Key Highlights
- Tether purchased 1.95 million Antalpha shares, representing 8.2% ownership after the company’s Nasdaq debut in May 2025
- The Bitcoin mining finance firm offers cryptocurrency-backed lending and hardware financing, managing a $1.6 billion loan book
- Financial performance shows Antalpha’s 2025 revenue reached $79.7 million, representing 68% growth, while profits tripled to $18.5 million
- Stock performance remains weak at $9.97, reflecting a 28% decline from the initial $12.80 offering price
- The stablecoin issuer’s investment portfolio now spans 120+ ventures, featuring Kaio, Eight Sleep, Gold.com, and Anchorage Digital
The world’s leading stablecoin issuer, Tether, has secured an 8.2% ownership position in Antalpha, a Bitcoin mining financing specialist that completed its Nasdaq listing in May 2025.
Regulatory documentation filed as Schedule 13D with the US Securities and Exchange Commission reveals that Tether accumulated 1.95 million shares through affiliated corporate structures. Control over voting rights and share disposition rests with Giancarlo Devasini, who serves as Tether’s chairman.
Antalpha operates in the specialized niche of providing Bitcoin-collateralized financing and mining equipment leasing to cryptocurrency mining enterprises. The firm maintains strategic partnerships with Bitmain, a dominant force in mining hardware manufacturing globally.
By year-end 2024, Antalpha’s outstanding loan portfolio stood at roughly $1.6 billion. The company’s initial public offering generated approximately $49.3 million at a share price of $12.80.
Prior to the IPO, Tether had publicly expressed intentions to purchase shares worth up to $25 million during the offering. According to regulatory filings, the stablecoin giant ultimately acquired over half of the total shares made available to investors.
The mining finance company’s financial performance demonstrates robust expansion. Antalpha posted 2025 revenues of $79.7 million, marking a 68% annual increase. Profitability surged even more dramatically, with net income climbing to $18.5 million—more than three times the previous year’s figure.
However, market reception has been lukewarm since the listing. On Monday, shares traded near $9.97, representing a decline exceeding 28% from the IPO valuation.
Diversifying Through Strategic Investments
The Antalpha acquisition represents one component of Tether‘s comprehensive investment approach, funded through operational profits. CEO Paolo Ardoino has disclosed that the company’s venture division has deployed capital across more than 120 portfolio companies.
This February saw Tether commit $100 million to Anchorage Digital, a federally regulated digital asset banking institution in the United States. During the same period, the company secured a $150 million position in Gold.com, obtaining approximately 12% ownership.
March brought another significant deployment when Tether spearheaded a $50 million investment round in Eight Sleep, a sleep technology innovator specializing in smart mattresses, achieving a $1.5 billion valuation.
On Monday, blockchain infrastructure platform Kaio revealed that Tether participated in its $8 million capital raise.
Additional recent investments include co-leading a $7.5 million financing round in Utexo during 2026, a company focused on USDT settlement infrastructure built on Bitcoin, plus participation in Ark Labs’ $5.2 million seed round—a venture developing programmable financial systems utilizing Bitcoin technology.
Dominance in Stablecoin Markets
Tether’s USDT maintains a commanding market capitalization near $187 billion, claiming roughly 58.4% of the entire stablecoin ecosystem, which totals approximately $320.7 billion based on DefiLlama data.
Recent reports suggest the company is exploring additional capital raising at a $500 billion valuation, though management has indicated flexibility to postpone fundraising if investor appetite proves insufficient.
The regulatory filing notes that Tether and associated entities retain the flexibility to adjust their Antalpha stake upward or downward based on evolving market dynamics and strategic considerations.
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