Thomas Daniels
Tether CEO Paolo Ardoino has firmly ruled out the possibility of an initial public offering, opting instead to emphasize the company’s growing strategic reserves in Bitcoin and gold. His comments come just days after competitor Circle entered public markets via the New York Stock Exchange, where its shares soared by 167% on the first day of trading.
Despite recent speculation that a Tether IPO could command a $515 billion valuation—placing it among the world’s 20 most valuable companies—Ardoino called that estimate “a beautiful number,” while also suggesting it might be overly conservative. “Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled,” he noted.
Industry voices such as Anthony Pompliano and Jack Mallers have proposed that Tether’s valuation could ultimately approach $1 trillion. Ardoino echoed a forward-looking stance, saying he is “truly excited for the next phase of growth of our company.”
As of publication, Tether’s USDT ranks as the third-largest cryptocurrency by market capitalization, valued at approximately $154.8 billion.
In line with its treasury-first approach, Tether recently became the majority stakeholder in Twenty One Capital—a Bitcoin-native financial entity founded by Jack Mallers. Although newly established, Twenty One Capital has already secured its position as the world’s third-largest corporate holder of Bitcoin, behind only Strategy (formerly MicroStrategy) and MARA Holdings.
On June 3, Tether reportedly transferred 37,229.69 Bitcoin, valued at roughly $3.9 billion, to wallet addresses associated with the new Bitcoin-focused platform.
