Is crypto really circling into gold? | Source: CCN
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Key Takeaways
Eric Voorhees has bought $6.81 million in tokenized gold.
Tether’s gold reserves are now estimated at $23 billion.
Crypto and traditional safe havens are converging.
Early Bitcoin advocate and ShapeShift founder Eric Voorhees has purchased millions of dollars’ worth of tokenized gold, blockchain data shows, as stablecoin issuer Tether deepens its push into the metal, amassing reserves that analysts say now exceed those of several governments.
The moves come as gold prices hover near record highs above $5,100 an ounce and Bitcoin continues to trade well below its recent peaks, underscoring a growing intersection between digital assets and traditional safe havens.
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On-chain analytics platform Lookonchain said Voorhees created nine new wallets and spent $6.81 million in USDC stablecoins to buy 1,382 PAX Gold (PAXG) tokens at an average price of $4,926.
PAXG is a token issued by Paxos that is backed by physical gold, allowing investors to gain exposure to bullion via blockchain-based assets.
The purchase by one of Bitcoin’s earliest and most vocal proponents has drawn attention at a time when the cryptocurrency has faced renewed price pressure.
Erik Voorhees(@ErikVoorhees), the early #Bitcoin supporter and founder of ShapeShift, appears to be buying gold.
Gold has rallied nearly 50% in the last six months, with analysts attributing the surge to strong central bank demand and rising macroeconomic pressures.
In response to the move, one X user wrote: “That’s a lot of gold. He must be feeling pretty bullish on it.”
Another said: “Is the crypto game over? Even OGs are starting to pivot into other assets.”
Voorhees’ move may signal a tactical shift among some crypto investors seeking lower-volatility assets, though it may also just show how accessibility of tokenized real-world assets are growing.
Tether Increases Gold Purchases
Separately, a report by brokerage Jefferies estimated that crypto firm Tether now holds around 148 tonnes of physical gold worth roughly $23 billion.
The firm purchased approximately 26 tonnes in the fourth quarter of 2025 and added a further 6 tonnes in January, placing the firm among the world’s top 30 gold holders.
Jefferies said Tether’s quarterly purchases exceeded those of most individual central banks over the same period, trailing only Poland and Brazil.
Jefferies estimates that Tether holds about 148 tonnes of physical gold worth roughly $23 billion, after buying about 26 tonnes in the last quarter of 2025 and adding another 6 tonnes in January. The gold is used to back USDT reserves and the gold-backed token XAUT, placing…
At current levels, its gold holdings surpass Australia, the United Arab Emirates, Qatar, South Korea and Greece.
As Tether is privately owned, Jefferies said the disclosed figures likely represent only a minimum estimate of its total gold exposure and that the company may hold additional purchases on its balance sheet.
Crypto Turning To Gold?
The parallel rise in crypto figures pursuing tokenized gold purchases and Tether’s bullion accumulation highlights how parts of the crypto sector are increasingly embracing traditional hard assets.
Although supporters have long promoted Bitcoin as a hedge against currency debasement, its sharp price swings stand in contrast to gold’s steadier climb.
At the time of reporting, Bitcoin was trading at $67,025.02, down approximately 12% over the past week.
Continued institutional selling, reflected in ongoing spot Bitcoin ETF outflows, has largely driven the drop.
Bitcoin continues to trade well below its all-time high. | Source: CoinMarketCap
The move has also tracked broader macro pressure, with Bitcoin showing a 52% correlation with the S&P 500.
Meanwhile, gold’s recent rally to record highs has reinforced its long-standing role as a perceived safe-haven asset during periods of macroeconomic and geopolitical uncertainty.
Whether the move into tokenized gold reflects a longer-term strategic diversification within crypto markets or a shorter-term rotation into defensive assets remains unclear.
But as blockchain-based tokens backed by physical metals gain traction, the lines between the crypto sector and traditional commodities markets are increasingly blurring.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
