Tether said in its independent attestation for the second quarter of 2026 that it kept a defensive asset allocation through a period of sharp crypto market swings, with both Bitcoin and physical gold holdings in its core reserves reaching record levels by the end of June.
The company said the drop in crypto prices at the end of the quarter reduced the book value of its Bitcoin position, while a large increase in physical gold holdings helped offset volatility in higher-risk assets. The report also described a broader push to connect digital assets with traditional precious-metals infrastructure through an equity investment in Gold.com and loans backed by Tether Gold (XAUT).
Bitcoin holdings rose to 98,933 BTC while book value fell
As of June 30, 2026, Tether held about 98,933 BTC. That was up from 96,185 BTC at the end of 2025 and above the roughly 97,137 BTC reported for the end of the first quarter, for an estimated increase of about 2,748 BTC in the first half of the year.
Using a June 30 settlement price of $58,642.15 per coin, the company put the carrying value of its Bitcoin holdings at $5.802 billion. That was down from $8.430 billion at the end of 2025 and from $6.624 billion at the end of the first quarter. The report said the decline reflected market price moves rather than a material reduction in holdings.
| Asset class | End-2025 | 2026 Q1 | 2026 Q2 | Estimated H1 change |
|---|---|---|---|---|
| Bitcoin holdings | 96,185 BTC | About 97,137 BTC | About 98,933 BTC | Up about 2,748 BTC |
| Bitcoin total value | $8.430 billion | $6.624 billion | $5.802 billion | Down about $2.628 billion |
Physical gold reserves climbed to 4.7 million ounces
Tether said it added heavily to physical gold in the first half of 2026. By June 30, its holdings of LBMA-standard gold bars had reached about 4.7 million ounces, or roughly 146.2 metric tons. That was an estimated increase of about 663,000 ounces from the end of 2025.
The company’s gold position was estimated at about 4.037 million ounces, or roughly 125.5 tons, at the end of 2025. It then rose to about 4.249 million ounces, or about 132 tons, at the end of the first quarter before reaching 4.7 million ounces by the end of the second quarter.
Although international gold prices had retreated from their first-quarter peak by late June, the increase in inventory pushed the book value of Tether’s physical gold reserves to $18.838 billion. That was up from $17.450 billion at the end of 2025. The first-quarter figure was $19.837 billion.
| Asset class | End-2025 | 2026 Q1 | 2026 Q2 | Estimated H1 change |
|---|---|---|---|---|
| Physical gold volume | Estimated 4.037 million oz (about 125.5 tons) | About 4.249 million oz (about 132 tons) | About 4.7 million oz (about 146.2 tons) | Estimated increase of about 663,000 oz |
| Physical gold total value | $17.450 billion | $19.837 billion | $18.838 billion | Up about $1.388 billion |
Report compares Tether’s gold stockpile with sovereign holdings
The report said that if Tether were treated as a sovereign country, its roughly 146.2 tons of gold would place it among the world’s top 30 gold-holding countries or institutions, ahead of sovereign states including Greece and Qatar.
It also said physical gold cannot be frozen remotely and cannot be sanctioned or seized in the same way as digital or financial claims. Tether has chosen to retain direct control over physical custody of its gold. The metal is stored in a Cold War-era nuclear bunker in Switzerland with multiple layers of protection. Chief Executive Officer Paolo Ardoino described the site as a “James Bond scene,” according to the report.
Gold.com investment and XAUT-backed lending expand the strategy
The report said Tether has been one of the market’s largest individual gold buyers in recent years. It added that purchases slowed somewhat in the first quarter of this year before accelerating again in the second quarter as gold prices fell.
Late last year, Tether hired two senior precious-metals traders from HSBC Holdings plc with the aim of building what it called “the world’s best gold trading floor,” but dismissed them only a few months later.
In February, Tether bought a stake in Gold.com for $150 million. The report described the deal as a key part of its “physicalization” strategy. Gold.com is a vertically integrated precious-metals platform with authorization as a U.S. Mint distributor and a warehousing and logistics network. Tether said the investment would allow its digital token XAU₮ to connect directly with the traditional physical gold supply chain. Under that model, investors could trade the token on-chain and could eventually use stablecoins through Gold.com retail channels such as JM Bullion to exchange for or settle purchases of physical gold bars.
According to Gold.com’s quarterly report, the company also signed precious-metals storage and related agreements with Tether. As of March 31, outstanding leases and customer prepayments totaled $363 million.
Tether has also partnered with crypto lender Ledn to launch loans backed by Tether Gold. The structure allows XAUT holders to access liquidity without selling their gold, using a model based on Ledn’s existing Bitcoin-backed lending framework.