Tether, the issuer of USDT, is reportedly aiming to secure between $15–20 billion in a private placement for roughly a 3% equity stake. Such a deal could push the company’s valuation to $500 billion, placing it in the same league as SpaceX and OpenAI among the world’s top private firms.
Figure Technology Solutions, the blockchain-powered lender, made a striking market entrance in September, with its stock soaring over 20% at the open and pushing its valuation past $8.4 billion.
Advisory for the round is handled by Cantor Fitzgerald, the investment firm once led by former U.S. Commerce Secretary Howard Lutnick, which already manages portions of Tether’s assets.
SoftBank, known for bold bets on technology, is expanding across telecoms, AI-driven data centers, semiconductors, and autonomous vehicles. It also plans a $30B investment in OpenAI through the Stargate initiative.
Meanwhile, Ark Investment, led by Cathie Wood, already has exposure to Tether’s main rival, Circle. The USDC issuer went public on the NYSE in June, raising $1.1B at a $6.9B valuation. Today, Circle’s market cap stands at $31.8B, with USDC supply at $73.7B — compared to USDT’s dominance above $174B. In September, Tether rolled out USAT, a fully regulated U.S.-based stablecoin.
Kraken Targets $20B Valuation With New Funding
Crypto exchange Kraken is also seeking fresh capital that could lift its valuation to $20B, according to Bloomberg sources.
The company had earlier closed a $500M round, bringing its worth to $15B, Fortune noted. The new raise, still under negotiation, is expected to involve a $200–300M commitment from a strategic investor. Kraken has already tapped Morgan Stanley and Goldman Sachs to guide its upcoming IPO preparations.