Tether CEO Paolo Ardoino Dismisses Bitcoin-to-Gold Swap Rumors

Tether CEO Paolo Ardoino has rejected speculation that the world’s largest stablecoin issuer is selling Bitcoin (BTC) to expand its gold reserves. The rumors surfaced after analyst Clive Thompson pointed to attestations from accounting firm BDO showing Tether’s Bitcoin holdings declined from 92,650 BTC in Q1 2025 to 83,274 BTC in Q2.

Thompson suggested the difference indicated Bitcoin sales to fund gold investments. However, Samson Mow, CEO of Jan3, clarified that Tether had moved nearly 20,000 BTC into its investment vehicle XXI, which was not reflected in Thompson’s analysis. According to Mow, the transfers mean Tether’s net Bitcoin holdings actually increased by more than 10,000 BTC in mid-2025. Ardoino confirmed the explanation, stressing that no Bitcoin had been sold.

“Tether continues to allocate profits into safe assets like Bitcoin, gold, and land,” Ardoino stated, reaffirming the company’s long-term bullish stance on BTC. While Bitcoin remains its core reserve, Tether has also accumulated $8.7 billion in gold, storing nearly 80 tons in Zurich vaults, and expanded its gold-backed token XAUT, which recently surpassed $1.3 billion in market capitalization.

The diversification strategy underscores Tether’s effort to balance Bitcoin accumulation with exposure to hard assets amid global economic uncertainty. Ardoino labeled the gold-for-Bitcoin claims as misinformation aimed at spreading fear, uncertainty, and doubt (FUD).

Industry observers note that Tether’s hybrid reserve model reflects a broader trend among crypto firms hedging against fiat instability through both digital and physical assets. “Everyone seems desperate for bearish Bitcoin news these days,” Mow commented. “Tether remains mega bullish on Bitcoin.”