“While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.”
According to Thompson, Tether sold over $1 billion BTC and purchased over $1.6 billion gold in the last quarter. This indicates that Tether is dumping Bitcoin in favor of gold, as per Thompson.
In the first and second quarter of this year, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. According to Mow, Thompson forgot to factor in Tether’s funding of a separate project called Twenty One Capital (XXI). Tether transferred 14,000 BTC on June 2 and 5,800 BTC in July, sending a total of 19,800 BTC to XXI.
Therefore, Mow explained that Tether had 4,624 BTC more in Q2 2025 than the previous quarter. Accounting for July’s transfer, Tether “has (at least) a net increase in Bitcoin holdings of 10,424 BTC,” Mow wrote.
Consequently, Mow dismissed Thompson’s claim as “false” and labeled it a “desperate” attempt to create bearish news surrounding Bitcoin.
