Tether Hits $515B Valuation, Doubles Down on Privacy and Bitcoin Mining

Tether’s $515B valuation places it among the world’s top 20 companies, driven by strong profits and stablecoin dominance.

Despite massive valuation, Tether stays private, reinforcing its commitment to independent growth and operational flexibility.

Tether’s open-source Bitcoin Mining OS aims to level the playing field for miners, empowering smaller energy producers and developers.

Tether's estimated $515 billion valuation has stirred discussions in the crypto and traditional finance sectors. According to Artemis CEO Jon Ma, if Tether went public today, it would rank as the 19th largest company globally. This puts it ahead of corporate giants like Costco and Coca-Cola. The valuation stems from strong earnings, projected growth, and favorable market conditions.

Tether reportedly generated $13 billion in net profit in 2024. Around $7 billion came from Treasuries and repos. The remaining $5 billion came from unrealized gains in gold and Bitcoin. However, Ma excluded these gains from EBITDA. His model estimates $7.4 billion in EBITDA for 2025, assuming $170 billion average USDT supply and a 4.2% Fed Funds Rate. Consequently, applying a 69.3x EBITDA multiple, based on Circle's public market valuation, Tether reaches a $515 billion value.

Tether's Strategic Direction Remains Private

Despite the valuation buzz, Tether CEO Paolo Ardoino dismissed any IPO intentions. “There is no need for an IPO,” he said. He expressed satisfaction with the company’s trajectory as a private entity. Hence, Tether plans to continue its independent growth strategy without shareholder influence. This move offers Tether flexibility in managing investments and operations.

Moreover, USDT remains the most traded cryptocurrency by volume. The company’s asset backing includes U.S. Treasuries, Bitcoin, and gold. This portfolio helps maintain market confidence and reinforces Tether’s financial strength. Additionally, it demonstrates the firm’s focus on long-term sustainability.

Tether’s Open-Source Move to Disrupt Mining Sector

In another major development, Ardoino revealed Tether’s plan to open-source its Bitcoin Mining Operating System (MOS). The initiative aims to lower barriers to entry in the mining industry. Significantly, MOS offers scalability from basic setups using Raspberry Pi to large-scale mining farms.

Furthermore, the system supports multiple mining machines, container types, and energy control systems. Developers can add custom plugins and improve the open codebase. Ardoino also envisions integrating AI tools through QVAC to enhance operational efficiency.

Additionally, small to mid-sized businesses generating excess energy could use MOS for mining. Consequently, Tether’s mining OS may democratize crypto mining while enhancing network security. The move also signals the company's deepening involvement in blockchain infrastructure.

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