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 (USDC), entered the public market on June 5. Circle’s shares climbed 167% on its first trading session on the NYSE.
Ardoino addressed valuation speculation raised by Artmesis CEO Jon Ma, who claimed that if Tether, which is behind the stablecoin USDT (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.