StableCOin Giant Tether is looking to raise between $ 15 billion and $ 20 billion for about a 3% share in the company through a private location, Bloomberg reported, citing two people familiar with the case.
The massive increase would bring its valuation to about $ 500 billion and put it in the same league as Openai and SpaceX, Bloomberg reported. Tether would issue new equity, and Cantor Fitzgerald acts as a main advisor.
Tether’s USDT has market capital of about $ 172.8 billion, making it the largest among stablecoins. Circle, recently published in the United States, is the issuer of USDC, which has the second largest market capital of $ 74 billion, according to CoinMarketcap data.
The report on the increase is coming when Tether recently reported $ 4.9 billion in the net profit in the second quarter and held over $ 162.5 billion in reserves against $ 157.1 billion in obligations. This also applies to about $ 8.9 billion in Bitcoin in its reserves.
Bloomberg said the negotiations on the offers are in early stages and the final number of the elevation could be significantly lower. According to the report, potential investors have been given access to a data in the past few weeks to facilitate the agreement.
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