Tether in the spotlight: recently, according to Bloomberg and in the context of increasing regulatory discussions on stablecoins, the company is reportedly negotiating a private placement of 15–20 billion dollars by selling about 3%. Indeed, if 3% is worth between 15 and 20 billion, 100% would imply an implied valuation between approximately 500 and 667 billion dollars, calculated as X/0.03. The estimate, of a post-money nature, depends on the negotiated clauses and remains indicative, based on anonymous sources. Update: September 23, 2025.
According to the data collected by our team of analysts monitoring the crypto sector, large-scale private placement deals typically require weeks or months and are accompanied by thorough due diligence. The market analysts I work with also note that, following regulatory developments over the past two years, institutional investors require greater assurances on the composition and liquidity of reserves.
- Range of the operation: 15–20 billion dollars for approximately 3%
- Implied valuation: approximately 500–667 billion (post-money, indicative)
- Context: ongoing negotiation, unofficial details
The operation: private placement and key figures
Tether Holdings SA is reportedly in talks with institutional investors and family offices for a private placement. The proposal involves selling approximately 3% of the capital in exchange for an investment between 15 and 20 billion dollars, a figure that, if confirmed, would place the company among the most highly valued private companies in the world.
- Target amount: 15–20 billion dollars
- Estimated rate: approximately 3%
- Structure: private placement (not an IPO)
- Sources: Bloomberg report based on information from anonymous sources
This would therefore be a private operation, with terms negotiated directly with institutional counterparts.
How the Implicit Valuation is Derived
The reasoning is straightforward: if 3% is worth X, then 100% is worth X / 0.03. With an investment between 15 and 20 billion dollars, the total valuation is between approximately 500 and 667 billion dollars. This estimate, formulated in post-money terms, can vary depending on specific clauses, illiquidity discounts, rights, and lock-up applied to investors.
That said, in the absence of a public term sheet, the data remains indicative and subject to possible adjustments.
Scenarios: 15 vs 20 billion
If the deal closes at 15 billion
The implied valuation would be approximately 500 billion – a result that, if confirmed, would set a record narrative in the world of private placement and draw particular attention to reserves and governance
If the investment reaches 20 billion
The implied valuation would rise to approximately 667 billion. Such a scenario could increase the pressure on transparency, require more thorough audits, and intensify regulatory scrutiny on the quality of the assets backing the stablecoin, an aspect already discussed in relation to MiCA Crypto Alliance: “Europe, clarity on regulations is needed”.
Potential Market Effects
An evaluation in this range could intensify the focus on collateralized assets and the management of stablecoin reserves. Market operators would closely observe aspects related to liquidity, counterparty risk, and financial disclosure.
It should be noted that a possible contagion effect is also hypothesized, with revaluations in the sector and a new cycle of capital raising, testing the resilience of market infrastructures in stress contexts.
For institutional investors, the central theme remains the quality of the underlying assets and alignment with evolving regulatory frameworks.
Context and International Comparison
If the estimate is confirmed at the high end of the range, the overall valuation of approximately 500–667 billion dollars would position Tether among the most highly valued private companies globally, surpassing even some unlisted entities in the tech and fintech sectors.
The comparison remains complex, as estimates on the value of private companies are based on valuations that are rarely publicly validated, necessitating maximum caution. For further insight, see our article on Bitcoin and the Metaplanet collapse: why the funding model is under siege.
Who is leading the dossier and what the sources say
Tether Holdings SA, the company behind the most widely used stablecoin in the world, is led by CEO Paolo Ardoino. The information presented comes from sources close to the operation, as recently reported by Bloomberg, although no official comments from the company on the deal have been published at this time.
To learn more about Paolo Ardoino and his leadership in the crypto world, you can check out the interview Paolo Ardoino of Tether: “We went through hell”. The destination of the funds remains to be clarified: operational expansion, strengthening reserves, or strategic projects. Until official documents emerge – such as a term sheet or a memorandum – visibility on the transaction remains limited.
Quick FAQ
Who are the potential investors?
These are primarily institutional investors and family offices with a global profile, although the names have not been disclosed.
Why choose a private placement instead of an IPO?
The private placement offers greater flexibility on timing, less market exposure, and the ability to directly negotiate rights and governance.
What are the main risks?
Among the emerging risks are increasing regulatory pressure, the demand for more thorough audits, and the potential effect on user confidence in the event of negative news related to reserves. Similar risks were discussed in the analysis Bitcoin: U.S. reserves lower than expected according to Cynthia Lummis’s warning.