The Hidden Shareholders' Wealth Story Behind Tether's $50 Billion Valuation
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The Hidden Shareholders' Wealth Story Behind Tether's $50 Billion Valuation
Fewer than 10 people control this $170 billion stablecoin empire.
Navigating Web3 tides with focused insightsBy: David | TechFlow
On September 24, 2025, Bloomberg reported that Tether Holdings, the world's largest stablecoin issuer, is in talks with investors for a new round of financing, planning to sell 3% of its shares to raise $15–20 billion.
If calculated at the upper end, this deal would value Tether at approximately $500 billion, making it one of the most valuable private companies globally.
What does a $500 billion valuation mean?
For comparison, OpenAI was valued at around $300 billion in March this year, while SpaceX stood at about $450 billion. Tether’s targeted $500 billion valuation even exceeds the combined market capitalizations of two Wall Street giants—Goldman Sachs at $216 billion and Blackstone at $148 billion.
But what truly captures attention isn't the company's valuation itself, but the people behind this number.
The actual controllers who directly or indirectly hold Tether shares could become the wealthiest individuals in cryptocurrency history if the deal goes through.
As a privately held company registered in the British Virgin Islands, Tether has never voluntarily disclosed its ownership structure. This firm, which controls $170 billion in USDT circulation and nearly monopolizes global crypto trading infrastructure, has kept its real controllers hidden behind the scenes.
It wasn't until 2021, when investigation documents from the New York Attorney General’s Office and the U.S. Commodity Futures Trading Commission (CFTC) accidentally revealed partial equity information, and further supplemented by multiple sources from Forbes in 2024, that a clearer picture emerged.
Based on these fragmented yet relatively reliable pieces of information, we can now outline the wealth map behind Tether.
Using the $500 billion valuation as a benchmark, Tether’s largest shareholder—an Italian man aged 61—would possess over $200 billion in wealth, surpassing Warren Buffett to become the fifth-richest person globally.
Other core shareholders would also enter either the $100 billion or $10 billion club.
These long-hidden billionaires finally have names and faces. Among them are a former plastic surgeon, a programmer coding until midnight, a Dutchman who studied Chinese in Taiwan, and even a Chinese businessman currently serving prison time.
Behind each lies an untold story of wealth accumulation.
Chairman: From Plastic Surgeon to Top Five Billionaire Globally
Giancarlo Devasini
Current role: Chairman and CFO of Tether
Ownership: 47%
Potential net worth: $235 billion (world's fifth-richest individual)
Giancarlo Devasini may be the most mysterious billionaire in the crypto world.
This 61-year-old Italian rarely appears in public, has no social media presence, and few known photos exist, yet he controls 47% of Tether.
According to the Bloomberg Billionaires Index, if the $500 billion valuation becomes reality, he will surpass Warren Buffett to become the fifth-richest person globally, ranking only behind Musk, Ellison (Oracle), Zuckerberg, and Bezos.
However, compared to the stability of his wealth, Devasini's life path has been far more unconventional.
In 1990, Giancarlo Devasini graduated from the medical school of the University of Milan and became a plastic surgeon. Two years later, he abandoned what appeared to others as a stable and respectable career.
After leaving medicine, Devasini entered the IT trade sector, importing computer parts and selling electronics—whatever was profitable. In 1995, Microsoft required him to pay a settlement of 1 million lira for selling pirated software.
In 2008, a fire destroyed his warehouse, leading to corporate bankruptcy. At age 44, Devasini found himself nearly penniless once again.
Ironically, this bankruptcy led him into the crypto world. In 2012, he invested in the then-obscure Bitfinex exchange and gradually took over its operations.
The crypto market at the time was even more volatile than today. Devasini quickly identified a key issue: cryptocurrencies like BTC were too volatile to function as payment tools.
In 2014, Devasini teamed up with tech genius Paolo Ardoino to launch a solution: Tether, a dollar-pegged stablecoin. But the journey wasn’t smooth.
