Key Highlights
- Tether purchased 1.95 million shares of Antalpha, establishing an 8.2% ownership position after the company’s May 2025 Nasdaq listing
- The Bitcoin mining finance firm offers cryptocurrency-backed lending and mining equipment financing, managing a $1.6 billion loan portfolio
- Financial performance shows Antalpha generated $79.7 million in 2025 revenue, representing a 68% annual increase, while net income reached $18.5 million—a threefold jump
- The company’s stock price currently sits at approximately $9.97, reflecting a decline of over 28% from the $12.80 initial offering price
- The stablecoin issuer’s investment portfolio now spans more than 120 companies, featuring names like Kaio, Eight Sleep, Gold.com, and Anchorage Digital
The issuer of the world’s dominant stablecoin, Tether, has established an 8.2% ownership stake in Antalpha, a Bitcoin mining finance provider that completed its Nasdaq public offering in May 2025.
Documentation filed with the US Securities and Exchange Commission under Schedule 13D reveals that Tether currently controls 1.95 million shares through associated corporate entities. Giancarlo Devasini, serving as Tether’s chairman, maintains voting authority and dispositive control over this shareholding.
The mining finance specialist offers cryptocurrency-collateralized lending services and mining equipment financing solutions to digital asset mining operations. Antalpha maintains a strategic partnership with Bitmain, recognized as a leading global manufacturer of cryptocurrency mining hardware.
By the conclusion of 2024, the company’s loan portfolio reached approximately $1.6 billion in value. During its initial public offering, Antalpha successfully raised roughly $49.3 million at a share price of $12.80.
Prior announcements indicated Tether’s intention to purchase up to $25 million in shares during the public offering. The regulatory filing demonstrates that Tether ultimately acquired more than half of the total shares made available in the IPO.
Financial reports from Antalpha demonstrate robust expansion. The firm posted 2025 revenue totaling $79.7 million, marking a 68% year-over-year gain. Net income climbed to $18.5 million, exceeding the previous year’s figure by more than three times.
Despite these positive financial indicators, the company’s shares have faced downward pressure since trading began. As of Monday, shares were changing hands near $9.97, representing a decline exceeding 28% from the initial offering price.
Tether’s Expanding Investment Footprint
The Antalpha position represents one element of a comprehensive investment approach Tether has pursued using operational profits. Chief Executive Officer Paolo Ardoino has disclosed that the company has provided funding to more than 120 enterprises through its investment division.
During February, Tether committed $100 million in equity capital to Anchorage Digital, a federally chartered digital asset banking institution operating in the United States. That same period saw the acquisition of a $150 million ownership position in Gold.com, amounting to approximately 12% of the company.
March brought Tether’s leadership in a $50 million financing round for Eight Sleep, a smart mattress and wellness technology developer carrying a $1.5 billion valuation.
Also on Monday, Kaio, a platform specializing in real-world asset tokenization, revealed Tether’s participation in an $8 million capital raising round.
Additional investments include co-leading a $7.5 million financing round in Utexo during 2026, a venture developing USDT settlement infrastructure on Bitcoin, plus participation in a $5.2 million seed round for Ark Labs, which creates programmable finance systems built on Bitcoin.
Tether’s Dominant Market Standing
The USDT stablecoin issued by Tether commands a market capitalization near $187 billion, accounting for roughly 58.4% of the complete stablecoin marketplace, which currently totals approximately $320.7 billion according to data from DefiLlama.
Recent reports suggest the organization has explored raising additional capital at a $500 billion valuation, though company representatives have indicated flexibility to postpone such fundraising if investor appetite proves insufficient.
The regulatory filing notes that Tether and its affiliated entities retain the option to expand or contract their Antalpha shareholdings based on evolving market circumstances.
