Overview
- Tether’s Q4 attestation by BDO Italy reported over $10 billion in 2025 net profit, $6.3 billion in excess reserves, and direct U.S. Treasury holdings of $122 billion ($141 billion including reverse repos).
- The company holds roughly 140 metric tons of physical gold in a former Swiss nuclear bunker, valued at about $23–$24 billion based on recent prices.
- CEO Paolo Ardoino said Tether is buying one to two tons of gold per week for the coming months and aims to raise gold to roughly 10–15% of its investment portfolio.
- Tether plans to actively trade bullion and has recruited senior traders, including hires reported from HSBC, to build out a competitive precious‑metals desk.
- Analysts estimate the company’s annualized gold purchases at 50–100 tons, or about 1–2% of global yearly supply, a scale that can tighten physical liquidity and support prices at the margin.