Key Insights:
- Tether balance sheet shows that Bitcoin holdings grew by over 10,000 coins after adjusting for transfers.
- Q2 report confirms $162.5 billion in assets, $5.47 billion in extra reserves, and $4.9 billion in profit.
- Rumors of BTC sales were false; Tether continues to hold both Bitcoin and gold.
Tether was back in the news this week after fresh rumors claimed it had sold Bitcoin for gold. The claims came after the firm’s quarterly report showed fewer BTC compared to the last quarter.
At first glance, that sounded like selling. But when you look closely at the USDT-issuer’s balance sheet, the story is different. Tether did not sell Bitcoin. In fact, it added more, while also showing record reserves and profits.
Where the Rumor of Tether Bitcoin Selling Came From?
The talk started when analyst Clive Thompson compared Tether’s Bitcoin holdings between March and June 2025.
In March (Q1), Tether held 92,650 BTC. By June 30 (Q2), the number showed 83,274 BTC. That drop of over 9,000 BTC was flagged as proof that Tether had sold.
The claim spread quickly across social media, sparking worry that the biggest stablecoin company had dumped Bitcoin for gold. Traders already on edge saw this as bearish news. But the claim left out a key detail.
The USDT-issuer had shifted part of its Bitcoin to a subsidiary called XXI. This is an arm of the company created to handle specific investments.
In June, the firm sent 14,000 BTC to XXI. Another 5,800 BTC followed in July. Together, these transfers added up to 19,800 BTC.
When these transfers are added back, Tether’s balance sheet shows growth, not sales. After adjusting for XXI, Tether actually had 4,624 more BTC at the end of Q2 compared to Q1. And when the July transfer is included, its net holdings were up by more than 10,000 BTC.
What Tether Balance Sheet Show?
After the rumor spread, Tether CEO Paolo Ardoino made a clear statement: “We buy and hold both” Bitcoin and gold. He stressed that no Bitcoin was sold, and Tether’s balance sheet backed him up.
The Q2 attestation confirmed:
- $162.5 billion in total assets and reserves
- $127 billion of that in U.S. Treasuries
- $5.47 billion in extra reserves, beyond the 100% backing for all USDT
- $4.9 billion in profit for the quarter
This report showed that Tether’s balance sheet is not only healthy but growing stronger. The drop in reported BTC holdings was explained by the transfers to XXI, not sales.
Importantly, Tether also confirmed it is investing in both Bitcoin and gold. Rather than selling one for the other, it is adding to both positions. This fits the company’s strategy of holding multiple safe assets during uncertain times.
Why This Matters for Bitcoin and Stablecoins?
For the crypto market, Tether’s balance sheet carries extra weight. With over $157 billion USDT in circulation, it is the backbone of trading across exchanges.
Any sign that Tether might be weak could cause panic. This is why the rumor about selling Bitcoin spread so fast.
But the facts show the opposite. The firm has increased its Bitcoin stash, built up excess reserves, and earned nearly $5 billion in one quarter. That points to strength, not weakness.
Holding both Bitcoin and gold also shows how the USDT-issuer sees the future. By balancing digital and traditional assets, the company is preparing for more market shocks.
At the same time, its growing profit and reserves give traders more confidence that USDT is safe to use.
For Bitcoin, the news is also bullish. Instead of a major seller, the stablecoin issuer remains one of the largest buyers and holders. The false rumor turned out to be noise. The reality, shown by Tether’s balance sheet, is continued support for BTC.
The drop in Bitcoin holdings reported by Tether was misread as sales. In truth, transfers to its subsidiary XXI explained the change. Once those were counted, Tether’s balance sheet showed an increase of more than 10,000 BTC.
With $162.5 billion in assets, $5.47 billion in extra reserves, and $4.9 billion in profit in the last quarter, Tether proved it is stronger than ever. For both stablecoins and Bitcoin, this confirmation removes fear and highlights steady growth.