Back then, market acceptance of stablecoins was much lower than today. Concerns about reserves, audits, and bank runs were widespread. Devasini personally spearheaded outreach, traveling to the Bahamas, Switzerland, and Hong Kong, knocking on doors of banks willing to open accounts for this “suspicious” project.
In 2016, Bitfinex suffered a hacker attack resulting in the loss of 120,000 bitcoins, and many believed the company was finished.
Devasini proposed issuing debt tokens (BFX) to affected users, promising buybacks while ensuring Tether continued operating normally. The market accepted this seemingly speculative plan, and USDT began explosive growth.
In 2018, $850 million held by Bitfinex was frozen by payment processor Crypto Capital, triggering a liquidity crisis.
Devasini made the controversial decision to draw emergency funds directly from Tether’s reserves. This drew scrutiny from the New York Attorney General, who questioned the integrity of USDT’s dollar backing.
The investigation lasted two years, ending with Tether paying an $18.5 million settlement without admitting wrongdoing.
After surviving several crises, Devasini’s position strengthened. Public records and data show his stake increased from 43% in 2018 to 47% in 2024.
In March 2025, he was promoted from CFO to Chairman, further consolidating control.
Now 61, Devasini remains extremely low-key—no social media, rare media interviews, and almost no public photos. Reports suggest he primarily resided in Lugano, Switzerland between 2017 and 2023, where Tether signed a memorandum with the city government to promote cryptocurrency applications.
(Related reading: Satoshi's Statue Sinks to Lake Bottom, Anxiety of the 'Crypto Capital of Europe' Emerges )
According to the 2021 investigation file from the New York Attorney General, Devasini plays a central role in Tether and Bitfinex operations, including managing banking relationships and reserve management.
In 15 years, Devasini transformed from a doctor into a billionaire worth over $200 billion.
CEO: The Relentless Coder
Paolo Ardoino
Current role: CEO of Tether
Ownership: Approximately 20%
Potential net worth: $100 billion
If Giancarlo Devasini is the mysterious mind behind Tether, then Paolo Ardoino is the company’s public face.
One never appears; the other constantly speaks on Twitter. One gained control through capital moves; the other earned equity through code.
In 2017, Ardoino submitted 40,000 code commits on GitHub—averaging over 100 per day. This obsessive work ethic defined the trajectory of this Italian programmer.
He joined Bitfinex in 2014 as a senior software developer, with unknown initial equity. By 2024, Forbes reported he owned about 20% of Tether. If the $500 billion valuation holds, that translates to $100 billion in wealth.
Ardoino and Devasini first connected in London in 2014. According to CoinDesk, Devasini, then running Bitfinex, recognized Ardoino’s technical talent.
From developer to CEO, Ardoino’s rise was clear: promoted to CTO in 2017, then appointed CEO in December 2023.
Even as CEO, he remains someone who works late into the night. His Twitter account @paoloardoino frequently replies to technical questions past midnight. When media criticizes Tether, he fires back immediately—once calling a Wall Street Journal article a "clown piece."
This constant visibility fills the information gap left by Devasini’s silence. In a stablecoin business built on trust, Ardoino became the visible figure users could rely on.
Besides Tether, he founded peer-to-peer tech company Holepunch in 2022. Despite juggling multiple roles, he admits he hasn’t taken a proper vacation in nearly a decade.
"I’ve never been to Japan," he said in an interview, "the birthplace of gaming consoles and anime. I’ve always wanted to go."
In April 2024, Forbes included Ardoino on its list of global crypto billionaires, valuing him at $3.9 billion. But if Tether reaches a $500 billion valuation, multiply that by 25. He would then join the ranks of the world’s $100 billion elite.
