Tether has disclosed an 8.2% stake in Antalpha, a bitcoin mining finance platform tied to the Bitmain ecosystem.
Summary
- Tether disclosed 1.95 million Antalpha shares, making it one of the company’s largest shareholders post-IPO.
- Antalpha provides bitcoin-backed loans and equipment financing to miners through its close ties with Bitmain.
- The investment adds to Tether’s growing list of deals across mining, tokenization, banking, and infrastructure.
The position makes Tether one of Antalpha’s largest shareholders after the company’s May 2025 initial public offering, according to a Schedule 13D filing submitted to the US Securities and Exchange Commission on Monday.
The filing shows Tether holds about 1.95 million shares through related entities. It also states that Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the stake. The document adds that Tether and its related entities may raise or reduce their holdings over time based on market conditions and other factors.
Antalpha focuses on bitcoin-backed lending and equipment financing for mining companies. The company works closely with Bitmain, one of the largest suppliers of crypto mining hardware, and provides loans secured by bitcoin and mining machines to support equipment purchases and operating costs.
The company raised about $49.3 million in its 2025 IPO at $12.80 per share. Tether had earlier signaled interest in buying as much as $25 million in stock. Antalpha later reported 2025 revenue of $79.7 million, up 68% from a year earlier, while net income rose to $18.5 million, more than three times the prior year level.
Notably, Antalpha shares rose about 7.2% on Monday to around $9.97 in early trading, based on Google Finance data cited in reports. Even so, the stock has remained below its IPO price, reflecting a tougher backdrop for parts of the bitcoin mining sector over the past year.
That pressure has come as several mining companies adjust their business models. Some public miners have shifted capital toward artificial intelligence and high-performance computing infrastructure instead of staying focused only on bitcoin mining.
Against that backdrop, Tether’s move into Antalpha adds support to a company still centered on financing mining activity.
Tether broadens investment strategy
The Antalpha stake comes as Tether continues to expand its investments across crypto infrastructure and financial services. The company has used recent profits to back deals in tokenization, stablecoin settlement, mining-related services, and digital asset banking.
On Monday, real-world asset tokenization protocol Kaio said Tether joined its $8 million funding round. In recent months, Tether also invested in Anchorage Digital, Gold.com, and Eight Sleep. Tether CEO Paolo Ardoino said earlier that the company had invested in more than 120 businesses through its venture arm, with those deals funded from profits rather than reserves.
Tether remains the issuer of USDT, the largest stablecoin by market value. Reports cited DefiLlama data showing USDT’s market cap at about $187 billion, equal to roughly 58.4% of the stablecoin market. That scale has given Tether room to extend its reach beyond stablecoin issuance and into a wider set of crypto-linked businesses.
