Tether CEO Denies Bitcoin Dump Claims, Confirms Investments in BTC, Gold, and Real Estate

Tether CEO Paolo Ardoino has denied claims of selling any Bitcoin and confirmed the firm is using its profits to purchase BTC, gold, and real estate.

The stablecoin issuer said it is still investing profits into Bitcoin and other safe assets, pushing back against rumors that the transfers were market sell-offs.

Tether Denies Bitcoin Dump Claims

In response to claims by YouTuber Clive Thompson, who noted that Tether’s reports showed its Bitcoin dropped from 92650 in Q1 to 83,274 in Q2, suggesting a sell-off, Ardoino stated that the company did not sell any of its Bitcoin.

Jan3 CEO Samson Mow also denied the claims, explaining that Tether transferred 19,800 BTC to Twenty One Capital (XXI), with 14,000 BTC sent in June and 5,800 BTC in July. 

He added that the firm actually increased its holdings and would have had 4,624 BTC at the end of Q1 if the transfer had been accounted for.

Paolo Ardoino agreed with this explanation, saying Tether only moved Bitcoin, not sold it, and added that the company will keep investing profits into safe assets like Bitcoin.

According to BitcoinTreasuries.NET, Tether, which issues the USDT stablecoin, holds more than 100,521 BTC worth approximately $11.7 billion.

El Salvador Buys $50M Gold, Holds $700M in Bitcoin

In a move to reduce reliance on the U.S. dollar, EL Salvador announced that it has bought 13,999 ounces of gold worth $50 million.

This marks the country’s first gold purchase since 1990, raising its gold reserve by more than 31% to 58,105 ounces valued at $207 million.

Besides its gold reserve, El Salvador also holds Bitcoin and has been buying one every day since 2022.

Currently, the country holds more than 6,292 BTC worth $700 million, with recent data showing these holdings have made more than 150% profit since the buying program began.

However, the International Monetary Fund reports that the country has not made any new Bitcoin purchases since February.