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Paolo Ardoino, CEO of Tether, has dismissed talk of a Bitcoin sell-off, making it clear that the company continues to direct part of its profits into Bitcoin, gold, and even land. His comments come in the wake of speculation that the stablecoin giant had reduced its exposure to BTC in order to accumulate more gold. 

The rumors of Tether’s Bitcoin sell-offs gained traction after quarterly reports showed a decline in its Bitcoin reserves, but both Ardoino and Jan3 CEO Samson Mow have noted that no sales took place and that Tether’s commitment to Bitcoin is only growing stronger.

Rumors have spread across the crypto industry that Tether, the issuer of the world’s largest stablecoin USDT, is selling off parts of its massive Bitcoin holdings to buy gold.

In a post on the social media platform X, Samson Mow, a popular crypto commentator, pointed to analysis from content creator Clive Thompson, who noted that Tether’s holdings dropped from 92,650 BTC at the end of Q1 2025 to 83,274 BTC at the end of Q2 2025. As a result, Thompson concluded that Tether is selling Bitcoin to buy gold.

According to Mow, this conclusion ignored a key detail of Tether allocating part of its Bitcoin reserves to fund its initiative, Twenty One Capital (XXI). He explained that 14,000 BTC was transferred to XXI on June 2, followed by another 5,800 BTC in July. 

Taking those transfers into account, Tether actually ended Q2 with a net increase of 4,624 BTC compared to Q1, and including the July allocation, the company’s overall position grew by more than 10,000 BTC. Mow described the rumors as yet another example of desperation for bearish Bitcoin headlines and said that Tether’s stance on BTC is overwhelmingly bullish.

Responding to Samson Mow’s comments, Tether’s CEO Paolo Ardoino also addressed the speculation directly, and his response rejected the idea that the company had liquidated any of its Bitcoin to acquire gold. He clarified that the apparent reduction in the company’s Bitcoin reserves was tied to transfers into the firm’s investment arm, Twenty One Capital (XXI), and not to any sale. 

“Correct. Tether didn’t sell any Bitcoin. As Samson says below, it contributed part of its stash into XXI,” Ardoino said. 

The Tether CEO further noted that Tether is committed to channeling part of its profits into what he described as safe assets, such as Bitcoin, gold, and land. Tether’s investments extend beyond only Bitcoin. Tether has also been open about its interest in gold, with Ardoino referring to it as “natural Bitcoin.” Reports indicate that the company is currently exploring investments in gold mining projects, and it recently bought a minority stake in the gold royalty company Elemental Altus for $105 million.

Bitcoin (BTC) is trading tightly around $111,000 as markets await the Federal Reserve’s September 17 policy decision, where a rate cut is widely expected. Despite weaker U.S. jobs data, which typically boosts risk assets, Bitcoin’s price has struggled to break higher.

As of early Monday, Bitcoin was up 0.56% in 24 hours, trading at $111,800. The muted price action came after August’s nonfarm payrolls showed just 22,000 jobs added, far below expectations of 75,000.

The disappointing report reinforced expectations for monetary easing, with the CME FedWatch Tool showing a 100% probability of a September cut and even a 10% chance of a larger 50-basis-point reduction.

Rachael Lucas, an analyst at BTC Markets, noted that while dovish Fed expectations usually support Bitcoin, the effect may already be priced in. “Institutional desks are taking profits while ETF flows remain flat, capping momentum for now,” she said.

Kronos Research CIO Vincent Liu added that a rate cut may not necessarily fuel a rally. “A cut signals economic weakness. Without stronger ETF inflows or liquidity expansion, $120K remains a tough barrier,” he explained.

ETF flows have indeed weakened. Bitcoin and Ethereum funds saw lighter inflows in early September compared to record highs in July and August, signaling a cooling of institutional demand.

For now, $110,000 is the critical support zone. Lucas believes that resistance at $113,400, $115,400, and $117,100, levels that must be cleared for Bitcoin to retest the $120K mark.

On-chain signals, such as record-high stablecoin supply and declining exchange balances, suggest potential firepower for a rally. Off-chain factors, including regulatory updates and ETF demand, will also shape sentiment.

This week’s inflation reports (PPI and CPI) could prove pivotal. Softer-than-expected data may strengthen the case for multiple rate cuts this year, while hotter readings could stall Bitcoin further.

With Fed policy, inflation trends, and ETF flows all in focus, Bitcoin faces a decisive moment. Whether it smashes through resistance or remains stuck below $120K will depend less on the Fed alone and more on whether fresh liquidity enters the market.

Cover image from ChatGPT, BTCUSD chart from Tradingview