Tether has rejected claims that it sold off Bitcoin to purchase gold, insisting its reserves remain strong and diversified. CEO Paolo Ardoino clarified on X that the company “didn’t sell any Bitcoin,” stressing that profits are continually invested into assets such as Bitcoin, gold, and land.

The controversy began after YouTuber Clive Thompson alleged that Tether’s Bitcoin holdings fell from 92,650 BTC in Q1 2025 to 83,274 BTC in Q2, citing BDO’s attestation reports as evidence of a sell-off. However, industry leaders quickly refuted the claim. Jan3 CEO Samson Mow explained that the numbers reflected a large transfer rather than liquidation. Tether had moved 19,800 BTC to Twenty One Capital (XXI), a new Bitcoin-native financial platform led by Strike CEO Jack Mallers.

In June alone, Tether shifted over 37,000 BTC—worth $3.9 billion at the time—into XXI’s operations. Accounting for those transfers, Mow said the company’s net Bitcoin position actually increased by 4,624 BTC compared to Q1. Ardoino confirmed the explanation, adding that the firm remains committed to safe-haven investments.

As of the latest data, Tether holds more than 100,521 BTC, valued at roughly $11.17 billion, making it one of the largest corporate Bitcoin holders worldwide. The stablecoin issuer continues to diversify its balance sheet with gold and land purchases, a strategy Ardoino says is designed to safeguard against global economic uncertainty.

Meanwhile, El Salvador has made headlines of its own by purchasing 13,999 troy ounces of gold worth $50 million—the country’s first gold acquisition since 1990. This diversification comes after the nation built a $700 million Bitcoin reserve, though the IMF recently reported that no new BTC buys have been made since February.