stash. Tether’s leadership, along with key industry voices, says the story is false.
The Rumor Mill
The claims started with Clive Thompson, a YouTuber who analyzed Tether’s auditor BDO’s reports. He said that Tether’s Bitcoin holdings appeared to shrink between the first and second quarters of 2025.
Q1 2025 (March 31): 92,650 BTCQ2 2025 (June 30): 83,274 BTC
On paper, that looked like a sell-off of more than 9,000 BTC. Thompson suggested the missing coins had been swapped for gold.
Samson Mow, CEO of Jan3, quickly pushed back on X. He argued that the drop had been misunderstood and that Tether had not sold.
What Really Happened
According to Mow, the decline was explained by Tether’s decision to move 19,800 BTC into its XXI initiative, a long-term investment arm.
June 2, 2025: 14,000 BTC transferred to XXIJuly 2025: 5,800 BTC transferred to XXI
Adjusting for those transfers, Tether actually ended the second quarter with more Bitcoin than it held at the end of the first quarter. By Mow’s calculations, Tether’s net position increased by at least 10,424 BTC once July’s movement was included.
“Seems everyone is desperate for bearish Bitcoin news these days,” Mow wrote. “Tether is mega bullish on Bitcoin on all metrics.”
CEO Paolo Ardoino Sets the Record Straight
Tether CEO Paolo Ardoino backed Mow’s explanation in his own statement on X.
“Correct. Tether did not sell any Bitcoin,” Ardoino said. “As Samson explained, 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.”
Ardoino stressed that Bitcoin remains at the center of Tether’s strategy. Profits will continue to be reinvested into Bitcoin, alongside gold and real estate, which the company views as reliable stores of value.
Why It Matters
Tether plays an outsized role in the crypto market. Its stablecoin USDT is one of the most traded assets worldwide, making the company’s investment decisions closely watched by traders and critics alike.
