The 2025 Bitcoin Conference in Las Vegas witnessed an unlikely star stepping into the spotlight. Tether – the company best known for its USDT stablecoin – used the event to unveil a slate of bold Bitcoin-focused initiatives, positioning itself as a new powerhouse in the Bitcoin world. In a keynote address and a fireside chat with Cantor Fitzgerald’s Brandon Lutnick, Tether’s CEO Paolo Ardoino made a series of announcements that signaled the stablecoin issuer’s evolution into a “Bitcoin-first” company. From revealing a massive Bitcoin treasury to investing billions in mining and even launching AI and social apps centered on Bitcoin, Ardoino’s messages came through loud and clear: Tether is asserting itself as a major force in the Bitcoin ecosystem.
Tether’s Big Bitcoin Reveal: 100,000 BTC (and 50 Tons of Gold)
Ardoino kicked off his keynote by pulling back the curtain on Tether’s reserves – and the numbers raised eyebrows across the audience. “Last year we made $13 billion in profit… We have committed to reinvest a lot into Bitcoin. We now have more than 100,000 Bitcoin that we own as a company,” Ardoino announced.
This staggering stash (worth over $10 billion at current prices) cements Tether’s status as one of the world’s largest Bitcoin holders. For context, that puts Tether in the same league as corporate Bitcoin giants; only a handful of entities like MicroStrategy hold more. On the same slide, Ardoino also disclosed that Tether holds over 50 tons of physical gold– highlighting an unconventional reserve strategy that pairs Bitcoin’s digital gold with actual bullion.
Such a revelation drew immediate buzz. Bitcoin Magazine’s conference coverage blasted out the headline-making stat as “JUST IN” news on social media. Observers noted that Tether’s trove not only provides added backing to USDT but also aligns Tether’s fate with Bitcoin’s success. “Confirming its spot as one of the largest holders of both assets in the crypto industry,” one report noted of Tether, underlining how extraordinary it is for a stablecoin issuer to accumulate that much BTC.
Financial analysts have begun debating what Tether’s massive asset mixture could mean for Bitcoin’s liquidity and market dynamics, as so much BTC sitting in Tether’s coffers is effectively “out of circulation” in day-to-day markets.
Ardoino was well aware that not everyone in the Bitcoin crowd would cheer the mention of gold reserves. In Las Vegas, hardcore Bitcoiners tend to view any love for gold with suspicion – as if interest in the yellow metal betrays a lack of conviction in Bitcoin. The Tether CEO tackled this head on: “Many bitcoiners don’t like talking about gold as if gold would take away something from Bitcoin. There is no way. Bitcoin is perfect. Gold is imperfect,” he told the crowd.
Gold isn’t a competitor to Bitcoin, Ardoino argued, but rather to fiat money – and that’s why Tether holds “a little bit of gold” as a hedge. This maximalist one-liner – “Bitcoin is perfect, gold is imperfect” – instantly became a quotable mantra from his talk, almost a haiku of Bitcoin supremacy that earned nods from the audience.
It encapsulated Tether’s message: even as the company diversifies its reserves, Bitcoin remains the ideal form of money in its eyes.
“Born with Bitcoin”: Emphasizing Hardcore Bitcoiner Credentials
Despite Tether’s longstanding presence in crypto, parts of the Bitcoin community have sometimes been skeptical of the stablecoin issuer’s allegiance to Bitcoin’s ethos. Ardoino seized the moment to firmly align Tether with Bitcoin’s core values and history. “We are a company that was born with Bitcoin… We are all Bitcoiners at heart. Everyone in our company loves Bitcoin,” he said, underscoring that Tether’s founding team and leadership are, at their core, hardcore Bitcoiners.
It’s an important point of context: Tether was originally launched on the Bitcoin blockchain (via the Omni Layer) back in 2014, and many of its early architects were veteran Bitcoin enthusiasts. By reminding the audience of this heritage, Ardoino was effectively saying “Tether’s DNA is orange” – a reference to Bitcoin’s trademark color. He pointed out that Tether even moved its headquarters to El Salvador, the world’s first “Bitcoin country,” as a testament to its commitment. “We have our headquarters in El Salvador, the original Bitcoin country. We support El Salvador,”Ardoino noted, referring to the nation that adopted Bitcoin as legal tender.
