Tether’s Bitcoin Holdings: Clarifying Recent Speculations
The cryptocurrency community recently buzzed with rumors suggesting that Tether, the issuer of the world’s largest stablecoin, USDT, had begun selling its Bitcoin holdings for gold. These speculations gained momentum when a prominent YouTuber claimed that Tether’s quarterly reports reflected a notable drop in Bitcoin reserves. Response from Tether’s executives and notable figures in the industry has firmly contested this narrative.
The Origin of the Speculation
The speculation originated from Clive Thompson, a YouTuber who scrutinized Tether’s reports from the BDO auditor. He alleged that Tether’s Bitcoin holdings had diminished between the first and second quarters of 2025, presenting the following figures:
- Q1 2025 (March 31): 92,650 BTC
- Q2 2025 (June 30): 83,274 BTC
This apparent reduction of over 9,000 BTC led Thompson to theorize that these assets were exchanged for gold, prompting wider commentary in the crypto space.
Industry Responses
Samson Mow, CEO of Jan3, was quick to debunk the claims. He contended that the decrease in Bitcoin was misinterpreted and asserted that no sales had occurred. Mow clarified that Tether’s adjustments were part of a strategic decision rather than liquidations.
Understanding the Adjustments
Mow explained that the perceived decline in Bitcoin held by Tether was primarily due to the transfer of a significant portion of their holdings to the XXI Initiative, focusing on long-term investments. The breakdown is as follows:
- June 2, 2025: 14,000 BTC transferred to XXI
- July 2025: 5,800 BTC transferred to XXI
Thus, when these transfers were accounted for, Tether ended the second quarter with more Bitcoin than at the close of Q1, with Mow estimating an increase of at least 10,424 BTC after including the July movement.
Clarification from Tether’s CEO
Following Mow’s explanation, Tether’s CEO, Paolo Ardoino, reinforced these assertions through a statement on social media. He confirmed, “Tether has not sold any Bitcoin.” Ardoino emphasized that the adjustments were simply reallocations and that Bitcoin remains a core aspect of Tether’s investment strategy, alongside gold and real estate.
Significance of Tether’s Strategy
Tether holds a critical position in the cryptocurrency market, with USDT being one of the most traded assets globally. Consequently, any alterations in its investment portfolio attract close scrutiny from traders and investors alike. By reinforcing their commitment to Bitcoin and expanding their reserves, Tether aims to sustain its stability and bolster confidence in the volatile crypto landscape.
In conclusion, the speculations surrounding Tether’s Bitcoin sales appear to be unfounded. Both Mow’s analysis and Ardoino’s statements reflect a strong commitment to Bitcoin, positioning Tether as a major player resilient to market fluctuations.