Tether CEO Denies Claims of Bitcoin Sales for Gold Investments
- Paolo Ardoino, CEO of Tether, stated that the firm did not sell any Bitcoin (BTC) to invest in gold.
- YouTuber Clive Thompson claimed Tether sold over $1 billion in BTC and purchased $1.6 billion in gold recently.
- CEO Samson Mow highlighted that Thompson’s analysis failed to consider Tether’s transfer of BTC for a project called Twenty One Capital, totaling nearly 20,000 BTC.
- In Q2, Tether reported an increase of at least 10,424 BTC in holdings compared to the previous quarter.
- Tether has been diversifying into gold, investing $90 million in a gold royalty firm and planning an additional $100 million investment.
Ardoino emphasized that Tether continues to invest profits into safe assets like Bitcoin, gold, and land despite rumors suggesting otherwise. This comes as Tether also issues a gold-backed stablecoin called Tether Gold (XAUT), which is backed by approximately 7.66 tons of gold stored in Switzerland.
The claims about Tether selling Bitcoin were dismissed as false, with Mow asserting that the firm actually experienced a net increase in Bitcoin holdings during the period discussed. This highlights ongoing efforts by Tether to strengthen its asset portfolio while maintaining transparency regarding its investments.(Source)
