Source: cryptoslate

Translation: Blockchain Knight

According to a report by Bloomberg News on September 23, Tether is negotiating with investors to raise between $15 billion and $20 billion through a private placement, selling about 3% of its shares.

This deal could make the cryptocurrency company one of the most valuable private companies in the world, with a valuation of approximately $500 billion.

This would place it on par with OpenAI and Elon Musk's SpaceX in terms of private company valuations.

In contrast, as of September 23, its publicly listed competitor Circle has a market capitalization of about $30 billion.

A source familiar with the matter warned that these figures represent the highest targets, and the final numbers could be much lower.

According to sources who were not authorized to speak on the matter, negotiations are still in the early stages, and details may change. It is reported that Cantor Fitzgerald (a leading global financial services firm known for its expertise in institutional equity, fixed income sales and trading, investment banking, and real estate services) is serving as the chief advisor for this potential deal.

Tether's financing discussions come as the company attempts to re-enter the U.S. market under Trump’s pro-cryptocurrency policies. The company recently announced plans to launch a stablecoin under U.S. regulation and appointed former White House cryptocurrency official Haynes to lead its U.S. operations.

Tether has avoided entering the U.S. market after facing regulatory conflicts, including a settlement reached in 2021, where the company paid $41 million to resolve allegations regarding misleading statements about its reserves.

The stablecoin issuer reported a profit of $4.9 billion in the second quarter, with CEO Paolo Ardoino claiming a profit margin of 99%. However, Tether's financial disclosures do not meet the reporting standards required for publicly listed companies.

In recent weeks, potential investors have accessed a data room to assess participation in the financing, and sources expect the deal to be completed by the end of the year.

The transaction will involve new equity rather than the sale of shares from existing investors. This potential valuation represents an extraordinary achievement for the regulatory-friendly cryptocurrency industry.

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