Tether plans to raise up to $20 billion in a new share sale that would value the company at about $500 billion, cementing its status as one of crypto’s most valuable firms. To keep investors liquid after the deal, it is exploring share buybacks and potentially tokenizing its equity to create on-chain exit options. Tether earlier blocked some existing shareholders from selling at a steep discount that implied a much lower $280 billion valuation, signaling tight control over its pricing.