tl;dr
Tether CEO Paolo Ardoino denied claims that the company sold Bitcoin to invest in gold, stating Tether did not sell any Bitcoin and continues to allocate profits into "safe assets" like Bitcoin, gold, and land. The rumor originated from YouTuber Clive Thompson, who analyzed Tether’s quarterly asse...
**Tether CEO Denies Bitcoin Sales Amid Gold Rumors: What's the Real Story?**
Paolo Ardoino, CEO of Tether, the issuer of the largest stablecoin USDT, recently took to X (formerly Twitter) to debunk claims that the company sold Bitcoin (BTC) to invest in gold. In a post, Ardoino insisted, “Tether didn’t sell any Bitcoin,” while emphasizing the firm’s ongoing strategy to allocate profits into “safe assets like Bitcoin, Gold, and Land.”
But how did the rumor even start?
**The Gold Rumor: A Sleuth’s Claim**
On Sept. 6, YouTuber Clive Thompson sparked controversy by alleging that Tether had been “buying gold and selling Bitcoin.” His analysis hinged on Tether’s quarterly asset statements, which he interpreted as evidence of a $1 billion BTC sell-off and a $1.6 billion gold purchase. Thompson’s conclusion? Tether was shifting its focus from crypto to gold, a move he framed as a bearish sign for Bitcoin.
**The Flawed Logic Behind the Claim**
Enter Samson Mow, CEO of Jan3, who swiftly dismantled Thompson’s theory. Mow pointed out a critical oversight: Thompson assumed a drop in Tether’s BTC holdings meant the firm sold its Bitcoin. But the numbers tell a different story.
Tether’s reported BTC holdings rose from 92,650 in Q1 to 83,274 in Q2—until Mow revealed a key detail. In June and July, Tether transferred 19,800 BTC to a separate project, Twenty One Capital (XXI). Accounting for this, Tether actually held 10,424 more BTC in Q2 than the previous quarter. “Thompson’s claim is false,” Mow wrote, calling it a “desperate” attempt to stoke fear around Bitcoin.
**Tether’s Gold Gambit: More Than Just a Rumor**
Far from being a one-off, Tether’s interest in gold is part of a broader strategy. Just days before the rumor, Tether announced plans to invest in gold mining firms. This isn’t new—earlier this year, the company spent $90 million on a stake in Elemental Altus Royalties Corp, a gold royalty specialist. Last week, Tether added another $100 million to the same firm.
Tether also issues XAUT, a gold-backed stablecoin collateralized by 7.66 tons of gold stored in Switzerland. Meanwhile, 5% of USDT reserves are held in gold—a move that underscores the firm’s diversification efforts.
**The Bigger Picture**
While the Bitcoin sale rumor has been debunked, Tether’s growing ties to gold raise questions about its long-term strategy. Is the stablecoin giant hedging against crypto volatility, or is it signaling a shift in priorities?
For now, Ardoino’s message is clear: Tether remains bullish on Bitcoin—and gold. But as this saga shows, separating fact from fiction in the crypto world often requires more than a quick glance at the numbers.
What do you think? Is Tether’s gold investment a sign of confidence, or a calculated move to balance risk? Let us know in the comments.