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Tether CEO: No Plans To Go Public Despite $515B Valuation Buzz
HomeNews* Tether CEO Paolo Ardoino says the company has no plans to go public, following competitor Circle’s debut on the New York Stock Exchange.
“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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