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Paolo Ardoino, CEO of Tether (CRYPTO: USDT), refuted claims Sunday that the stablecoin issuing company is selling Bitcoin (CRYPTO: BTC), while asserting its commitment to investing in “safe” assets.
In an X post, Ardoino clarified that Tether “didn’t sell any Bitcoin,” but had instead contributed a portion of its holdings to Twenty One, an upcoming Bitcoin-centric public company that is expected to float on Nasdaq under the ticker “XXI” pending the completion of a merger. Tether is said to gain a controlling stake in the firm after the closure of the deal.
He further emphasized that Tether would continue to invest part of its profits into safe assets like Bitcoin, gold and land as the “world continues to get darker.”
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Ardoino’s tweet was in response to a statement by JAN3 CEO Samson Mow, who had also dismissed the news of Tether selling Bitcoin for gold as false. Mow pointed out that market commentator Clive Thompson concluded this after noticing a drop in Tether's BTC holdings from the first quarter to the second quarter.
Mow said that Tether allocated 14,000 BTC to Twenty One in June and an additional 5,800 BTC in July.
“So that means at the end of Q2 2025, Tether would have had 4,624 BTC more than at the end of Q1 2025. If you combined it with the July transfer, then Tether has (at least) a net increase in Bitcoin holdings of 10,424 BTC,” Mow said.
As of this writing, Tether holds 100,521 BTC, worth $11.67 billion, making it one of the biggest private Bitcoin-holding firms, according to Bitcointreasuries.
This clarification comes amid reports of Tether exploring investments in the gold industry as part of its broader strategy to diversify profits from its cryptocurrency operations.
The company has reportedly held discussions with mining groups and investment firms about opportunities across the gold supply chain, including mining, refining, trading, and royalty agreements. Ardoino previously described gold as a “natural Bitcoin.”
Price Action: At the time of writing, BTC was exchanging hands at $111,207, up 0.59% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: Steve Heap on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
