Tether Denies Bitcoin Sale Amid Growing Speculation

The disappearance of a few thousand bitcoins from a balance sheet is enough to fuel controversies. This weekend, the issuer of USDT found itself at the center of a media whirlwind: did it secretly sell its BTC ? Some saw a strategic shift there. However, behind the seemingly worrying figures, another reality emerges, much more nuanced, and above all, revealing the discreet movements of a giant in crypto finance.

The transfer that fueled the confusion

The case broke following a publication by YouTuber Clive Thompson, who alerts on a significant drop in Tether’s bitcoin reserves between the first and second quarters of the year, while the company prepares a historic diversification with gold .

Based on BDO’s attestation reports, he notes that the company went from 92,650 BTC in Q1 to 83,274 BTC in Q2, an apparent decrease of 9,376 BTC. For him, there is no doubt: Tether would have sold part of its bitcoin holdings, possibly to strengthen its position in gold.

The interpretation spreads, fueling concerns in a market where every movement from whales is closely monitored. In response to this speculation, Paolo Ardoino, CEO of Tether, clarifies the situation via a post on X: “we didnu2019t sell any Bitcoin”, stating the company made no sale of BTC.

Data provided by Samson Mow, CEO of Jan3, provide context to the figures. He explains that the supposedly “disappeared” BTC were not sold but transferred to a distinct entity, Twenty One Capital (XXI), supported by Tether.

In reality, the company carried out a series of transactions over the period, including :

• 14,000 BTC transferred in June to XXI ;
• 5,800 additional BTC sent in July to the same entity ;
• A total of 19,800 BTC moved for strategic purposes ;
• Which, according to Mow, would have increased Tether’s net holdings by 4,624 BTC more than those recorded at the end of Q1, if these transfers are accounted for in the books.

In short, the official balance sheet does not reflect a sale but a change in accounting structure. Tether still holds the bitcoins, or at least retains control via a related initiative, and no outgoing movement to the markets has been detected.

A deliberate diversification : between gold, land and the Bitcoin ecosystem

While Paolo Ardoino firmly denied selling BTC, he did not hide the broadening of Tether’s investment strategy. In the same post on X, he reaffirms the company’s commitment to invest “a part of its profits in safe assets” among which he explicitly cites bitcoin, gold and land.

This statement confirms that portfolio diversification is now an official pillar of Tether’s strategy, beyond just accumulating BTC. The firm therefore does not merely store cryptos; it seeks to build a base of tangible assets, in a defensive logic against a world Ardoino describes as “increasingly darker“.

The transfer of 37,000 BTC to Twenty One Capital, valued at about 3.9 billion dollars, demonstrates Tether’s willingness to support infrastructures related to bitcoin, but also its capacity to run an active and targeted investment policy.

This choice to allocate funds to XXI, a platform led by Jack Mallers, founder of Strike, fits into an integrated ecosystem logic, indirectly strengthening the sovereignty of the Bitcoin network in the emerging financial architecture. At the same time, diversification into traditional assets like gold or farmland reveals a form of prudence, even strategic hedging.

This approach could redefine Tether’s role in the digital economy. By adopting a hybrid investor profile with significant reserves in bitcoins and gold , the company gains strengthened resilience. It could also inspire other players to adopt similar strategies amid economic and regulatory uncertainties. However, this transformation raises questions about governance, transparency and accounting readability, as demonstrated by this recent controversy.