Tether CEO snubs IPO, says $515B valuation is 'a bit bearish’
Tether’s CEO points to the company’s growing Bitcoin and gold treasury as a reason why a speculative $515 billion valuation might actually be “a bit bearish.”
Tether CEO Paolo Ardoino says the stablecoin issuer has no intention of going public, just days after rival Circle made its debut on the New York Stock Exchange (NYSE).
“No need to go public,” Ardoino said on June 7, just two days after Circle, which is behind the stablecoin USDC
, entered the public market on June 5. Circle’s shares climbed 167% on its first trading session on the NYSE.
$515 billion is a “beautiful number,” but not high enough
Ardoino addressed valuation speculation raised by Artmesis CEO Jon Ma, who claimed that if Tether, which is behind the stablecoin USDT
, were to go public, it would rank as the 19th largest company globally with a valuation of $515 billion, larger than multinational giants like Costco and Coca-Cola.
While Ardoino called the $515 billion valuation a “beautiful number,” he said it might actually be too low. “Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled,” Ardoino said.
Prominent Bitcoin advocates Anthony Pompliano and Jack Mallers both suggested that the company could one day reach a $1 trillion valuation.
