The $500 billion valuation would put Tether ahead of every US bank except JPMorgan Chase, surpassing Bank of America and placing it among the world’s largest financial firms.
Tether is pressuring investors to commit to a fundraising round at a $500 billion valuation within the next two weeks, saying that it may delay the raise if demand falls short.
The El Salvador-based firm has been seeking fresh capital since late last year but has faced resistance from investors wary of the valuation, The Information reported Friday, citing unnamed sources. If commitments fall short of expectations, the company is likely to delay the raise.
The $500 billion target would place Tether among the world’s largest financial firms, exceeding every US bank except JPMorgan Chase. JPMorgan, the largest bank in the world, has a market capitalization of about $794.55 billion, while the second-largest bank in the country, Bank of America, has a market cap of $352.86 billion.
