However, Jan3 CEO Samson Mow debunked the claim, noting that Tether transferred 19,800 $BTC to a separate initiative called Twenty One Capital (XXI) during the same period. That included 14,000 $BTC sent in June and another 5,800 $BTC in July.
Tether CEO denies Bitcoin sell-off rumors. Source: Paolo Ardoino
Related: Tether holds talks to invest across gold supply chain: Report
Tether moves $3.9 billion in $BTC to XXI
In early June, Tether moved over 37,000 $BTC, worth approximately $3.9 billion, across numerous transactions to support XXI, a Bitcoin-native financial platform led by Strike CEO Jack Mallers.
“Tether would have had 4,624 $BTC more than at the end of Q1 if the transfer is accounted for,” Mow explained, adding that the firm actually increased its net holdings.
Ardoino echoed the explanation, saying the Bitcoin was moved, not sold. “While the world continues to get darker, Tether will continue to invest part of its profits into safe assets,” he wrote.
Tether, the issuer of the USDt ($USDT) stablecoin, holds over 100,521 $BTC, worth around $11.17 billion, according to data from BitcoinTreasuries.NET.
Tether holds over 100,000 $BTC. Source: BitcoinTreasuries.NET
Related: Tether scraps plan to freeze $USDT on five blockchains
El Salvador buys $50 million in gold
Tether’s Bitcoin sell-off rumors came as El Salvador revealed it has added 13,999 troy ounces of gold worth $50 million to its foreign reserves, marking its first gold acquisition since 1990. The central bank said the move is part of a diversification strategy to reduce reliance on the US dollar.
Before turning to gold, El Salvador built a $700 million Bitcoin reserve, holding 6,292 $BTC. However, an International Monetary Fund report in July claimed that the Central American country has not made any new Bitcoin purchases since February.
Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder
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