Former CEO: Son-in-law of Taiwan, Regular Temple Worshipper
Jean-Louis van der Velde
Current role: Advisor at Tether, CEO of Bitfinex (former CEO of Tether)
Ownership: 10–15%
Potential net worth: $50–75 billion
Among Tether’s executive team, Jean-Louis van der Velde may be the most elusive.
This Dutchman’s Asian journey began in 1985 when he left home to study Chinese at National Taiwan Normal University. According to his LinkedIn profile, after graduating in 1988, he never returned to the Netherlands, instead putting down roots across Asia.
Nearly 40 years later, this former language student might now possess hundreds of billions in wealth.
Van der Velde rose quietly in the crypto world. In 2013, he became co-founder and CEO of Bitfinex. According to company blogs, his role involved “building the holding structure, focusing on developing and investing in fintech and big data-related technologies.”
In simpler terms, he handled corporate structuring and external relations.
Regulatory filings from 2018 showed he held about 15% of Tether. By 2024, his exact share was no longer public, but Forbes still listed him among crypto billionaires with a $3.9 billion valuation. If he retains 10–15% ownership, under a $500 billion valuation, his wealth would reach $50–75 billion.
Unlike Devasini’s mystery or Ardoino’s visibility, Van der Velde chose another way: present but unseen.
He holds positions and owns shares, but makes almost no public statements. Searching his name yields numerous job titles but little personal detail.
In October 2023, Van der Velde stepped down as Tether CEO, passing the baton to Ardoino. Yet he didn’t leave—he transitioned to an advisory role while continuing as CEO of Bitfinex.
About his personal life, publicly available information is scarce. His LinkedIn shows fluency in five languages: Dutch, English, Chinese, German, and French. Beyond that, the most widely shared anecdote comes from a Taiwanese media report:
His wife is Taiwanese, so he deeply embraces local culture. Due to the hardships of entrepreneurship, he visits a temple in northern Taiwan every year to light lamps and pray—for good fortune. Even if unable to attend in person, he arranges it through others.
The authenticity of this detail is hard to verify, but it certainly fits his image.
A Westerner deeply influenced by Asian culture—low-key, pragmatic, building a crypto empire within Eastern business soil.
Interestingly, some actually question whether Van der Velde truly exists. A Twitter user once joked, “Has anyone actually seen the CEO of Bitfinex?” It’s clearly exaggerated, but it reflects just how low-profile he is.
This contrasts sharply with most KOLs in today’s noisy crypto ecosystem. True strength may not require loud voices, public appearances, or even visibility.
Of course, provided you were early enough to stand in the right place.
General Counsel: Departed, Mission Accomplished
Stuart Hoegner
Previous role: General Counsel of Tether/Bitfinex
Ownership: 13%
Potential net worth: $65 billion
In January 2025, Stuart Hoegner updated his Twitter bio—from “General Counsel of Bitfinex and Tether” to “Former General Counsel.”
Hoegner carries a unique identity in the crypto world: @bitcoinlawyer. This Twitter account has been active since 2011—three years before Tether existed.
While most lawyers were still debating Bitcoin’s legality, he was already providing legal services to the industry.
In 2014, Hoegner joined Bitfinex and soon became Tether’s General Counsel. He served in this role for 11 years. Regulatory filings from 2018 indicated he held about 15% of Tether. By 2024, Forbes reported this had decreased to 13%.
As a lawyer, Hoegner often operated at the center of storms. In 2019, when the New York Attorney General investigated Tether’s missing $850 million, he led the legal response. In 2021, when the CFTC fined Tether $41 million over reserve concerns, he negotiated the settlement.
But unlike typical corporate lawyers, Hoegner was unusually active on social media.
His Twitter feed doesn’t just discuss legal matters—he frequently shares pro-Bitcoin content and refutes criticism of Tether. This combative stance made him a well-known figure in the crypto community.
His background is also storied. Before joining crypto, Hoegner worked in the online poker industry. In 2008, while employed at Ultimate Bet poker site, a scandal erupted involving insiders using privileged accounts to cheat.
