USDT issuer Tether is looking to raise between $15 billion and $20 billion for a 3% stake in the company, according to a Tuesday report from Bloomberg.

At the top end of that range, Tether would be valued at over $600 billion, while the lower end would place its valuation at $500 billion, putting Tether on par with major private companies like SpaceX and OpenAI.

However, one person involved in the process told Bloomberg that those are top-end targets and eventual numbers could be significantly lower.

When Bo Hines, Tether’s strategic adviser for digital assets, was asked about the proposed fundraising during a crypto conference in Seoul on Tuesday, he flatly denied any such plans and gave no further details.

This story is an excerpt from the Unchained Daily newsletter.

After USDC issuer Circle achieved a $30 billion market cap following its IPO earlier this year, Artemis CEO Jon Ma projected that Tether would be valued at $515 billion if it became publicly traded.

Tether CEO Paolo Ardoino commented that the projected valuation “maybe a bit bearish” given the firm’s growing bitcoin and gold treasury, while also noting that there was “no need to go public.”

Tether reported a $4.9 billion net profit in Q2 2025 with $162.5 billion in reserves against $157.1 billion in liabilities.