Yeliz Akmaca 
Tether’s Bitcoin reserves have sparked intense debate recently. Some analysts misinterpreted BDO’s Q2 report, claiming the company sold BTC for gold. However, the data shows a different picture. Tether did not sell any Bitcoin and instead transferred assets to XXI Capital, which explains the misreading of the report.
Bitcoin Reserves and Transfers
At the end of Q1 2025, Tether held 92,650 BTC. By Q2 2025, this number dropped to 83,274 BTC. At first glance, it looked like a sale. However, on June 2, 14,000 BTC, and in July, an additional 5,800 BTC, were transferred to XXI Capital. In total, 19,800 BTC were allocated to Tether’s new initiatives, meaning the report underestimated the actual reserves.
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
Tether’s Bitcoin and Gold Strategy
Tether CEO Paolo Ardoino clearly denied the claims. He confirmed that no BTC was sold and that transfers to XXI Capital were planned moves. Additionally, Tether continues investing in both Bitcoin and gold simultaneously. Q2 2025 data shows gold reserves reaching $8.7 billion, while combined gains from Bitcoin and gold totaled $2.6 billion.
Tether’s gold strategy extends beyond simple investments. The company injected $100 million into Elemental and played a role in its merger with competitor EMX. It also engaged with Terranova Resources, based in the British Virgin Islands, though no agreement was reached. Tether operates its gold-backed token XAUt and provides short-term financing for commodity trade, creating a multi-billion-dollar portfolio. Meanwhile, similar initiatives are rising across the industry. Nasdaq-listed Blue Gold plans to issue digital tokens for future production from its Ghanaian mine.
Tether continues diversifying beyond crypto markets into real assets, with investments in gold mining and refining. Total Bitcoin holdings, including XXI Capital, now exceed 100,000 BTC, maintaining Tether’s strong position in the crypto ecosystem.
Ultimately, Tether neither sold Bitcoin nor reduced its reserves. This ensures stable growth across both crypto holdings and tangible assets.
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