Tether Rejects Public Listing Despite Rivals Going Public
Tether’s CEO has made it clear: the company has no plans to go public, even as competitors like Circle have taken that step. On June 7, just two days after Circle’s debut on the New York Stock Exchange (NYSE), Tether CEO Paolo Ardoino stated, “No need to go public,” signaling confidence in Tether’s current position and future strategy.
Circle’s shares soared 167% on their first day of trading, putting pressure on other stablecoin issuers to consider IPOs. But Tether is choosing a different path.
$515B Valuation Considered “Bearish” by Tether’s CEO
A speculative valuation of $515 billion, proposed by Artmesis CEO Jon Ma, would place Tether as the 19th largest company in the world, surpassing the market caps of firms like Costco and Coca-Cola. However, Ardoino believes this figure might be too conservative.
“Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury,” Ardoino said, highlighting the company’s growing asset base.
Tether’s Bitcoin and gold holdings have become a significant part of its financial strength, suggesting a valuation potentially higher than $515 billion. Prominent figures in the crypto space have even projected a $1 trillion valuation in the long run.
Growing Treasury: Bitcoin and Gold as Strategic Assets
Tether’s expansion into Bitcoin and gold reserves is redefining its role beyond just a stablecoin issuer. As of publication, USDT ranks as the third-largest cryptocurrency by market capitalization, valued at $154.83 billion.
In a notable move, Tether became the majority owner of Twenty One Capital, a new Bitcoin treasury firm co-founded by Strike’s Jack Mallers. Despite launching recently, Twenty One Capital is now the world’s third-largest corporate holder of Bitcoin, trailing only Strategy (formerly MicroStrategy) and MARA Holdings.
On June 3, Tether transferred 37,229.69 BTC (worth $3.9 billion) to addresses tied to this new financial platform, reinforcing its position in the Bitcoin-native finance sector.
Strategic Independence Over Public Listing
Tether’s leadership believes its private model offers more flexibility for innovation and expansion without the constraints of public market oversight.
With its increasing crypto reserves and diversification into new financial platforms, Tether appears to be building a future where public validation through an IPO may not be necessary.