Tether Holdings SA, the issuer of the world’s largest stablecoin, is reportedly in talks with investors to raise as much as $20 billion in new capital, a deal that could propel the firm into the ranks of the world’s most valuable private companies.
According to people familiar with the discussions, Tether is seeking between $15 billion and $20 billion in exchange for roughly a 3% stake through a private placement.
That would imply a valuation near $500 billion, putting the company in the same league as SpaceX and OpenAI.
Talks remain in the early stages and details may shift before any deal closes, according to Bloomberg reporting.
Cantor Fitzgerald is said to be advising on the transaction, which would involve new equity rather than existing shareholders selling their stakes.
Tether and Bitcoin’s relationship
The fundraising effort comes as Tether has steadily expanded beyond stablecoin issuance, building itself into a broader reserve-backed financial powerhouse.
Earlier this year, CEO Paolo Ardoino revealed that Tether now holds over 100,000 BTC — worth more than $11 billion — alongside more than 50 tons of gold as part of its reserves.
Those holdings make Tether one of the largest corporate owners of Bitcoin globally, a fact that further ties the fate of its business to the world’s leading digital asset.
Earlier this year, the company also began minting its stablecoin on the Bitcoin Lightning Network.
Tether announced it will launch its stablecoin on RGB, a next-generation protocol that enables native stablecoin issuance directly on Bitcoin. This move made Tether more Bitcoin-native, underscoring its bet on Bitcoin as the base for everyday global money.
The company has reaped massive profits by investing its reserves into U.S. Treasuries and other cash-like instruments, booking $4.9 billion in profit during the second quarter alone.
Ardoino has claimed Tether operates with a 99% profit margin — figures that, while unaudited by public market standards, highlight the firm’s cash-generation engine.
Tether already holds over 100,000 BTC and is moving to issue stablecoins directly on Bitcoin. A successful raise would tie its future even closer to Bitcoin, making BTC the backbone of one of the world’s most valuable private companies.