Tether CEO Paolo Ardoino stated in a statement on social media platform X that the company did not sell any Bitcoin and that the news that it converted its BTC assets into gold did not reflect the truth.
Ardoino argued that some Bitcoin assets were allocated to Tether’s XXI initiative, but that the company would otherwise continue to invest its profits in safe assets, namely Bitcoin, gold, and land investments.
The allegations in question came to light after analyst Clive Thompson reviewed Tether's audit reports. Thompson claimed the company's BTC holdings were declining, suggesting a shift to gold. However, analyst Samson Mow clarified the situation by stating that this interpretation was based on incomplete data.
According to the data shared by Mow, the company's assets are:
- First Quarter 2025 (as of March 31): 92,650 BTC
- Second Quarter 2025 (as of June 30): 83,274 BTC
However, during this period, Tether allocated a total of 19,800 BTC for the XXI initiative.
Mow stated that when evaluated with this data, the company actually increased its net BTC assets:
At the end of the second quarter, Tether had a 4,624 BTC surplus compared to the first quarter. Including the July transfer, there's a net increase of at least 10,424 BTC. It seems everyone is looking for negative news for Bitcoin, but the company looks mega-bullish on all indicators.
Paolo Ardoino confirmed this statement, saying, “As Samson stated, Tether simply transferred some of its assets to XXI. While the world becomes increasingly darker, we will continue to invest our profits in safe assets like Bitcoin, gold, and land. Tether is a safe company.”
*This is not investment advice.
