Tether purchased more than 275,000 ounces of gold in Q3 2025, investing about $1 billion according to company disclosures.

Scale of purchases and context

The recent acquisition represents over 10% of total central bank demand during the same period, according to reported market estimates and data.

Analysts note that the company’s total gold holdings now reach 116 tonnes, a figure comparable with national reserves of several mid-sized economies.

Comparable national reserves

On a holdings basis, Tether’s gold stockpile is similar to the official reserves of countries such as South Korea, Hungary and Greece, as reported.

The comparison underscores the scale of private accumulation relative to sovereign holdings and highlights a shifting pattern in physical demand for bullion.

Market implications

Jefferies analysts warn that concentrated buying by a large private holder could tighten available supply and exert upward pressure on spot prices.

Such effects depend on future sales, secondary market liquidity and central bank activity, all factors that influence short- and medium-term price dynamics.

Reserves composition

Precious metals account for approximately 7% of Tether’s total reserves, reflecting a strategic allocation within its broader asset mix.

The company is described as the largest private owner of gold, a status tied to its reported 116 tonnes on the balance sheet.