- BDO attestations misread by Clive Thompson; Samson Mow supports clarification that bitcoin moved, not sold, reinforcing treasury continuity.
- Holdings exceed 100,521 BTC; Tether explores increasing gold reserves toward $5 billion through discussions with mining partners globally.
Paolo Ardoino, CEO of Tether, rejected rumors that the issuer of USDT sold bitcoin from its treasury. He stated that the firm will continue to allocate part of its profits to bitcoin, gold, and land, and that recent on-chain movements reflect treasury operations rather than liquidation.
The claims originated from a video by commentator Clive Thompson, who cited BDO attestations for the first and second quarters of 2025. He pointed to a decline from 92,650 BTC to 83,274 BTC and to transfers exceeding 37,000 BTC in June, arguing that Tether rotated into gold. Ardoino and Jan3 CEO Samson Mow countered that interpretation and referenced flows supporting Twenty One Capital (XXI), a bitcoin-native finance platform led by Jack Mallers.
Correct.
Tether didn't sell any Bitcoin. As Samson says below, it contributed part of its stash into XXI.While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.
Tether is the Stable Company. https://t.co/4KxdeNEsOE
— Paolo Ardoino 🤖 (@paoloardoino) September 7, 2025
According to Ardoino, Tether transferred 19,800 BTC to XXI, including 14,000 BTC in June and 5,800 BTC in July. He emphasized that “the bitcoin moved, it was not sold.” Meanwhile, BitcoinTreasuries.NET lists Tether with more than 100,521 BTC, equal to roughly $11.17 billion at current pricing. Those balances position Tether among the largest corporate bitcoin holders.
Tether’s broader plan remains intact. The company expects to keep investing profits into assets it views as safe reserves, including bitcoin, precious metals, and real assets such as land. Moreover, management has discussed increasing gold holdings toward $5 billion and has held talks with mining groups to diversify exposure. Ardoino framed the policy as a steady approach to treasury management and labeled the company “the Stable Company.”
For market participants, the practical questions are straightforward. Do attestations, wallet forensics, and counterparty disclosures continue to reconcile with stated positions, and does reserve composition remain transparent over time? Additionally, does XXI usage deliver measurable yields or improved collateral mobility? In short, the firm signals continuity, while critics will watch the data trail that either confirms or contradicts that message.
