As a researcher with years of experience in the dynamic world of cryptocurrencies, I find it fascinating to observe the strategic decisions made by key players like Tether and Ripple. Paolo Ardoino’s stance on avoiding an immediate Initial Public Offering (IPO) seems to align with the ethos of these disruptors, who prefer speed and agility over traditional structures.
As reported, Paolo Ardoino, CEO of Tether, has shared that they currently don’t plan on taking their cryptocurrency business public anytime soon.
In a conversation with Fox Business’ Eleanor Terrett, Tether (USDT) Chief Executive Officer expressed his company’s perspective on the potential advantage of an Initial Public Offering, which he shared on October 25. Interestingly, this viewpoint mirrors recent statements made by Brad Garlinghouse, CEO of Ripple.
In his speech, Ardoino pointed out that the initial public offering (IPO) could potentially limit the stablecoin issuer’s agility and ability to act swiftly. Furthermore, he emphasized that going public might hamper Tether’s objective of challenging the existing system and maintaining its disruptive nature.
Tether CEO on why there’s no plan for IPO
Due to significant growth, Tether has amassed billions of dollars in profit during the last two years, and experts predict this trend will persist. This substantial financial position, which Tether currently holds, is the reason why Ardoino isn’t pushing for Tether to go public anytime soon.
As stated by the CEO of Tether, businesses often opt for going public when they require funds and liquidity. However, given that Tether recorded a profit of $5.2 billion in the first half of 2024 and a total profit of $12 billion over the past two years, it appears that access to capital is not a concern for them.
Ripple CEO Brad Garlinghouse holds a similar view.
In a recent statement, Garlinghouse clarified that Ripple isn’t planning to go public with an Initial Public Offering (IPO) anytime soon. Much like Tether, the company behind XRP (XRP) and the RLUSD stablecoin, Ripple is financially secure and doesn’t require an IPO. As stated by Garlinghouse, Ripple currently has over a billion dollars in cash reserves on its balance sheet.
Three significant cryptocurrency firms – Tether, Ripple, and Circle – have sparked curiosity about their potential future listing on the stock market.
This year in September, the company behind USDC (USDC), Circle, transferred its business activities to a brand-new global headquarters, hinting at its potential Initial Public Offering. Notably, this fresh headquarters is located in the bustling city of New York.
Among the foremost publicly listed cryptocurrency companies are Coinbase, Block (formerly Square), along with prominent Bitcoin mining firms like Riot Platforms and CleanSpark.
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2024-10-25 21:04