Tether, a major player in the cryptocurrency market, has dismissed recent rumors regarding the sale of Bitcoin for increased gold holdings. CEO Paolo Ardoino provides insights on the current asset status and strategy.
Debunking the Bitcoin Sale Rumors
Earlier this month, a prominent YouTuber claimed Tether sold over $1 billion in Bitcoin and increased its gold holdings by $1.6 billion. In response, Paolo Ardoino stated on platform X, 'Tether didn't sell any Bitcoin' and reaffirmed the company's long-term investments in 'safe assets such as Bitcoin, Gold, and Land.'
Deepening Gold Strategy, Not Divesting Bitcoin
Instead of abandoning Bitcoin, Tether appears to be deepening its investments in gold. In June, the firm reportedly took a 37.8% stake in gold royalty company Elemental Altus for $90 million. Last week, Tether injected $100 million into this company as it merged with EMX, expanding its presence in mining royalty revenues.
Tether's Strategic Approach
Tether's approach to safe assets responds to market complexities. With reserves over $168 billion and USDT transfer volumes of $1.32 trillion in August, Tether remains a backbone of crypto liquidity. By investing in mining royalties and issuing XAUt, Tether aims to align itself with inflation hedges while maintaining transparency.
Tether's strategy of combining Bitcoin with gold and land showcases a forward-thinking framework focused on resilience and diversification. Ardoino's response to speculation clarifies that this is not a move away from crypto but rather a reinforcement of the balanced investment approach.
