Tether is reportedly exploring the tokenization of its own equity as it targets a raise of up to $20B at an estimated $500B valuation.

According to sources cited by Bloomberg, existing shareholders are not allowed to sell into the upcoming round, creating pressure for alternative liquidity options. As a result, tokenized equity is now being discussed internally, particularly after Tether launched its Hadron tokenization unit last year.

Insiders also suggest that Tether recently stepped in to block a shareholder from selling shares at a steep discount, signaling the company’s intent to maintain tight control over valuation ahead of what could be one of the largest private capital raises in crypto history.

If this approach moves forward, it could become one of the biggest equity-tokenization experiments ever — and a strong signal that onchain ownership of major private companies may be closer than many expect.