The subtext was clear: Tether stands shoulder to shoulder with Bitcoin’s global adoption and ideals. This rhetoric resonated with many in the crowd, especially those who recall Tether’s controversial past and have long asked where the company’s loyalties lie. By painting Tether’s founders and team as “Bitcoin-maxi” true believers, Ardoino sought to dispel the notion that Tether is merely a dollar business riding on crypto’s coattails. Instead, he cast Tether as a prodigal son of the Bitcoin movement – perhaps a “new kid on the block” in terms of direct Bitcoin involvement, but one raised in the same neighborhood. It’s a narrative of cultural alignment: we’re not outsiders, we’re one of you. And it set the stage for Tether’s next moves to be greeted as a net positive for Bitcoin’s ecosystem.
Betting $2 Billion on Bitcoin Mining Dominance
One of Ardoino’s most striking announcements was Tether’s entry into a realm few expected: Bitcoin mining. Midway through his keynote, he dropped a bombshell ambition: “Something that we have been very shy to say… I think that it’s very realistic that by the end of the year, Tether will be the biggest Bitcoin miner in the world, even including all the public companies,” Ardoino declared.
To back that claim, he revealed that Tether has invested $2 billion (actually “a bit more than that,” he teased) into energy production and bitcoin mining infrastructure. In other words, Tether isn’t just mining a little Bitcoin on the side – it’s pouring billions into becoming a top-tier mining powerhouse.
“Something that we have been very shy to say… I think that it’s very realistic that by the end of the year, Tether will be the biggest Bitcoin miner in the world, even including all the public companies,” announced Ardoino at Bitcoin 2025.
The audience – a mix of die-hard Bitcoiners and industry investors – “inhaled the news,” as one reporter put it. The notion that a stablecoin juggernaut, whose bread and butter is issuing digital dollars, would pivot to “literal dig-the-ground infrastructure” was both astonishing and, in hindsight, a savvy strategic move. By funding large-scale mining (and associated renewable energy projects), Tether is effectively investing in the security and decentralization of the Bitcoin network itself. It’s a bold way to recycle those hefty profits from U.S. Treasuries into strengthening Bitcoin. And it blurs the line between traditional crypto finance and the gritty proof-of-work world previously dominated by specialist miners.
Reactions from Bitcoin-focused media ranged from excitement to cautious analysis. CryptoSlate framed Ardoino’s proclamation as part of a broader trend of big players muscling into Bitcoin’s territory, noting that “governments, regulators, and megacorps now jostle over integration” at the conference. The fact that “Tether will be the biggest Bitcoin miner in the world” was a headline unto itself – something almost unthinkable a few years ago when Tether was fighting off skeptics and regulators. Now, with billions on the line, Tether’s mining venture suggests a long-term commitment to Bitcoin’s success; as Ardoino implied, Bitcoin isn’t just an asset on Tether’s balance sheet, it’s becoming part of Tether’s core business infrastructure.
Industry analysts noted that if Tether achieves this mining dominance by end of 2025, it could surpass even the largest publicly traded mining companies. That could give Tether significant hash power influence – a prospect that some decentralization purists might eye warily, but which others see as a vote of confidence in Bitcoin’s future. On balance, the conference vibe leaned positive: a stablecoin company plugging into Bitcoin’s power grid was seen as validation of Bitcoin’s primacy in the crypto world. It’s as if Tether is saying: we don’t just trust Bitcoin enough to hold it – we trust it enough to build on it and secure it. This move places Tether among a new breed of Bitcoin “super supporters”who are investing not just financially but structurally in the network.
Bringing Bitcoin to AI: The QVAC Initiative
If mining was a surprise, Ardoino’s next topic ventured even further afield. He unveiled a project at the intersection of artificial intelligence and Bitcoin – a combination that turned heads at a conference usually devoted to sound money and blockchain talk. Tether has developed an AI platform called QVAC, which Ardoino described as an AI system “made for society and not for corporations”.
The vision he painted was futuristic: personal AI agents that can hold and use Bitcoin on your behalf. “I want my AI agent to have a non-custodial wallet, so I can grant him some money… The money is kept by the AI agent and the AI agent will work for me, will not work under the rules and conditions of someone else,” Ardoino explained from the stage. In essence, Tether is exploring AI assistants that autonomously transact in Bitcoin or stablecoins for their users – a striking twist on both AI and crypto.
