Curious question: Why would @Tether_to try to raise 15-20bil USD, if that is less than their annual profits according to @paoloardoino? Here are 9 possible reasons I can come up with (some clean, some shady): 1. War Chest: Build a fortress balance sheet before global regulators come swinging. 2. Diversification: Don’t rely only on U.S. Treasuries. Outside equity reduces single-source risk. 3. Legitimacy Play: Bring in sovereign wealth funds / mega-banks for optics and credibility. 4. Money Stuck outside the US: Similar to other companies that can't move money into the US. 5. Reserves Fragile: Maybe profits aren’t as liquid as they claim. Raising capital = insurance. 6. Exit Liquidity: Insiders could quietly cash out to “friendly” institutions at a 500B valuation. 7. IPO Window Dressing: Stage-setting for a future IPO or restructuring. Sell the “500B narrative.” 8. They don't actually have the money: self-explanatory. 9. They wanna buy more #bitcoin If profits are truly that massive, raising outside capital only makes sense when there’s more under the hood. Which one do you think it is? Or is it not on my list?(Dr. Julian Hosp)