Key Takeaways
- Tether CEO Paolo Ardoino dismissed IPO plans despite valuation estimates of $515 billion.
- Ardoino called the valuation 'a bit bearish' due to Tether's growing Bitcoin and gold reserves.
- Tether recently acquired majority ownership of Twenty One Capital and moved $3.9B in Bitcoin to related addresses.
Tether CEO Paolo Ardoino has shut down speculation of an IPO just days after rival Circle went public on the New York Stock Exchange.
On June 7, two days after Circle’s June 5 debut, Ardoino said:
No need to go public.
Shares then rose 167% in a single day.
Valuation & treasury insights
Ardoino also addressed a speculative valuation from Artmesis CEO Jon Ma, who claimed Tether could be worth $515 billion if it went public, making it the 19th largest company globally.
While calling the number “beautiful,” Ardoino added:
Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled.
Tether’s market position & future valuation
Tether’s USDT remains the third-largest cryptocurrency, with a market capitalization of $154.83 billion.
The company has significantly expanded its Bitcoin and gold reserves, which Ardoino cited as a reason the $515 billion estimate might be too conservative.
Prominent Bitcoin advocates Anthony Pompliano and Jack Mallers have both floated a potential $1 trillion valuation for Tether in the future.
Strategic moves in Bitcoin
Tether has also made moves to solidify its Bitcoin strategy.
On April 24, the company became the majority owner of Twenty One Capital, a Bitcoin treasury firm founded by Jack Mallers.
As of June 3, Tether had moved $3.9 billion worth of Bitcoin—over 37,000 BTC—to addresses tied to the new platform.
