BRIC consortium secures $299.5M settlement with Tether over Celsius bankruptcy claims. Tether announces massive $20B fundraise at $500B valuation.
On Oct. 14, the Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, announced a $299.5 million settlement with Tether in connection with the Celsius Network bankruptcy case. The lawsuit, filed in the US Bankruptcy Court for the Southern District of New York, stemmed from collateral transfers and liquidations made before Celsius’s July 2022 collapse.
Following months of litigation, GXD Labs, an affiliate of Atlas Grove Partners, and VanEck, which manages approximately $161.7 billion in assets, finalized the agreement through the BRIC, which has been overseeing recovery operations in the Celsius estate since January 2024.
“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs.
Formed in early 2023, BRIC specializes in maximizing creditor recoveries in digital asset bankruptcies. The consortium continues to manage a portfolio of illiquid and litigation assets on behalf of the Celsius estate, guided by R. Christian Wyatt and David Proman of GXD Labs, and Pranav Kanade and Matthew Babinsky of VanEck.
This settlement marks one of the largest crypto-related recoveries in recent US bankruptcy history, expanding regulatory reach into crypto insolvencies involving offshore entities and stablecoin issuers.
Paolo Ardoino Confirms Full Settlement, Unveils $20B Strategic Fundraise
Tether CEO and Co-founder Paolo Ardoino also confirmed on Twitter (formerly Twitter) that the world’s largest stablecoin issuer has fully settled all claims related to the Celsius bankruptcy.
Tether is pleased to have reached a settlement of all issues related to the Celsius bankruptcy.
— Paolo Ardoino 🤖 (@paoloardoino) October 14, 2025
As part of its next strategic phase, Tether confirmed plans to raise $20 billion at a $500 billion valuation, building on its dominant position.
With Tether’s USDT hitting $180 billion in market capitalization at press time, the company is 8000% more profitable than second-ranked rival Circle (USDC), according to Protos research. Tether reported $4.9 billion in profit for Q2 2025, bringing its total net earnings to $5.7 billion for the first half of the year, primarily from the US Treasury holdings and yield-bearing reserves.
What the hell would @Tether_to do with an extra $20 billion?
"It’s not about the money – it’s about sending a message", says @paoloardoino – a quote he borrowed from the Joker in Batman@Tether_to isn’t raising 20B because it needs to. It’s raising to signal that its mission is… pic.twitter.com/ELlCPayBPM
— MR SHIFT 🦁 (@KevinWSHPod) October 14, 2025
Tether’s performance was also boosted by the US establishing clear stablecoin regulations through the Genius Act signed into law by President Trump in July 2025.
With new players including Trump-backed USD1 and Ripple’s (RLUSD) encroaching market share, Ardoino emphasized the $20 billion will be deployed towards scaling up global operations, when asked about the rationale for the new raise.
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