Tether CEO Says $515B Valuation May Be “Bearish” as Bitcoin and Gold Reserves Grow

June 8, 2025 – Tether CEO Paolo Ardoino says that recent valuation estimates for the stablecoin issuer may significantly understate the company’s worth, citing its growing reserves of Bitcoin and gold as key drivers of long-term value.

His comments follow a claim by Artmesis CEO Jon Ma, who suggested that if Tether were to go public, it would command a valuation of $515 billion, placing it among the world’s top 20 largest companies—surpassing brands like Costco and Coca-Cola.

No Plans to Go Public

Despite the speculative buzz, Ardoino made it clear: Tether has no intention of pursuing a public listing. His statement came just two days after Circle, the issuer of rival stablecoin USDC, went public on the New York Stock Exchange (NYSE) on June 5. Circle’s stock soared 167% during its debut trading session.

“There’s no need to go public,” Ardoino posted on social media, responding to questions about Tether’s potential IPO trajectory.

$515B “A Beautiful Number,” but Maybe Too Low

While Ardoino acknowledged that a $515 billion valuation is “a beautiful number,” he also hinted that it might be too conservative.

“Maybe a bit bearish considering our current (and increasing) Bitcoin and gold treasury, yet I’m very humbled,” he added, suggesting that Tether’s asset base could support an even higher valuation in the future.

Prominent Bitcoin advocates such as Anthony Pompliano and Jack Mallers echoed that sentiment, speculating that Tether could one day reach a $1 trillion valuation.

Tether’s Expanding Crypto Footprint

Tether, the issuer of USDT, currently ranks as the third-largest cryptocurrency by market capitalization, valued at $154.83 billion as of June 8, according to CoinMarketCap. USDT remains the dominant stablecoin in the market, widely used for trading, payments, and cross-border remittances.

Tether’s growing reserves in Bitcoin and gold have positioned it not only as a stablecoin provider but also as a major institutional holder of alternative assets—adding a new layer of long-term strategic depth to its business model.

The Bigger Picture

While competitors like Circle look to the public markets for validation and capital, Tether appears to be leaning into its self-funded growth strategy, backed by sizable reserves and strong market demand for USDT.

With the crypto industry continuing to evolve, the valuation of non-public giants like Tether will remain a topic of speculation. But according to its CEO, the story is far from fully priced in.