“I want my AI agent to have a non-custodial wallet, so I can grant him some money… The money is kept by the AI agent and the AI agent will work for me, will not work under the rules and conditions of someone else,” Ardoino explained from the stage.
While QVAC was only briefly introduced in the keynote, this initiative had been hinted at by Tether earlier in the month. Just weeks before the conference, Ardoino teased the launch of Tether AI, describing it as a platform for “personal infinite intelligence” integrated with Bitcoin and USD₮ payments. According to Cointelegraph, Tether’s upcoming AI service aims to let users transact directly through a peer-to-peer network, using Bitcoin and USDT as the payment rails.
In Las Vegas, Ardoino emphasized that QVAC’s AI agents would be non-custodial and independent – a clear nod to Bitcoin’s ethos of self-sovereignty, applied now to intelligent software. By ensuring the AI “works for me” and not for a big tech company, Tether is marrying the concept of open-source, uncontrolled AI with the concept of open, decentralized money.
Reactions to the QVAC announcement were a mix of curiosity and cautious optimism. Bitcoin purists found the “AI agent with a Bitcoin wallet” idea unconventional at a Bitcoin conference, but intriguing insofar as it could drive new kinds of Bitcoin usage. Could an army of AI bots one day be transacting sats on the Lightning Network for us? Ardoino seemed to suggest that future – and Tether wants to be at its forefront.
Some analysts commented that this move positions Tether in competition not with other crypto firms, but with Silicon Valley’s AI giants, by leveraging Bitcoin as a distinguishing feature. It’s part of a broader “Tether 2.0” strategy to expand beyond stablecoins. As one Wired piece noted, Tether under Ardoino is ambitiously trying to “enter the artificial intelligence market dominated by the world’s largest tech companies,” armed with the ideals of Bitcoin and freedom.
By infusing AI with Bitcoin, Tether is effectively asserting that the future of finance (and maybe of intelligent agents) will be built on sound money principles. It’s a bold bet on convergence: where Bitcoin’s trustless transactions meet AI’s automation, all underpinned by Tether’s infrastructure.
A “Bitcoin-First” Wallet for Creators: The Rumble Partnership
Ardoino capped off his keynote by highlighting a new partnership aimed at spreading Bitcoin adoption in the social media and content creator space. He announced that Tether is collaborating with Rumble – a popular video streaming platform – to launch a crypto wallet integrated into Rumble’s platform. “We are collaborating to launch a Rumble Wallet that will be Bitcoin-first and [include] a little bit of stablecoins… for the people,” Ardoino told the audience.
In plain terms, this wallet will enable Rumble’s millions of users (creators and viewers alike) to easily transact in Bitcoin and USDT within the app, creating a new way for content creators to get paid. The Rumble Wallet initiative positions Bitcoin as a tool for direct monetization and free speech on a censorship-resistant platform – a theme likely to resonate with the Bitcoin 2025 crowd.
Rumble’s CEO Chris Pavlovski, who has been working closely with Tether on this project, has grand ambitions for it. He recently highlighted the “growing potential of the Rumble Wallet,” suggesting it could “significantly reshape digital asset adoption among global content creators” by letting them earn crypto from their fans.
The idea is to bypass traditional ad revenue models (and the deplatforming risks that come with them) by enabling direct Bitcoin payments for content. Pavlovski even touted that the wallet will help creators monetize “better than advertisers,” especially in international markets where banking can be a barrier.
Notably, this partnership is backed by a significant investment – Tether led a $775 million investment into Rumble earlier in the year to fuel such crypto integration efforts. That massive funding round was a strong signal of Tether’s intentions: it’s not only building infrastructure behind the scenes, but also fostering Bitcoin adoption in consumer-facing platforms.
In aligning with Rumble, Tether is aligning with a platform known for its free-speech stance and growing user base, again playing to Bitcoin’s strengths as uncensorable money. Bitcoin-focused commentators viewed this move as part of Tether’s campaign to “bring Bitcoin to the masses” – leveraging social networks and content platforms to normalize everyday Bitcoin transactions.
If successful, the Rumble Wallet could onboard a new wave of users to Bitcoin who might never have touched crypto otherwise, all under the hood of a familiar social app. It’s exactly the kind of real-world use case Bitcoin advocates have been clamoring for, and Tether is positioning itself as the company willing to deliver it.
