Ardoino Says Public Listing Unnecessary as Bitcoin and Gold Holdings Grow
Tether CEO Paolo Ardoino has dismissed the idea of taking the company public, just days after rival Circle made its highly anticipated debut on the New York Stock Exchange (NYSE). In a post on June 7, Ardoino stated there is “no need to go public”, as Tether continues to expand through other strategic avenues — including increasing exposure to Bitcoin and gold.
No need to go public.
— Paolo Ardoino 🤖 (@paoloardoino) June 7, 2025
His comments come amid speculation that Tether, the issuer of the world’s largest stablecoin USDT, could be worth as much as $515 billion if it were to list, making it one of the most valuable companies globally.
Ardoino: $515B Valuation May Be Too Conservative
The valuation speculation was raised by Jon Ma, CEO of Artemis, who estimated that Tether could command a market capitalization of $515 billion if it were to go public. That would rank it as the 19th largest company in the world, placing it above household names like Costco and Coca-Cola.
If @Tether_to went public TODAY, Tether would be the 19th largest company in the world at $515B.
That’s ahead of Costco and Coca Cola.
Here’s why:
– Circle is now public at $30B marketcap
– Our financial model has Circle at $410B EBITDA in 2025 or 69.3x EBITDA
– Tether claims… pic.twitter.com/JCzNwjQI5z— Jon Ma (@jonbma) June 6, 2025
While Ardoino described the figure as a “beautiful number,” he also suggested it undervalues the company when considering its rapidly growing treasury of Bitcoin and gold.
“Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled,” Ardoino wrote.
The statement sparked further commentary from prominent crypto advocates, including Anthony Pompliano and Jack Mallers, who have previously floated the idea that Tether could eventually be worth $1 trillion, citing its dominance in the stablecoin market and strategic moves into digital assets.
No Plans for Public Listing, Even After Circle’s NYSE Debut
Ardoino’s comments came just two days after Circle, issuer of the USDC stablecoin, made its public market debut on June 5. Circle’s stock soared 167% during its first day of trading, a performance that raised questions about whether Tether might follow suit.
Ardoino was quick to shut down the idea, reiterating that Tether’s current structure and strategy eliminate the need for an IPO.
“No need to go public,” he said, signaling confidence in Tether’s independent growth trajectory and cash flow stability.
Tether’s flagship product, USDT, remains the third-largest cryptocurrency by market capitalization, trailing only Bitcoin and Ethereum, with a market cap of approximately $154.83 billion, according to CoinMarketCap.
Tether Expands Bitcoin Holdings via Strategic Partnerships
Tether’s decision to stay private aligns with its increasing focus on Bitcoin as a core treasury asset. On April 24, it was revealed that Tether had become the majority owner of Twenty One Capital, a Bitcoin treasury company founded by Strike CEO Jack Mallers.
Despite being newly launched, Twenty One Capital has already climbed the ranks to become the third-largest corporate Bitcoin holder, following Strategy (formerly MicroStrategy) and MARA Holdings.
On June 3, Cointelegraph reported that Tether moved 37,229.69 BTC — worth around $3.9 billion — to addresses linked to the new Bitcoin-native financial platform. The transaction highlights Tether’s commitment to building Bitcoin-native infrastructure and supporting alternative financial rails outside traditional banking.
Tether’s Gold Strategy Also Expanding
In addition to Bitcoin, Tether has signaled interest in diversifying into gold-backed products. While less publicized than its crypto initiatives, the move reflects a broader strategy of hard-asset accumulation as a hedge against macroeconomic volatility and central bank policy shifts.
Ardoino has previously described Bitcoin and gold as complementary reserves that provide Tether with balance sheet strength, independent of fiat currencies and interest rate cycles.
A Different Path from Traditional Fintech
Tether’s decision to stay private distinguishes it from Circle and other fintech firms seeking public market validation. Ardoino’s approach suggests a long-term focus on asset-backed stability, yield-generating infrastructure, and strategic control — without the disclosure burdens and regulatory scrutiny of a public listing.
“I’m truly excited for the next phase of growth for our company,” Ardoino said, hinting at more non-traditional growth initiatives in the months ahead.
Conclusion
While industry observers speculate on what a $515 billion public valuation would mean for Tether, CEO Paolo Ardoino remains firm: the company has no plans to go public. Instead, it will focus on expanding its Bitcoin and gold reserves, building decentralized infrastructure, and maintaining its leadership in the global stablecoin market.
With USDT continuing to dominate crypto payments and Tether’s treasury increasingly backed by hard assets, the company appears poised to remain a central figure in the next generation of crypto-financial systems — whether it ever lists on Wall Street or not.
