Tether Holdings SA, the issuer behind the world’s largest stablecoin, is reportedly engaged in discussions with investors to secure a significant capital injection, aiming to raise as much as $20 billion. This potential deal could elevate the company into the ranks of the globe’s most valuable private enterprises. Sources familiar with the ongoing talks indicate that Tether is seeking between $15 billion and $20 billion in exchange for approximately a 3% stake through a private placement. Such a transaction would imply a staggering valuation nearing $500 billion, placing Tether in a league comparable to tech giants like SpaceX and OpenAI. While discussions are still in their nascent stages and specific details may evolve, Bloomberg has reported that Cantor Fitzgerald is advising on this transaction, which would involve the issuance of new equity rather than a sale of existing shares by current stakeholders.

This substantial fundraising initiative underscores Tether’s strategic evolution beyond its foundational role in stablecoin issuance, transforming it into a more expansive reserve-backed financial powerhouse. Earlier in the year, CEO Paolo Ardoino disclosed that Tether now commands significant reserves, including over 100,000 BTC, valued at more than $11 billion, alongside over 50 tons of gold. These substantial holdings establish Tether as one of the largest corporate owners of Bitcoin globally, a reality that intricately links its business fortunes to the performance of the world’s premier digital asset.

Further emphasizing its deepening integration with the Bitcoin ecosystem, Tether has proactively adopted more Bitcoin-native approaches. Earlier in 2025, the company began minting its stablecoin on the Bitcoin Lightning Network, an innovation highlighted by Bitcoin Magazine. More recently, Tether announced plans to launch its stablecoin on RGB, a cutting-edge protocol designed to facilitate native stablecoin issuance directly on the Bitcoin blockchain. These strategic moves collectively underscore Tether’s firm conviction in Bitcoin’s role as the fundamental layer for everyday global money, solidifying its commitment to building on this decentralized foundation.

Tether’s financial prowess is further evidenced by its robust profitability. The company has reaped substantial profits by strategically investing its extensive reserves in U.S. Treasuries and other highly liquid, cash-like instruments. During the second quarter alone, Tether reported an impressive $4.9 billion in profit. CEO Ardoino has asserted that Tether operates with an extraordinary 99% profit margin. While these figures, by public market standards, remain unaudited, they compellingly illustrate the firm’s powerful and efficient cash-generation capabilities. A successful capital raise would undoubtedly intertwine Tether’s future even more tightly with Bitcoin, effectively positioning BTC as the indispensable backbone of what could become one of the world’s most highly valued private companies.