Tether, the issuer of the USDt stablecoin, has publicly denied circulating claims that the company sold off a significant portion of its Bitcoin reserves. In a statement on the social media platform X, CEO Paolo Ardoino emphasized that no Bitcoin was sold, and that transfers observed in public ledgers were executed to support Twenty One Capital (XXI), a Bitcoin-native financial platform.
Analysis of on-chain activity revealed that Tether moved approximately 19,800 BTC during the second quarter of 2025. Critics had interpreted the decline from 92,650 BTC in Q1 to 83,274 BTC in Q2 as indicative of a strategic sell-off. However, Ardoino clarified that the transfers—14,000 BTC in June and 5,800 BTC in July—were internal reallocations, not market sales.
Industry observers, including Samson Mow of Jan3, corroborated the explanation by pointing out that when accounting for the transfer, Tether’s net holdings would have been higher than reported at quarter-end. Data from external trackers continues to list Tether’s Bitcoin holdings above 100,521 BTC, representing an asset value exceeding $11 billion at current market prices.
In addition to maintaining its Bitcoin reserves, Tether revealed plans to diversify its asset portfolio by allocating a portion of profits into gold and real estate. The company pointed to recent actions by El Salvador, which purchased 13,999 troy ounces of gold worth $50 million, as an example of diversification benefits. The move is part of a broader strategy among major holders of digital assets to seek non-crypto reserves.
The clarification from Tether comes amid heightened scrutiny of stablecoin issuers by regulators and market commentators. Past attestations by independent auditors showed that Tether maintained a high level of collateralization but included gold in a separate segment of its reserves. The latest reaffirmation by Ardoino underscores Tether’s commitment to transparent asset allocation and signals confidence in Bitcoin’s long-term value proposition.
Market participants reacted positively to the announcement, with Bitcoin briefly re-testing higher support levels following the news. Analysts suggest that Tether’s continued accumulation of Bitcoin and diversification into traditional safe-haven assets could bolster market stability and investor confidence, particularly during phases of volatility.
Moving forward, Tether indicated that it will continue publishing regular updates on its asset composition and on-chain movements. The company reiterated its position that strategic diversification, including allocations to gold and land, aligns with its mission to safeguard user value in an evolving financial landscape.
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