Twenty One Capital: Tether’s Play into the Bitcoin Treasury Space
Ardoino provided additional details about the previously announced joint venture with SoftBank Group, Jack Mallers, and Cantor Fitzgerald to launch Twenty One Capital, a Bitcoin-native public company. Structured through a business combination with Cantor Equity Partners, a special-purpose acquisition company (SPAC) affiliated with Cantor Fitzgerald, Twenty One Capital is expected to commence operations with over 42,000 Bitcoins, positioning it as the third-largest Bitcoin treasury globally.
Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to Bitcoin, stating, “With Jack at the helm, we are proud to support this effort to further Bitcoin’s adoption and reinforce its role as the ultimate store of value.”He further elaborated, “At Tether, we have always believed in supporting initiatives that strengthen Bitcoin’s dominance and real-world utility. Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation and building long-term value for those who understand what Bitcoin represents.”
On a separate keynote presentation later on the last day of the conference, Jack Mallers, Co-Founder and CEO of Twenty One Capital, further articulated the venture’s mission: “Markets need reliable money to measure value and allocate capital efficiently. We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets. Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”
This collaboration signifies a strategic alignment among major financial and technological entities to bolster Bitcoin’s institutional adoption and infrastructure.
Industry Reactions: Bridging Bitcoin and Mainstream Finance
Tether’s cascade of announcements at Bitcoin 2025 drew strong reactions from both Bitcoin insiders and more traditional finance circles. Bitcoin media outlets were quick to interpret the significance. Bitcoin Magazine framed Tether’s moves as a coming-of-age story – a company long in Bitcoin’s orbit now fully embracing a Bitcoin-centric strategy. Headlines about the 100,000 BTC treasury and the $2B mining investment dominated crypto news sites. The tone was generally positive: Tether’s bold bets were seen as validation of Bitcoin’s importance and a boon to its network (with one publication dubbing Tether a “stablecoin superpower pivoting to Bitcoin infrastructure”).
Still, some observers offered a more nuanced take. A CryptoSlate op-ed posed the provocative question: “Is this still Satoshi’s Bitcoin?”, noting that the conference stage was shared by politicians and corporations in addition to the usual cypherpunks. The sight of a Wall Street titan and a stablecoin CEO discussing Bitcoin mining and investment funds was a far cry from the early days of Bitcoin meetups. From this perspective, Tether’s emergence as a Bitcoin kingpin is emblematic of Bitcoin’s mainstreaming – exciting to many, but a little disconcerting to those who treasure Bitcoin’s rebel roots. Liam ‘Akiba’ Wright, the author of that piece, quipped that the Vegas conference “glittered differently” with big-money players like Tether around, and he highlighted how governments and megacorps are now “jostling” to integrate Bitcoin into their strategies. In short, Tether’s announcements were evidence of Bitcoin’s coming of age – the adults (big investors) are in the room now – for better or worse.
On the conference stage, the fusion of Bitcoin’s old guard and new institutional money was on full display. In the panel with Brandon Lutnick – Cantor Fitzgerald’s chairman – the tone was one of mutual enthusiasm. Lutnick used the opportunity to unveil a new Bitcoin investment fund from Cantor: a fund offering “uncapped [upside] participation in Bitcoin, while providing 1-to-1 downside protection based on the price of gold”. In plain language, it’s a Wall Street-friendly Bitcoin product that tempers volatility with gold – an approach notably similar to Tether’s own reserve philosophy. “There are still people on the Earth that are still scared of Bitcoin, and we want to bring them into this ecosystem,” Lutnick said, explaining why blending Bitcoin’s growth with gold’s stability could lure in the hesitant investor.
Ardoino sat beside him as a living example of this bridge between worlds: a Bitcoiner at heart who isn’t afraid to use old-school assets like gold and old-school finance like Cantor to advance Bitcoin adoption. Lutnick was generous in his praise for Tether during the chat. He lauded Tether’s “real-world use cases” – a nod to how widely USDT is used across emerging markets and crypto trading – and implied that partnerships like theirs marry Bitcoin’s innovative power with traditional finance acumen. Indeed, Cantor Fitzgerald has been custodying part of Tether’s USDT reserves, and now here they were together, launching a Bitcoin fund on a stage in Las Vegas. The symbolism wasn’t lost on attendees: the lines between the crypto industry and Wall Street are blurring, with Bitcoin as the mutual focal point.
