Tether CEO Claims $515 Billion Company Valuation Underestimated

If Tether were to go public right now, it would be valued at $515 billion, making it the 19th most valuable publicly traded company in the world. This assessment was made by John Ma, co-founder and CEO of Artemis.

Ma based his calculations on Circle’s market capitalization, which recently conducted an [IPO](https://forklog.com/news/smi-emitenta-stejblkoina-usdc-po-itogam-ipo-otsenili-v-6-9-mlrd) and has been [trading](https://forklog.com/news/aktsii-circle-zakryli-debyutnyj-den-rostom-na-168) on the NYSE since June 5. He also applied a multiplier derived from the earnings metrics of two competitors along with their growth forecasts.

«Tether’s valuation of $515 billion is a fantastic figure. It may be slightly underestimated, considering our current (and growing) treasury in Bitcoin and gold, but I remain very humble,» commented Paolo Ardoino, the CEO of the USDT issuer.

Anthony Pompliano, founder of Professional Capital Management, and Jack Mallers, CEO of Strike, suggested that Tether’s value could surpass $1 trillion.

Samuel Spitz, CEO and co-founder of Gently, labeled Ma’s calculations as «foolish.» He pointed out that Circle’s current market value primarily reflects the balance of demand and supply for its shares, rather than the company’s fundamental business performance.

Additionally, the expert questioned the validity of the multiplier used, which was set at 69.3. Many others agreed with this assessment. Hannes Dempke, CEO of Sunrise Investment Group, suggested a more realistic Tether valuation of $75-80 billion, indicating that this would represent about half the assets under management compared to Circle. Critics noted that the competitors operate under different business models.

In a tweet, Ardoino expressed that he is genuinely «excited about this new stage of company growth.» Responding to a comment, he affirmed that Tether «does not need to go public.»

Being publicly traded simplifies capital acquisition for business development. However, the USDT issuer reported a net profit of $13 billion for 2024. According to expert calculations, this amounts to $85.6 million per employee.

The company is actively diversifying its operations, engaging in Bitcoin mining and investing in crypto projects, including acquiring businesses with holdings in the leading cryptocurrency.

In the United States, Tether faces challenges regarding USDT’s compliance with the expected stablecoin regulations. Ardoino and Circle co-founder Jeremy Allaire have differing views on the regulatory landscape for the segment in the country.

The head of Tether has indicated that the company may launch a separate «stable coin» for the United States by early 2026. However, he confirmed that Tether’s primary markets remain in developing countries. The issuer serves 420 million users in these regions and aims to achieve a customer base of one billion.

It is worth noting that for the first quarter, Tether’s operational profit from traditional investments was reported to be $1 billion.