Tether Acquires 8.2% Stake in Bitcoin Mining Finance Company Antalpha

TLDR

• Tether acquired 1.95 million shares in Antalpha, securing an 8.2% stake following its May 2025 Nasdaq IPO
• Antalpha provides Bitcoin-backed loans and equipment financing to mining operators, with a $1.6 billion loan portfolio
• Antalpha reported 2025 revenue of $79.7 million, up 68% year over year, with net income tripling to $18.5 million
• Antalpha shares are trading around $9.97, down more than 28% from their $12.80 IPO price
• Tether has invested in over 120 companies, including Kaio, Eight Sleep, Gold.com, and Anchorage Digital

Tether, the issuer of the world’s largest stablecoin, has taken an 8.2% stake in Antalpha, a Bitcoin mining finance company that went public on Nasdaq in May 2025.

A Schedule 13D filing with the US Securities and Exchange Commission confirmed that Tether now holds 1.95 million shares through related entities. Giancarlo Devasini, Tether’s chairman, holds voting and dispositive power over the position.

Antalpha provides Bitcoin-backed loans and equipment financing to crypto mining operators. The company works closely with Bitmain, one of the largest producers of mining hardware in the world.

As of the end of 2024, Antalpha reported a loan portfolio of approximately $1.6 billion. The company raised around $49.3 million in its IPO at $12.80 per share.

Tether had previously indicated interest in purchasing up to $25 million worth of shares in the offering. The filing shows Tether ended up acquiring more than half of the shares offered in the IPO.

Antalpha’s financials show strong growth. The company reported 2025 revenue of $79.7 million, a 68% increase year over year. Net income rose to $18.5 million, more than tripling from the prior year.

Despite those results, the stock has struggled since listing. Shares were trading at around $9.97 on Monday, more than 28% below the IPO price.

Tether’s Broader Investment Push

The Antalpha stake is part of a wider investment strategy Tether has been executing using company profits. CEO Paolo Ardoino has said Tether has backed more than 120 companies through its venture arm.

In February, Tether made a $100 million equity investment in Anchorage Digital, a federally chartered US digital asset bank. That same month, it acquired a $150 million stake in Gold.com, representing roughly 12% ownership.

In March, Tether led a $50 million investment in Eight Sleep, a smart mattress and wellness technology company valued at $1.5 billion.

Also on Monday, real-world asset tokenization platform Kaio announced that Tether participated in an $8 million funding round.

Tether also co-led a $7.5 million round in Utexo in 2026, a startup building USDT settlement on Bitcoin, and participated in a $5.2 million seed round in Ark Labs, which develops programmable finance systems on Bitcoin.

Tether’s Market Position

Tether’s USDT stablecoin has a market cap of approximately $187 billion, representing about 58.4% of the total stablecoin market, which stands near $320.7 billion according to DefiLlama.

The company was recently reported to be seeking fresh capital at a $500 billion valuation, though it indicated it could delay the raise if investor demand falls short.

The filing states Tether and its related entities may increase or reduce their Antalpha holdings over time depending on market conditions.

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