Tether is seeking investment of between $15 billion and $20 billion by offering about 3% of the company through a private placement. According to Bloomberg, if this investment materializes, Tether could be valued at around $500 billion, putting it in the same league as companies like OpenAI and SpaceX.
In the process, Tether will issue new shares and Cantor Fitzgerald will act as lead advisor. Tether's USDT stablecoin remains the largest stablecoin with a market capitalization of approximately $172.8 billion. In addition, USDC, issued by Circle, ranks second with a market capitalization of $74 billion.
The announcement of this investment pursuit is noteworthy given that it comes at a time when Tether posted a net profit of $4.9 billion in the second quarter, with $162.5 billion in reserves compared to $157.1 billion in liabilities. The company also holds about $8.9 billion worth of Bitcoin in its reserves.
Bloomberg also noted that negotiations are still in the early stages and the amount of investment may be lower than expected. It was noted that potential investors have been given access to a data room over the past few weeks in order to facilitate the deal. CoinDesk has requested comment from Tether.
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Tether, investment, $500 billion, stablecoin, USDT, market capitalization
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