Gold vs Bitcoin: Is Tether Quietly Changing Its Reserve Strategy?

Tether has always been in the spotlight, as the issuer of the largest stablecoin, with a market cap of around 71 billion. More importantly, the decision that its management makes, especially with its reserves, matters to the whole crypto market. That’s why the rumor mill went into overdrive when people noticed a dip in Tether’s reported BTC stash earlier this year. It was reported that the company was selling off Bitcoin for gold.  This is a theory that gained extra fuel after El Salvador, one of Bitcoin’s loudest supporters, announced a fresh gold purchase in July. However, amid the Bitcoin vs gold debate, is Tether really changing its reserve strategy?

The Origins of The Tether’s Bitcoin vs Gold Rumor

BDO’s quarterly data report showed that Tether’s Bitcoin holdings had declined in Q2 2025, compared to the previous quarter (92,650 BTC in Q1 to 83,274 BTC in Q2).  Using this report, YouTuber Clive Thompson claimed that this drop of over 9,000 BTC is evidence of a sell-off happening under the radar. This rumour coincided with El Salvador’s gold buying of around 14,ooo ounces, worth $50 million. Was Tether following the same footsteps?

The Other Side of the Story

Some blockchain watchers were not convinced by the theory, quickly defending Tether. They claimed that the stablecoin company didn’t sell Bitcoin; instead, it transferred about 20,000 BTC to Twenty One Capital (XXI). 14,000 BTC were transferred in June and 5,800 BTC in July, totalling around $2 billion.

Samson Mow, CEO of Jan3, was one of the first to push back, explaining that the “missing” coins were simply redeployed. Tether’s CEO Paolo Ardoino, later confirmed the same, stressing that BTC is still the company’s main reserve asset

Bitcoin vs Gold : Safe-Haven Assets or Strategy Shift?

To be fair, gold isn’t completely out of the picture. Ardoino has said that Tether invests in what he calls “long-term safe assets,” which include BTC, gold, and even land. The idea is to diversify without losing sight of the company’s crypto-first roots.

So yes, gold is part of the mix, but it’s not replacing Bitcoin anytime soon.

Regardless of the rumours, Tether remains one of the institutions holding the largest cryptocurrency, with over 100,000 BTC, worth over $11 billion. If anything, the transfers show that the company’s strategy of partnerships enhances its doubling down on Bitcoin, not dumping it.

Final Thoughts

The “Bitcoin vs gold” angle makes for catchy headlines, but the truth is less dramatic. Tether hasn’t abandoned BTC Instead,  it’s just spreading risk while keeping BTC at the core of its reserves. The company is expanding it, with gold playing a supporting role while Bitcoin stays in the spotlight.