Tether Limited CEO Paolo Ardoino publicly denied recent allegations that the company had sold Bitcoin to purchase gold, emphasizing that no Bitcoin disposals occurred during the period in question. Claims originated from an online content creator’s analysis of Tether’s asset statements, suggesting a shift from digital to precious metals holdings. Ardoino clarified that reported decreases in on-chain BTC balances resulted from regular treasury operations involving project funding, not divestment for gold acquisitions.
Origin of the Rumor
The speculation began on September 6 when a cryptocurrency commentator claimed Tether’s Q2 asset report showed a reduction of over $1 billion in Bitcoin holdings alongside a $1.6 billion increase in gold reserves. The commentator inferred an active reallocation from digital to traditional safe-haven assets. However, the analysis failed to account for treasury movements related to Twenty One Capital (XXI), a Tether-backed venture deploying capital into alternative asset projects.
Clarification from On-Chain Data
Data indicates that BTC transfers amounting to 19,800 coins were directed to Twenty One Capital during Q2—14,000 BTC in June and 5,800 BTC in July—to fund operational initiatives. When these transfers are considered, Tether’s net BTC holdings actually increased by 10,424 coins. This discrepancy underscores the importance of comprehensive on-chain analysis to distinguish between treasury reallocations and sales.
Strategic Asset Diversification
While denying any Bitcoin sales, Ardoino affirmed Tether’s strategy of diversifying profits into a mix of assets, including Bitcoin, gold, and land. Tether has previously invested $90 million in a gold royalties company, with plans to allocate an additional $100 million. The firm also issues Tether Gold (XAUT), a stablecoin backed by physical gold stored in Switzerland.
Market Impact and Investor Confidence
The rumor briefly unsettled stablecoin markets, triggering minor price deviations for USDT across certain exchanges. Prompt clarification by Tether’s leadership helped restore confidence, with USDT trading volumes normalizing shortly after Ardoino’s statement. Market observers note that rapid dissemination of unverified asset reports can create transient volatility in digital asset markets.
Lessons for Research and Reporting
The episode highlights the necessity for accurate, on-chain data interpretation when analyzing corporate crypto treasuries. Asset reallocations, funding transfers, and off-chain holdings must all be considered to form a complete picture. Analysts and media outlets are encouraged to verify reported figures against multiple data sources before drawing conclusions.
Moving forward, Tether’s transparent disclosures and on-chain data accessibility serve as a model for corporate treasury practices. Investors and analysts will monitor upcoming quarterly reports for further insights into the company’s asset management strategies and continued support for digital and traditional safe-haven assets.
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