Tether has no plans to go public despite Circle's successful NYSE debut with a 167% share price surge.
CEO Paolo Ardoino believes Tether's $515B valuation estimate may be too low due to growing Bitcoin and gold reserves.
Tether acquired a majority stake in Twenty One Capital, now the third-largest corporate Bitcoin holder globally.
Tether has confirmed it has no plans to go public, just days after its competitor, Circle, debuted on the New York Stock Exchange. On June 7, Tether CEO Paolo Ardoino addressed growing speculation surrounding a possible IPO, dismissing the idea. He stated the company does not see any reason to pursue a public listing, even as Circle's market entry drew wide attention. Circle, the issuer of USD Coin (USDC), began trading publicly on June 5 and saw its shares rise by 167% during the first trading session.
https://twitter.com/paoloardoino/status/1931427411561975883 Ardoino Responds to Valuation Comparisons
Ardoino’s comments followed public remarks by Jon Ma, CEO of Artmesis, who estimated Tether’s potential market valuation at $515 billion if it went public. According to Ma, this figure would position Tether as the 19th most valuable company in the world, placing it ahead of firms like Costco and Coca-Cola.
Responding to Ma’s assessment, Ardoino referred to the $515 billion figure as a "beautiful number." However, he noted that the number might be conservative. He emphasized the growing value of Tether’s Bitcoin and gold reserves, implying that the company's financial position could support a higher valuation.
Industry Figures Compare Tether’s Potential to Top Corporations
Bitcoin advocates including Anthony Pompliano and Jack Mallers have estimated that Tether could reach a $1 trillion valuation. While Tether has not publicly commented on these higher projections, Ardoino said he is focused on the company’s next phase of growth. He added that the company remains committed to maintaining financial strength without seeking a public listing.
Tether currently manages the USDT stablecoin, which ranks as the third-largest cryptocurrency by market capitalization. As of publication time, USDT’s total market cap stood at $154.83 billion, according to CoinMarketCap data.
Tether Acquires Majority Stake in Bitcoin Treasury Firm
On April 24, Tether announced it had acquired a majority stake in Twenty One Capital. The firm was recently founded by Jack Mallers, who is also the CEO of Strike. Despite being a new entrant, Twenty One Capital has already become the third-largest corporate holder of Bitcoin. Only Strategy, formerly known as MicroStrategy, and MARA Holdings hold more Bitcoin.
In the same period, USDT issuer Tether also launched an omnichain version of its Tether Gold stablecoin on the TON network. This move marks another step in the company's expansion strategy, even as it rejects the IPO route. While competitors like Circle opt for public markets, Tether continues to grow through acquisitions and treasury expansion.
