Tether CEO Paolo Ardoino made bold statements at a recent Bankless podcast. The executive said that Tether is aiming to be a big player in Bitcoin mining, predicting that the company will become the world’s largest Bitcoin miner by the end of this year. According to Tether, the company has invested over $2 billion in energy and mining infrastructure across Latin America and is aiming to centralize network security by investing in BTC mining.
Other announcements he made include promoting the expansion of US dollar hegemony and revealing that this year’s Tether’s profit will be greater than last year’s 13.7 billion US dollars. Unsurprisingly, he clarified that Tether has no plans to go public. Pivoting into BTC mining underscores the importance of Bitcoin as an institutional asset, as momentum for holding continues.
Tether Hints at Protecting Bitcoin Exposure
Ardoino emphasizes that supporting the network’s integrity is Tether’s priority. He added that the company prefers to secure its $10B BTC holdings through mining rather than purchasing BTC directly. By securing the role as the network’s top miner, the company will decentralize Bitcoin mining and reduce the risk of concentration. Currently, BTC mining is dominated by Marathon Digitals and Riot, which are also among the top 10 largest BTC holding companies.
In furtherance of becoming a top Bitcoin miner, Ardoino announced an MoU with Brazilian company Adecoagro for renewable BTC mining, aligning with the company’s ESG objectives. The renewable power partnership will inject 230 MW of energy into mining, making the process greener.
Tether also plans to democratize its mining tech by unveiling its open-source Mining OS by Q4 2025. This will allow greater participation in the BTC mining process, enabling smaller players to run mining operations. Tether’s expansion into mining reflects a broader diversification strategy to solidify the company’s foothold in crypto infrastructure.
Tether Decides to Stay Private
Tether has been adamant with its decision not to go public, contrasting with the views of other major crypto firms. The talks of offering an IPO surfaced after its fellow stablecoin issuer Circle announced a public offering, which surpassed expectations. On seeing Circle’s impressive stock surge, Ardoino smirked with a controversial claim that Tether would pull a more remarkable performance if it were to go public.
Tether’s stance of not going public may have some benefits. First, the company can pursue other long-term investments like renewable mining and the unreleased Mining OS without scrutiny. In addition, staying private breeds more flexibility and innovation and avoids the intense oversight associated with a publicly-listed company.
However, Tether’s behind-the-scenes operations may trigger transparency concerns. Currently, several exchanges in the EU have delisted USDT due to Tether’s lack of a MiCA license. If other regions adopt a similar framework, USDT and Tether’s diverse operations will be gravely affected.
What’s Next for Tether?
Tether is on the verge of pivoting into the commodity trading sector. According to Ardoino, the next wave of growth will come from the commodity trading sector, and almost all commodity traders are contacting Tether. The company’s diversification strategy beyond stablecoins will serve as a blueprint for other crypto companies.
