Tether to Launch Open-Source Bitcoin Mining OS as It Rejects $515B IPO Temptation

Mining Innovation, Decentralization, and a Rejection of Wall Street

Tether is expanding its footprint beyond stablecoins, preparing to release a modular, peer-to-peer Bitcoin mining operating system (MOS) by the final quarter of 2025. The company’s CEO Paolo Ardoino described the move as a strategic attempt to break the industry's reliance on costly third-party mining vendors, signaling a push for greater decentralization across the mining landscape. 

According to Ardoino, the open-source nature of MOS will lower the barrier to entry for new mining companies and foster a more competitive environment aimed at strengthening the Bitcoin network’s security. “A horde of new Bitcoin mining companies will be able to enter the game and compete to keep the network safe,” Ardoino posted on X. Built with scalable architecture and peer-to-peer IoT integration, the operating system will support a range of existing infrastructure, including various containerized mining setups and power devices.

The upcoming launch follows Tether’s April 2025 alliance with the Ocean mining pool, where the company committed its current and future hashrate to promote more decentralized block building. This initiative sits at the center of a broader shift in Bitcoin mining, where consolidation by large-scale players has long been the norm due to negotiated power contracts, economies of scale, and higher hashrates. 

However, the most recent halving has reshaped profitability models. Major miners like Hive Digital have started pivoting toward AI services, which they now view as more lucrative than mining itself. Frank Holmes, Hive’s executive chairman, stated that “institutions are much more interested in us with our AI than Bitcoin,” highlighting a trend that is changing the calculus for mining companies. Others have taken the opposite route. Chinese firm Cango doubled down on crypto and pulled in over $100 million in Bitcoin revenue within just two months after offloading its legacy operations.

While Tether’s mining ambitions gain traction, questions about its market valuation and future direction have intensified. On June 9, 2025, Artemis CEO Jon Ma suggested that Tether could be worth $515 billion — a figure that would place the company among the world’s top 20, above giants like Costco and Coca-Cola. 

Ardoino acknowledged the estimate publicly, calling it a “beautiful number” but hinted that even this might be conservative, given Tether’s expanding Bitcoin and gold reserves. Still, he reiterated that Tether has no interest in going public. “Also truly excited for the next phase of growth of our company,” he added. 

This stance sharply contrasts with that of Circle, Tether’s closest competitor, which recently completed a high-profile IPO on the New York Stock Exchange. Circle’s stock debuted at $31 per share, opened at $69 — marking a 122% gain — and surged to over $123 in just two days, nearly tripling its IPO price. Yet Tether, despite boasting a valuation nearly an order of magnitude larger, remains committed to independence from Wall Street.

Tether has added another pillar to its growing real-world asset strategy with the acquisition of a 31.9% stake in Canadian gold royalty firm Elemental Altus Royalties, investing approximately $89.4 million. The move gives Tether indirect access to global gold production without the operational risks tied to mining, aligning with its aim to blend long-term, stable assets like gold and Bitcoin into its ecosystem.

The royalty and streaming model reinforces Tether’s broader plan to enhance transparency and build out financial infrastructure anchored in real assets. CEO Paolo Ardoino framed the investment as part of a larger vision: “Just as Bitcoin provides the ultimate decentralized hedge against monetary inflation, gold continues to be a time-tested store of value.”

The deal could also provide added momentum for Tether Gold (XAUt), which has seen its market cap approach $854 million amid a strong year for gold. With commodity-backed assets gaining traction, the Elemental investment signals Tether’s intent to deepen its footprint across alternative stores of value, beyond stablecoins alone.

This article has been refined and enhanced by ChatGPT.