Tether's CEO Paolo Ardoino responded to rumors of selling Bitcoin, confirming the company's investment strategy in various assets.
Response to Sell-off Rumors
In a Sunday post on X, Ardoino stated that the company "didn't sell any Bitcoin" and reaffirmed its strategy of allocating profits into assets like "Bitcoin, gold, and land." These comments were in response to speculation from YouTuber Clive Thompson, who cited BDO's data indicating Tether had reduced its Bitcoin position.
Bitcoin Transfers by Tether
Jan3 CEO Samson Mow debunked the sell-off claim, noting that Tether transferred 19,800 BTC to a separate initiative called Twenty One Capital (XXI) during the same period. This included 14,000 BTC sent in June and another 5,800 BTC in July. Ardoino clarified that the Bitcoin was moved, not sold, emphasizing Tether's continued investment in safe assets.
El Salvador's Investment in Gold
The Bitcoin sell-off rumors coincided with El Salvador's announcement of acquiring 13,999 troy ounces of gold worth $50 million for its reserves. The central bank stated that this purchase is part of a diversification strategy, marking its first gold acquisition since 1990.
Thus, Tether has refuted the claims of asset sales while reinforcing its commitment to investing in Bitcoin and other assets, as El Salvador continues to expand its currency reserves, including gold.
