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Tether CEO Paolo Ardoino has publicly dismissed claims that the company sold Bitcoin for gold, clarifying that recent transfers were internal reallocations rather than sales. The controversy emerged after a YouTuber misinterpreted the company’s Q2 2025 attestation report, suggesting Tether was losing confidence in Bitcoin. Industry figures including Jan3 CEO Samson Mow confirmed that Tether’s net Bitcoin holdings actually increased by over 10,000 BTC when accounting for transfers to affiliate XXI.
- Tether transferred 19,800 BTC to affiliate entity XXI in June and July 2025, which was mistaken for sales in public reports
- The company's actual net Bitcoin holdings increased by over 10,000 BTC when accounting for internal transfers
- Tether reported $4.9 billion in Q2 2025 profit, a 277% year-over-year increase, with significant gains from Bitcoin and gold holdings
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