Interestingly, Daniel Friedberg—one of the other lawyers involved in the Ultimate Bet case—later became FTX’s chief compliance officer and played a controversial role in FTX’s collapse.
Two former colleagues took divergent paths in the crypto world.
One guided a company toward a $500 billion valuation; the other witnessed the fall of history’s largest crypto empire.
Hoegner’s retirement in January 2025 came at a delicate moment. The EU’s MiCA regulations had just taken effect, and U.S. stablecoin regulation was accelerating.
As legal head, he understood better than anyone the regulatory challenges ahead. His departure may have been a strategic retreat at the peak.
If he still holds his 13% stake, the title “former counsel” won’t stop him from becoming possibly the richest lawyer in the crypto industry.
The Missing Fourth Mysterious Shareholder
Christopher Harborne (UK) / Chakrit Sakunkrit (Thailand)
Ownership: 13% (2018 data)
Potential net worth: $65 billion
On Tether’s shareholder list, there is someone even more mysterious than Van der Velde—and he has two names.
According to the 2021 New York Attorney General investigation, in 2018 a businessman with dual British and Thai citizenship held about 13% of Tether. In the UK, he was known as Christopher Harborne; in Thailand, Chakrit Sakunkrit.
He is the only known “outsider” in Tether’s ownership structure—neither a founder nor an executive—yet holds a stake equal to the General Counsel.
Publicly available information about Harborne/Sakunkrit is extremely limited. UK corporate records show he has interests across aviation and tech investments. Information from Thailand is even scarcer, only revealing he uses the name Chakrit Sakunkrit for business activities.
How did he acquire Tether shares? When did he invest? How much did he pay? These critical questions remain unanswered.
More puzzling, after 2018, this name vanished entirely from all Tether-related documents and reports.
In Forbes’ 2024 crypto billionaire list, Devasini, Ardoino, Van der Velde, and Hoegner were all named—but Harborne was absent.
In the 2025 funding news, there’s no trace of him either. A 13% stake, worth $65 billion at a $500 billion valuation, would make him Tether’s most successful invisible investor—if he still holds the shares.
Within a company full of secrets, this man may be the biggest secret of all.
Wall Street Capital and the U.S. Secretary of Commerce
Institution: Cantor Fitzgerald
Investment date: November 2024
Ownership: 5%
Investment amount: $600 million
Potential value: $25 billion
In November 2024, Wall Street financial services firm Cantor Fitzgerald acquired a 5% stake in Tether for $600 million.
At this price, Tether was valued at just $12 billion. For comparison, rival Circle had a market cap of about $30 billion, while Tether’s USDT circulation was more than double that of Circle’s USDC.
Why so cheap? The answer may lie in timing and connections.
The key figure in this deal was Howard Lutnick, CEO of Cantor Fitzgerald. Shortly after completing the investment in November 2024, in January 2025, Lutnick was appointed U.S. Secretary of Commerce.
This timeline casts a special shadow over the acquisition. Critics call it a “favor-priced” deal, suggesting Tether offered benefits to Lutnick before he entered government.
An even more intriguing detail: according to a Fortune magazine report, Lutnick’s son Brandon previously interned at Tether Switzerland and now works at Cantor.
Regardless of motive, from a returns perspective, this could be one of Cantor Fitzgerald’s most successful deals ever. If Tether reaches a $500 billion valuation, the $600 million investment would grow to $25 billion—a return of over 40x. Even at a $250 billion valuation, the return would still be 20x.
Cantor Fitzgerald, founded in 1945, is a veteran Wall Street institution. Their investment marks a milestone: the first major U.S. financial institution becoming a Tether shareholder. Amid rising regulatory pressure, the endorsement value is immeasurable.
Additionally, over the past three years, Cantor Fitzgerald has provided custody services for the U.S. Treasuries backing Tether’s stablecoins, which account for over 80% of the $132 billion in assets supporting the stablecoin.
