Tether CEO Paolo Ardoino has publicly addressed and dismissed circulating claims that the agency bought Bitcoin for gold. The controversy erupted on September 6, after YouTuber Clive Thompson urged that Tether had quietly altered its funding technique.
Citing the corporate’s statements of belongings, Thompson alleged that the agency had bought over $1 billion price of Bitcoin whereas buying $1.6 billion in gold over the past quarter. He urged this was proof that the agency was dumping Bitcoin in favor of gold, which led to hypothesis that the world’s largest stablecoin issuer was dropping confidence in BTC.
Transfers Mistaken for Promote-Off
On-line chatter across the declare surged, drawing reactions from distinguished figures within the crypto trade. Lengthy-time BTC advocate and Jan3 CEO Samson Mow stepped in to right the narrative and identified that Thompson’s evaluation ignored an important element.
In keeping with Mow, Tether’s Bitcoin holdings certainly appeared decrease in its Q2 2025 attestation report, 83,274 BTC in comparison with 92,650 BTC in Q1, however this drop was because of transfers made to Tether’s affiliated entity XXI quite than gross sales. Particularly, 14,000 BTC was moved to XXI on June 2, adopted by one other 5,800 BTC in July.
Factoring these transfers in, Mow defined that the corporate’s web holdings truly elevated by over 10,000 BTC throughout Q2 and July mixed. He dismissed the claims of a sell-off for example of the market’s starvation for bearish Bitcoin narratives, including that Tether stays “mega bullish” on the asset.
Tether CEO Paolo Ardoino additionally confirmed Mow’s clarification and said that the agency had not bought any Bitcoin however had merely allotted a part of its reserves to XXI. Ardoino reiterated that whereas the stablecoin issuer continues to diversify income into belongings like Bitcoin, gold, and land, its dedication to BTC stays unshaken.
“Whereas the world continues to get darker, Tether will proceed to speculate a part of its income into protected belongings like Bitcoin, Gold, and Land.”
Bitcoin Beneficial properties Push Tether’s Q2 Revenue
Owing to Bitcoin’s rally, Tether reported a robust second quarter after posting $4.9 billion in revenue. This determine was a staggering 277% improve in comparison with the identical interval final 12 months. The quarter pushed its year-to-date income to $5.7 billion, with $3.1 billion coming from recurring operations and one other $2.6 billion pushed by beneficial properties on its Bitcoin and gold holdings.
The corporate additionally demonstrated stable monetary well being, because it disclosed reserves of $162.5 billion in opposition to $157 billion in liabilities as of June 30, 2025, reflecting a cushty surplus.
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