- Tether CEO Paolo Ardoino says the company has no plans to go public, following competitor Circle’s debut on the New York Stock Exchange.
- Ardoino responded to discussions about a potential Tether valuation of $515 billion, calling the estimate “bearish” and suggesting it could be higher.
- Tether’s USDT is the third-largest cryptocurrency by market capitalization at about $154.8 billion.
- Prominent industry figures believe Tether could reach a $1 trillion valuation in the future.
- Tether recently became the majority owner of Twenty One Capital, now the third-largest holder of corporate Bitcoin.
Tether CEO Paolo Ardoino stated on June 7 that the company has no intention of going public. This declaration came two days after rival stablecoin provider Circle began trading on the New York Stock Exchange, where Circle’s shares rose 167% during its first session.
Ardoino addressed online speculation about Tether’s possible valuation if it went public. Artmesis CEO Jon Ma claimed Tether could be valued at $515 billion, ranking it as the 19th largest company globally, surpassing major corporations like Costco and Coca-Cola.
“No need to go public,” Ardoino said in a social media post. He described the $515 billion estimate as a “beautiful number,” but added, “maybe a bit bearish considering our current (and increasing) Bitcoin + Gold treasury, yet I’m very humbled.” Notable Bitcoin advocates Anthony Pompliano and Jack Mallers suggested the company could one day reach a $1 trillion valuation.
Tether issues the stablecoin USDT, which tracks the value of the U.S. dollar and is used for trading and transfers in the cryptocurrency market. At the time of publication, USDT has a market capitalization of $154.8 billion, according to CoinMarketCap.
In April, Tether acquired a majority stake in Twenty One Capital, a Bitcoin treasury company started by Strike’s Jack Mallers. Despite launching recently, Twenty One Capital is already the world’s third-largest corporate holder of Bitcoin, following Strategy (formerly MicroStrategy) and MARA Holdings.
Earlier in June, Tether transferred 37,229.69 Bitcoin, valued at about $3.9 billion, to addresses connected with the new Bitcoin-native financial platform, according to a report from Cointelegraph.
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