According to The Wall Street Journal, the firm has earned tens of millions in fees from this service.
Perhaps more valuable is Cantor’s financial network. One of Tether’s biggest ongoing challenges has been banking relationships. As a regulated U.S. financial institution, Cantor’s involvement could open new banking channels for Tether.
From another angle, Cantor’s investment signals a shift in Wall Street’s attitude toward crypto—not just observing or providing services, but directly becoming shareholders to share in the growth.
Howard Lutnick now holds dual roles: CEO during the investment, now Secretary of Commerce.
Whether this influenced the deal price or not, one thing is certain: Tether now has an indirect connection at the highest levels of the U.S. government.
The Passive Billionaire in a Chinese Prison
Zhao Dong
Identity: Bitfinex shareholder, founder of RenrenBit
Ownership: Less than 5% of Bitfinex
Potential wealth: Billions of dollars, benefiting indirectly via the iFinex structure
Zhao Dong may be the most dramatic figure in Tether’s wealth creation story.
In August 2016, Bitfinex suffered a hacker attack, losing 120,000 bitcoins. During this crisis, this prominent Chinese Bitcoin holder unexpectedly became a central character.
To compensate users, Bitfinex issued BFX tokens—each representing $1 of loss. Zhao Dong was among the affected users, but instead of cutting losses, he accepted Bitfinex’s debt-for-equity offer.
He bought additional tokens from other users and eventually converted all of them into equity in iFinex. This decision turned him from a victim into a shareholder of Bitfinex.
In April 2017, Bitfinex redeemed all BFX tokens, while those opting for equity became permanent shareholders. As Bitfinex and its affiliate Tether grew rapidly, the value of these early stakes multiplied many times over.
According to public reports, Bitfinex CTO Paolo Ardoino stated that Zhao Dong holds less than 5% of Bitfinex.
Though the percentage seems small, given that Bitfinex and Tether operate under the same iFinex umbrella with shared management and shareholders, the true value of this stake likely far exceeds surface numbers.
Zhao Dong occupies a unique and sensitive position in China’s crypto community.
He was a co-founder of Moji Weather, cashing out successfully in 2012. He entered the Bitcoin space in 2013 and reportedly held up to 10,000 BTC at his peak. He founded OTC platform RenrenBit, once among China’s largest over-the-counter exchanges.
More importantly, he was Tether’s unofficial “spokesperson” in China.
In January 2018, Zhao Dong posted on Weibo that during a meeting in Tokyo with Tether CFO Giancarlo, he saw a bank account balance exceeding $3 billion. As a well-known figure in the crypto world, his statement attracted widespread attention.
In June 2020, everything came to a sudden halt.
Multiple media outlets reported that Zhao Dong was taken away by police, charged with money laundering and illegal business operations. In 2021, it was rumored he received a multi-year prison sentence. Specific case details were never made public, but industry consensus links it to his OTC business.
Ironically, the years Zhao Dong spent in prison coincided with the craziest bull run in crypto history.
From 2020 to 2024, Bitcoin surged from $10,000 to over $70,000, and USDT’s circulation grew from $10 billion to $170 billion. If his Bitfinex shares remained intact, their value may have multiplied dozens of times.
If Zhao Dong’s Bitfinex shares were not liquidated, he could indirectly benefit from Tether’s valuation growth through the iFinex structure. Even with less than 5% indirect interest, at a $500 billion valuation, it could represent billions in wealth.
But all of this remains speculation. His “passive holdings” feel more like fate made the choice for him.
Finally, if Tether completes this fundraising round, it will mark the largest wealth creation event in crypto history.
Fewer than ten individuals control the vast majority of the $170 billion stablecoin empire. Giancarlo Devasini alone holds 47%; the rest of these key figures remain mostly outside the crypto spotlight.
Perhaps this is the wealth code of the crypto era:
Not about decentralization, but being quietly positioned at the epicenter at exactly the right moment.
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