As one analyst wryly observed on Twitter, “Tether is doing what the Bitcoin ETF guys wish they could – they’re just buying and mining BTC directly,” highlighting that while institutions wait for regulators, Tether is charging ahead in the Bitcoin arena. Overall, influential voices in the Bitcoin space appeared to welcome Tether’s deeper involvement – albeit with the typical Bitcoiners’ insistence on “Don’t Trust, Verify.”
Many prominent Bitcoiners, from podcasters to fund managers, took to social media to commend Tether’s 100k BTC holdings disclosure as a transparent and bullish signal. Others pointed out that Tether’s success now rides increasingly on Bitcoin’s long-term success, which aligns its incentives with the broader community’s. “Tether just went all-in on Bitcoin,” one analyst wrote, “and that’s ultimately good for Bitcoin.” Still, a few cautioned that Tether’s growing influence – whether in mining or in corporate holdings – means the community should keep a watchful eye. If Tether truly becomes the world’s largest miner, some argued, it must uphold Bitcoin’s decentralization ethos and not exploit its position. Ardoino’s pledges and philosophy at Bitcoin 2025 were clearly aimed at assuaging such concerns by emphasizing Tether’s Bitcoiner bona fides.
Conclusion: Tether’s Strategic Pivot and Bitcoin’s Next Chapter
Taken together, Paolo Ardoino’s announcements painted a picture of Tether’s strategic pivot: from a stablecoin issuer operating somewhat on Bitcoin’s sidelines to a multi-faceted Bitcoin protagonist. In Las Vegas, Tether presented itself as the bold new kid on the Bitcoin block – eager to prove its loyalty, flex its financial muscle, and contribute to Bitcoin’s growth on multiple fronts. It’s a remarkable evolution for a company that once drew ire for its opacity and dollar focus. Now Tether is shouting its Bitcoin-heavy balance sheet from the rooftops, funding Bitcoin mining on a massive scale, building Bitcoin-friendly apps for the next wave of users, and even weaving Bitcoin into cutting-edge AI experiments.
This assertive stance positions Tether uniquely in the broader Bitcoin landscape. Unlike pure-play Bitcoin companies, Tether straddles worlds – it earns billions from traditional assets like U.S. Treasuries and gold, yet it’s channeling those resources to fortify the Bitcoin ecosystem. It’s as comfortable cutting deals with Wall Street financiers as it is sharing memes with Bitcoin maximalists. If Ardoino’s vision comes to fruition, Tether could become a template for how to bridge old finance and new finance: using the profits and practices of legacy markets to supercharge the Bitcoin network and its adoption.
By the end of Bitcoin 2025, one narrative was clear: Bitcoin’s center of gravity is shifting. New heavyweights like Tether are entering the ring, bringing fresh capital, innovation, and yes, a bit of controversy. As the conference buzz died down, many were left digesting what Tether’s expanded role means for Bitcoin’s future. Is it a sign of maturity that a company worth tens of billions is betting so heavily on Bitcoin? Absolutely – it signals that Bitcoin has graduated to being more than just a rebellious experiment; it’s now seen as critical infrastructure worth investing in and building on.
Of course, Bitcoin’s story has always been one of decentralization and grassroots movement. The influx of corporate and institutional players will continue to spark debate about preserving Bitcoin’s soul. Yet, as Ardoino’s keynote demonstrated, those newcomers are eager to wrap themselves in Bitcoin’s flag and contribute to its legacy. Tether’s message was one of collaboration and commitment: it wants to be a steward of Bitcoin’s next chapter, not an antagonist. In the words of Ardoino, “Bitcoin is perfect” – and Tether is now striving to amplify that perfection in any way it can.
As “the new kid on the block,” Tether has issued a bold challenge and invitation to the rest of the industry. Other companies may soon feel pressure to match Tether’s public embrace of Bitcoin – whether by holding BTC in treasury, investing in mining, or integrating Bitcoin into their products. In that sense, Tether’s announcements could mark a tipping point: a realization that aligning with Bitcoin is not only good PR at a conference, but sound business strategy for the long haul. And for Bitcoiners, seeing a major player put so much skin in the game is validating. It’s a reminder that, even 16 years after Satoshi launched the network, Bitcoin is still the beating heart of the crypto world – and it’s attracting ever-bigger believers into its orbit.
Sources:
Bitcoin Magazine; Cryptopolitan; CryptoSlate; Decrypt; Cointelegraph; Bitcoin Conference 2025 coverage.
