According to @wallisi, Tether holds the largest non-sovereign gold position and a sizable stack of Bitcoin, implying potential influence on BTC and commodity-linked sentiment, source: @wallisi on X dated Nov 27, 2025. Tether has officially confirmed that physical gold and Bitcoin are part of USDT reserves, including disclosure of a company-controlled address holding 75,354 BTC as of May 2024, source: Tether company blog Transparency Update May 2024 and Tether Q2 2024 assurance by BDO. Public data indicate the “largest non-sovereign gold holding” claim is not supported, as SPDR Gold Trust holds hundreds of tonnes of gold exceeding Tether’s reported exposure, source: State Street Global Advisors GLD fund fact sheet 2024 and Tether Q2 2024 assurance. For trading, Tether’s stated policy to allocate up to 15% of net profits to Bitcoin signals recurring structural buy-side demand when profits exist, which can affect BTC liquidity and dip absorption, source: Tether reserve investment policy announcement May 2023. Monitoring the USDT peg and Tether’s periodic reserve attestations can offer signals for BTC liquidity and stablecoin risk premium, source: Tether transparency page and BDO assurance releases.

According to @Excellion, reports that Tether sold BTC for gold are false, with the headline decline in holdings explained by off-balance transfers to XXI rather than sales (source: @Excellion). According to @Excellion citing BDO assurance data, Tether’s reported BTC holdings moved from 92,650 BTC as of March 31, 2025 (Q1) to 83,274 BTC as of June 30, 2025 (Q2) (source: @Excellion). According to @Excellion, Tether funded XXI with a total of 19,800 BTC, including 14,000 BTC on June 2, 2025 and 5,800 BTC in July 2025, which were not reflected as on-hand BTC in the Q2 snapshot (source: @Excellion). According to @Excellion, adjusting for the June transfer implies Tether would have had 4,624 BTC more at Q2-end than at Q1-end, and including the July transfer implies at least a net increase of 10,424 BTC, contradicting the gold-sale narrative (source: @Excellion). According to @Excellion, this positioning indicates Tether remains bullish on BTC, which he characterizes as supportive rather than bearish for Bitcoin market structure (source: @Excellion).