Tether's $515 Billion Valuation Sparks IPO Speculation, Ardoino Calls It Conservative but Sees No Need to Go Public

Valuation Spotlight Amid Circle’s Milestone

Tether has captured the crypto market’s attention following an analysis by Jon Ma, a builder at Artemis, valuing the stablecoin issuer at $515 billion if it went public today. Posted on June 6, 2025, the estimate is based on Tether’s $13 billion net profit in 2024—$7 billion from Treasuries and repos, $5 billion from unrealized Bitcoin and gold gains—and a projected $7.4 billion EBITDA for 2025, assuming a $170 billion USDT supply and a 4.2% Fed Funds Rate. Ma applied Circle’s 69.3x EBITDA multiple, noting it “is insane and unlikely to hold up”.

This valuation thrust Tether into the spotlight, especially after Circle became the first major stablecoin company to go public on June 5, 2025, with its shares soaring 168% to $69 from a $31 IPO price, raising $1.1 billion. The market now eyes Tether as the next potential IPO candidate.

CEO Ardoino’s Response and Valuation Analysis

Tether CEO Paolo Ardoino responded on June 7, 2025, calling the $515 billion valuation “a beautiful number” but suggesting it might be “a bit bearish” due to unaccounted Bitcoin and gold reserves.

This hints at a valuation driver beyond Ma’s model: Tether’s $5.58 billion Bitcoin, $3.87 billion gold, and $100 billion U.S. Treasury holdings, which generate unrealized gains not reflected in EBITDA. The company’s 2024 $13 billion profit, paired with a lean operation, supports a high valuation, though regulatory uncertainty and a potential non-U.S. listing could lower the multiple, as Ma noted.

Ardoino’s confidence suggests Tether’s diversified assets and profitability justify the figure, even if conservative.

Optimistic figures like Bitcoin Lightning payments pioneer and Strike founder Jack Mallers — who recently posted “$1T+” — and crypto investor Anthony Pompliano are projecting a “$1 trillion eventually” valuation. However, skeptics have dismissed such forecasts as “ponzi numbers tbh.”

Tether’s Efficiency Leads Web3, Reinforcing Private Growth

A recent chart reveals Tether’s astonishing operational efficiency, generating $68.9 million in revenue per employee — far exceeding Web3 peers like Pump.fun ($42.7M) and Hyperliquid ($37.6M), and outpacing Web2 giants including Microsoft ($1.1M) and Amazon ($0.4M). That’s over 60 times Microsoft and more than 170 times Amazon.

Such numbers reflect a capital-light, high-yield model powered by U.S. Treasuries, Bitcoin, and gold. While critics often question Tether’s transparency, this level of efficiency strengthens the case for a sky-high valuation without the need for public funding.

As CEO Paolo Ardoino noted on X, there's simply “no need to go public.”