Tether CEO Paolo Ardoino has publicly refuted claims that the stablecoin issuer sold Bitcoin to accumulate gold, labeling the rumors as false and part of a "whisper campaign" to spread fear, uncertainty, and doubt (FUD). The speculation originated from analyst Clive Thompson, who cited BDO attestations showing Tether's Bitcoin holdings declining from 92,650 BTC at the end of Q1 2025 to 83,274 BTC at the end of Q2 2025.
However, Samson Mow, CEO of Jan3, provided crucial context: Tether had transferred 19,800 BTC (14,000 in June and 5,800 in July) to its investment vehicle XXI, which wasn't reflected in the quarterly reports. When accounting for these transfers, Tether actually increased its net Bitcoin holdings by at least 10,424 BTC. Ardoino confirmed this explanation, emphasizing that Tether continues to invest profits into Bitcoin, gold, and land as part of its hybrid reserve strategy against global economic uncertainty.
Concurrently, Tether's gold-backed token XAUT surpassed a $1.3 billion market cap, entering the crypto top 100. The company has amassed $8.7 billion worth of gold (approximately 80 tons stored in Zurich vaults) and is exploring opportunities across the gold mining supply chain.