🌎 Tether CEO Paolo Ardoino Says No Immediate IPO Plans

Paolo Ardoino, the CEO of Tether, has announced that the cryptocurrency company has no immediate plans to go public.

Tether’s Stance on Initial Public Offering

In a recent interview with FOX journalist Eleanor Terrett, Ardoino shared his views on the necessity of an IPO. He emphasized that going public would impede Tether’s agility and its mission to continue “disrupting the status quo.” Ardoino’s position is similar to that of Brad Garlinghouse, the CEO of Ripple.

Reasons Behind Tether’s Decision

Tether has seen substantial growth, generating billions of dollars in profit over the past two years. Recent reports indicate this positive trend is set to continue. With billions in capital, Ardoino sees no urgency for Tether to become a publicly traded company.

According to Ardoino, companies typically pursue an IPO when they need capital and liquidity. Tether’s profit in the first half of 2024 was $5.2 billion, with a total profit of $12 billion over the past two years, showing that capital is not a concern.

Ripple’s Similar Perspective

Ripple CEO Brad Garlinghouse shares a similar viewpoint. He noted that an IPO is not part of Ripple’s immediate plans. Like Tether, Ripple is well-capitalized, holding more than $1 billion in cash on its balance sheet. This financial stability negates the need for an IPO.

Speculation on Other Crypto Companies

Tether, Ripple, and Circle are among the major crypto companies frequently speculated to go public. In September, Circle, the issuer of USDC, moved its headquarters to New York amid reports suggesting it is nearing an IPO.

Publicly Traded Crypto Companies

While Tether and Ripple have no immediate plans to go public, other crypto companies like Coinbase, Block, and leading Bitcoin mining firms such as Riot Platforms and CleanSpark are already publicly traded.