Early Bitcoin Supporter Eric Voorhees Buys Millions in Tokenized Gold, as Tether’s $23B Holdings Overtakes Governments

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.

Pivoting to Tokenized Gold

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.

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.

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.

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.