Private Valuation & Funding Round Tracker · Tether

Tether funding & valuation history

Name: Tether Funding Rounds & Valuation History
Creator: growthnavigatefunding.net

Tether Holdings’ funding record: the Cantor Fitzgerald convertible bond (debt, not equity: Howard Lutnick told senators Cantor “had no equity in Tether, but owned a convertible bond”, per WSJ) and the reported raise at about $500B, which has not closed. Each row is labelled convertible bond or talks and attributed to the outlet that reported it. This page tracks the company, not the USDT stablecoin.

Last updated: 13 Nov 2026 (IST). Every figure re-checked against the linked sources that day. Rows: 4 Currency: US$, nominal

⬇ Download CSV Cite this dataset Methodology & status definitions

Target valuation Talks

~$500B

Reported raise, Sep 2025 to Apr 2026

Not closed; on hold as of Aug 2026.

Size in talks

$5B–$20B

$15B–$20B (Sep 2025) → ~$5B floated (Feb 2026)

Closed equity rounds

None disclosed

Cantor’s convertible bond (~5%, per WSJ) is debt, not an equity round

Status

Private

Tether Holdings SA; no listing reported

Round history

Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.

Tether Holdings funding: Cantor convertible bond (not equity) and reported raise talks, November 2024 to April 2026
Date	Status	Round	Amount	Lead / buyer	Valuation	Val. ÷ run-rate	Source
3 Apr 2026	Reported talks	Reported “final push” (raise on hold since)Tether was pressing investors to commit within two weeks and might delay if demand fell short (The Information).Outcome as of 13 Nov 2026: on hold. Investing.com (13 Aug 2026): “The fundraising was placed on hold”, partly awaiting the KPMG audit and partly because of the crypto downturn. No close reported.	—Not disclosed	—Not disclosed	$500BTarget valuation, per The Information (via Cointelegraph)	—Not disclosedTalks-stage or discussed figure; no multiple	Cointelegraph citing The Information, 4 Apr 2026Also: Investing.com via Yahoo Finance, 13 Aug 2026
4 Feb 2026	Reported talks	Reported scale-backCEO Paolo Ardoino told the FT the $15B–$20B range was a ceiling, not a target: “That number is not our goal.”	About $5BSize advisers floated, per the Financial Times (via CoinDesk)	—Not disclosed	About $500BProposed valuation that investors resisted (FT via CoinDesk)	—Not disclosedTalks-stage or discussed figure; no multiple	CoinDesk citing the Financial Times, 4 Feb 2026
23 Sep 2025	Reported talks	Reported raise (new equity, private placement)CEO Paolo Ardoino confirmed on X that Tether was “evaluating a raise from a selected group of high-profile key investors” (CNBC). New shares, not a secondary sale (Bloomberg via CNBC).	$15B–$20BFor “a roughly 3% stake” (Bloomberg, via CNBC)	Cantor Fitzgerald (lead adviser, per Bloomberg via Cointelegraph)	About $500BReported by Bloomberg; basis not stated	—Not disclosedTalks-stage or discussed figure; no multiple	CNBC citing Bloomberg, 23 Sep 2025Also: The Wall Street Journal, 24 Sep 2025, Bloomberg Law (Bloomberg News), 24 Sep 2025, Cointelegraph citing The Information, 4 Apr 2026
Reported 24 Nov 2024	Convertible bond	Cantor Fitzgerald convertible bond (reported)WSJ (Nov 2024) reported a deal giving Cantor about 5% of Tether. Howard Lutnick told senators (29 Jan 2025) that Cantor “had no equity in Tether, but owned a convertible bond” (WSJ). A closed debt transaction, not an equity round.Date is the WSJ report date; the deal was struck earlier (“within the past year”). No amount or valuation shown because neither was disclosed by a party to the deal.	—Not disclosed	Cantor Fitzgerald	—Not disclosedNo company valuation stated by WSJ or Tether	—Not disclosedConvertible bond, not an equity round; no multiple	The Wall Street Journal, 29 Jan 2025

All talks rows describe the same proposed raise. The convertible bond is a closed debt transaction, not an equity round. “—” means the source did not disclose the figure. No step-ups or multiples: no closed equity round exists and no stated valuation.

Valuation at each closed round

Closed equity rounds only.

No closed Tether equity round has a disclosed amount or valuation, so there is nothing to plot. The ~$500B figure is a target in talks and is shown in the table and timeline only.

Sources: WSJ; CNBC; CoinDesk; Cointelegraph; Investing.com.

Talks vs. closings

What was reported, and what actually closed, oldest first.

Reported 24 Nov 2024 · Convertible bond
Cantor Fitzgerald holds a convertible bond; WSJ reported the deal stood to give Cantor about 5% of Tether. Lutnick (Jan 2025): Cantor “had no equity in Tether, but owned a convertible bond”.
23 Sep 2025 · Talks
Bloomberg: raise of $15B–$20B for roughly 3%, valuing Tether at about $500B. CEO confirms evaluating a raise.
4 Feb 2026 · Talks
FT: advisers float about $5B after investor pushback on the valuation. CEO: “That number is not our goal.”
3 Apr 2026 · Talks
The Information: two-week push for commitments at $500B.
13 Aug 2026 · On hold
KPMG audit of 2025 statements completed; the raise was on hold, per Investing.com. No close reported as of 13 Nov 2026.

What this page tracks: funding of Tether Holdings, the company, not the USDT token. USDT supply, reserves and market cap are not equity funding and are not in the table. As of 13 Nov 2026 no closed equity round, amount or valuation has been confirmed by Tether or reported closed by a major outlet; the $500B figure is a target in talks.

Cite this dataset

Free to quote with a link back. Copy this citation:

Tether Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/tether/

Download the data

The same 4 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.

File: tether-rounds.csv (UTF-8, comma-separated)
Stable URL: https://growthnavigatefunding.net/wp-content/uploads/2026/11/tether-rounds.csv
Columns: id, date, date_precision, status, transaction_type, round, amount_usd_low, amount_usd_high, lead_or_buyer, co_leads, valuation_usd_low, valuation_usd_high, valuation_basis, valuation_to_run_rate_multiple, multiple_bound, multiple_basis, step_up_vs_prior_closed, price_per_share_usd_low, price_per_share_usd_high, shares, source, source_url, other_source_urls, notes, last_updated
Updated: 13 Nov 2026 (IST)

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Methodology & status definitions

How each row is labelled and calculated.

Convertible bond

A closed debt transaction convertible into shares, reported by a major outlet and confirmed by a party to it. It is not an equity round: Tether has no closed equity round on record. For Tether this is only the Cantor convertible bond; no amount or valuation was disclosed by Tether or Cantor’s CEO.

Reported talks

A raise reported before it closed, attributed to the outlet that reported it. Each update to the same raise is its own dated row. No multiple.

Valuation ÷ run-rate

Valuation ÷ the run-rate the company stated in a round announcement (GNF calc.). Tether has announced no round, so no multiple is shown. Tether’s reported profit figures are not run-rates and are not used.

What is not a separate row

USDT token issuance, supply, reserves and market cap. Tether’s own investments in other companies. Bloomberg’s estimate of the value of Cantor’s stake. Reported prospective investors whose participation was never confirmed.

Updates & corrections

This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.

Changelog

13 Nov 2026: Dataset first compiled: the Cantor convertible bond and the 2025–2026 raise talks, checked against the linked sources.

Tether Funding & Valuation: The $500B Raise Talks, Tracked