Tether CEO Dismisses $20B Raise as “Misconception,” Citing Profit and Reluctance to Sell

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Tether’s highly anticipated effort to raise external capital is now targeting a $5 billion round, a significant step down from earlier ambitions, the Financial Times reported Wednesday. This recalibration follows investor resistance to a staggering $500 billion valuation that was initially sought.

Sources told the FT that earlier discussions had envisioned raising up to $20 billion for about 3% of the company—a framework that would have placed the stablecoin issuer in an elite tier of private firms. Tether CEO Paolo Ardoino, however, has reframed those figures, calling the $20 billion target a “misconception” and clarifying it was merely “the maximum we were ready to sell.”

Ardoino stressed Tether is “extremely profitable” and has “little need for additional capital,” noting insiders’ reluctance to dilute their holdings. While talks with investors continue and terms could change, the company’s stance and the scaled-back target highlight a gulf between its internal valuation and market expectations. The people familiar added that a stronger crypto market rally could still improve investor sentiment for the deal.