Tether CEO Paolo Ardoino has dismissed the idea of taking the company public, even as competitor Circle made its stock market debut on the New York Stock Exchange.
“No need to go public,” Ardoino stated on June 7.
His comments came just two days after Circle, the issuer of USDC, entered public trading and saw its shares surge 167% during its first session on the NYSE.
Valuation Talk Dismissed as Too Low
Jon Ma, CEO of Artmesis, recently speculated that if Tether were to go public, it could achieve a $515 billion valuation.
That would position Tether as the 19th most valuable company worldwide, surpassing giants like Coca-Cola and Costco.
Ardoino responded by calling the figure a “beautiful number,” but added, “Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled.”
Bitcoin advocates Anthony Pompliano and Jack Mallers believe the company could eventually reach a valuation of $1 trillion.
Despite these lofty projections, Ardoino made it clear that an IPO is not on the horizon.
He expressed optimism about Tether’s trajectory, saying he’s “truly excited for the next phase of growth of our company.”
USDT Remains a Dominant Force
USDT continues to be a significant player in the cryptocurrency market.
At the time of writing, it ranks as the third-largest cryptocurrency by market capitalization, valued at around $154.83 billion according to CoinMarketCap.
This underscores Tether’s influence, even without the public listing route taken by Circle.
Strategic Moves in the Bitcoin Space
Tether has also been expanding its presence in the Bitcoin sector.
On April 24, it became the majority owner of Twenty One Capital, a Bitcoin treasury firm launched by Jack Mallers of Strike.
Despite being a recent entrant, Twenty One Capital already holds the position of the third-largest corporate Bitcoin holder globally.
It trails only Strategy (formerly MicroStrategy) and MARA Holdings, a mining company.
Major Bitcoin Transfers Highlight Growing Role
Tether’s involvement in the Bitcoin ecosystem deepened further on June 3.
That day, the company moved approximately 37,229.69 Bitcoin—valued at around $3.9 billion—to wallets linked to a new Bitcoin-native financial platform.
This move highlights Tether’s ongoing commitment to growing its crypto-related financial infrastructure.