Did Tether Secretly Sell $3.9 Billion in Bitcoin? The Truth Behind the Rumors (2025 Update)
- Where Did Tether’s 37,000 Bitcoin Disappear To?
- Tether’s Treasury Game: More Than Just Stablecoins
- Why the Panic? A Lesson in Crypto Journalism
- Tether’s Blueprint: Printing Money to Buy Bitcoin
- FAQ: Your Burning Questions Answered
Rumors swirled in September 2025 that Tether had offloaded 37,000 BTC ($3.9 billion) from its reserves, sparking panic and speculation. However, CEO Paolo Ardoino and industry analysts like Samson Mow clarified that the bitcoin was merely transferred to a treasury partner, XXI. This article dives into the controversy, Tether’s investment strategy, and why the stablecoin giant remains bullish on Bitcoin, gold, and real estate. Spoiler: No carbonara recipes were harmed in the making of this FUD.
Where Did Tether’s 37,000 Bitcoin Disappear To?
In early 2025, YouTube sleuth Clive Thompson noticed a curious drop in Tether’s Bitcoin reserves—from 92,650 BTC in Q1 to 83,274 BTC in Q2. His since-deleted video accused Tether of secretly cashing out during Bitcoin’s rally. But here’s the twist: The coins weren’t sold. Instead, Tether moved them to, a Bitcoin treasury company backed by Cantor Fitzgerald. As Samson Mow (CEO of Jan3) pointed out, this was a strategic reshuffling, not a firesale. XXI, now the third-largest Bitcoin treasury globally, aligns with Tether’s long-term vision of "absolute scarcity."
Tether’s Treasury Game: More Than Just Stablecoins
Tether’s reserves aren’t just USDT collateral—they’re a diversified portfolio. Beyond Bitcoin, the company holds gold (supporting its XAUt token) and even. Paolo Ardoino joked on X (formerly Twitter): "In the future, FUDsters will say I put cream in carbonara." The dig was timely—critics often sensationalize Tether’s moves, but the data tells a different story. Cantor Fitzgerald, Tether’s banking partner and partial owner (via a $600 million stake), also holds $133 billion of Tether’s reserves in U.S. government bonds. Fun fact: Cantor’s CEO, Howard Lutnick, is now U.S. Treasury Secretary under Trump.
Why the Panic? A Lesson in Crypto Journalism
The "missing Bitcoin" narrative spread faster than a memecoin pump, thanks to Thompson’s 42,000 followers. But asdata shows, Tether’s reserves remained intact—just reallocated. Ardoino’s response? A mix of humor and hard facts: "Tether invests in Bitcoin, gold, and real estate. We’re the stable ones." The episode highlights how easily partial truths can fuel market anxiety. Pro tip: Always check primary sources (like Tether’s quarterly attestations) before hitting the sell button.
Tether’s Blueprint: Printing Money to Buy Bitcoin
Here’s the kicker: Tether’s business model thrives onBitcoin, not dumping it. As Ardoino explained, the company "prints" USDT (pegged to the dollar) and uses profits to accumulate BTC. This circular strategy—earning yield from stablecoin demand, then converting it into scarce assets—has made Tether one of Bitcoin’s largest corporate holders. Their Q2 2025 moves? A mix of treasury optimization and doubling down on what they call "safe-haven assets."
FAQ: Your Burning Questions Answered
Did Tether really sell $3.9 billion in Bitcoin?
No. The Bitcoin was transferred to XXI, a treasury partner, as part of a long-term holding strategy.
Who is XXI, and why does it matter?
XXI is a Bitcoin treasury company backed by Cantor Fitzgerald. It helps corporations like Tether manage BTC reserves with institutional-grade security.
Is Tether still bullish on Bitcoin?
Absolutely. CEO Paolo Ardoino confirmed ongoing investments in BTC, gold, and real estate, calling them "hedges against a darkening world."
