Tether CEO snubs IPO, says $515B valuation is ‘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.
Ardoino added he is 'truly excited for the next phase of growth of our company.' .
Tether's USDT ranks as the third-largest cryptocurrency by market capitalization, valued at $154.83 billion at the time of publication, according to CoinMarketCap.
Meanwhile, on April 24, it was announced that Tether would become the majority owner of Twenty One Capital, a new Bitcoin treasury company founded by Strike's Jack Mallers.
Despite its recent launch, Twenty One has already become the world's third-largest corporate holder of Bitcoin, behind only Strategy (formerly MicroStrategy) and mining firm MARA Holdings.
On June 3, Cointelegraph reported that Tether moved a combined 37,229.69 Bitcoin, worth about $3.9 billion, to addresses linked to the new Bitcoin-native financial platform.
Source: https://cointelegraph.com/news/tether-ceo-paolo-ardoino-no-public-plans-bearish-valuation
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
4 hours ago
- Crypto Insight
Spot Ether ETFs 15-day inflow streak accumulates $837.5M inflows
US-based spot Ether exchange-traded funds (ETFs) have just recorded a third consecutive trading week of inflows. If next week follows suit, the current inflow streak alone may surpass $1 billion in total inflows. On June 6, spot Ether ETFs posted $25.3 million inflows for the trading day, extending the streak to 15 consecutive inflow days, according to Farside data. Ether ETF inflow streak brings in a significant amount of net total The current inflow streak since May 16 has now brought in $837.5 million, roughly 25% of the total $3.32 billion in net inflows since spot Ether ETFs launched in July 2024. If the pattern continues into the coming week, an additional $162.5 million in inflows would push the streak's total to $1 billion. In contrast, spot Bitcoin ETFs saw its inflow streak break on May 29, with $346.8 million in outflows. Since then, flows have been volatile, with a mix between inflow and outflow days. Meanwhile, the spot price of Ether is up 31.23% over the past 30 days, trading at $2,490 at the time of publication, according to CoinMarketCap data. Cointelegraph recently reported that a multi-year gold fractal is making a strong case for an Ether price rally toward $6,000 in the coming months. Technical analyst Crypto Eagles said on June 3 that Ether appears to be repeating in the current 2024–2025 cycle, potentially setting the stage for a new all-time high. Ether's current all-time high of $4,878 was reached in November 2021, according to CoinGecko data. Some industry commentators believe that adding staking to spot Ether ETFs is necessary for a stronger performance in the long run. On May 31, Cointelegraph reported that the first Ethereum and Solana staking ETFs could debut in the United States within weeks following a recent filing by ETF provider REX Shares. ETF analyst James Seyffart said that, while the launch date is still unknown, the firm used 'regulatory workarounds to get these products to market.' Source:
Crypto Insight
12 hours ago
- Crypto Insight
Bitcoin core devs' joint statement sparks heated debate among Bitcoiners
A collective statement from 31 Bitcoin core developers has sparked a global debate among Bitcoiners after suggesting a hands-off approach to how the Bitcoin network is used, amid ongoing controversy over non-monetary use cases. 'This is not endorsing or condoning non-financial data usage, but accepting that as a censorship-resistant system, Bitcoin can and will be used for use cases not everyone agrees on,' the June 6 statement published on the Bitcoin Core website said. Bitcoiners are 'not in a position' to place mandates The letter argued that Bitcoin is a network 'defined by its users' and that its core contributors are 'not in a position' to mandate what software or policies they desire. It comes amid the ongoing debate over spam inscriptions on the Bitcoin network. 'Being free to run any software is the network's primary safeguard against coercion,' it added. While many Bitcoiners supported the update with an 'ACK' comment, others objected. JAN3 CEO Samson Mow criticized the tone of the letter on the same day. He said, 'It's disingenuous to just say 'it is what it is now, too bad.' 'Bitcoin Core devs have been changing the network gradually to enable spam and now seem focused on also removing barriers for spammers,' Mow said. 'This statement itself is also inappropriate,' he added. On May 8, Bitcoin Core developers decided to remove a long-standing limit on transaction data in a network upgrade to allow for larger data segments, which some Bitcoiners saw as opening the door to non-financial use cases. However, Casa founder Jameson Lopp defended the letter. Lopp said, 'Core Devs are a group saying we can't force anyone to run code they don't like; here is our thinking on relay policy and network health.' 'When there was no cohesive message, and it was just a bunch of independent developers making individual statements, Bitcoin Core was accused of having 'poor public relations,' Lopp said, adding: 'Now a joint statement is published, and people find reasons to cry about it.' The developers argued in the letter that it is better for the Bitcoin node software 'to aim to have a realistic idea of what will end up in the next block, rather than attempting to intervene between consenting transaction creators and miners to discourage activity that is largely harmless at a technical level.' It added: 'While we recognize that this view isn't held universally by all users and developers, it is our sincere belief that it is in the best interest of Bitcoin and its users, and we hope our users agree.' Bitcoiner Carl Horton said, 'It's Bit 'Coin' not Bit 'Bucket' or Bit 'Store' or whatever general purpose data store you have in mind. It's a 'peer to peer electronic cash system.' Meanwhile, Bitcoin core developer Luke Dashjr criticized the goals of the transaction relay policy outlined in the statement. 'The goals of transaction relay listed are basically all wrong,' Dashjr said. 'Predicting what will be mined is a centralizing goal. Expecting spam to be mined is defeatism. Helping spam propagate is harmful,' Dashjr said. The developers said the main goals of transaction relay are predicting what Bitcoin transactions will be mined, 'speeding up block propagation' for the transactions expected to be mined, and helping Bitcoin miners learn about fee-paying transactions. Source:
Crypto Insight
13 hours ago
- Crypto Insight
Tether CEO snubs IPO, says $515B valuation is ‘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. Ardoino added he is 'truly excited for the next phase of growth of our company.' . Tether's USDT ranks as the third-largest cryptocurrency by market capitalization, valued at $154.83 billion at the time of publication, according to CoinMarketCap. Meanwhile, on April 24, it was announced that Tether would become the majority owner of Twenty One Capital, a new Bitcoin treasury company founded by Strike's Jack Mallers. Despite its recent launch, Twenty One has already become the world's third-largest corporate holder of Bitcoin, behind only Strategy (formerly MicroStrategy) and mining firm MARA Holdings. On June 3, Cointelegraph reported that Tether moved a combined 37,229.69 Bitcoin, worth about $3.9 billion, to addresses linked to the new Bitcoin-native financial platform. Source:
