Key Highlights
- Tether purchased 1.95 million Antalpha shares, representing 8.2% ownership after the company’s May 2025 Nasdaq debut
- The Bitcoin mining finance firm specializes in Bitcoin-collateralized lending and mining hardware financing, managing a $1.6 billion loan book
- Antalpha’s 2025 financials showed revenue reaching $79.7 million, marking a 68% annual increase, while profits surged to $18.5 million
- The stock currently trades near $9.97, reflecting a decline of over 28% from its initial $12.80 offering price
- The stablecoin issuer’s venture portfolio now spans more than 120 companies across fintech, wellness, and crypto sectors
The company behind the world’s dominant stablecoin has acquired a substantial ownership position in Antalpha, a specialized Bitcoin mining finance provider that completed its Nasdaq listing in May 2025.
Regulatory documents filed with the US Securities and Exchange Commission via Schedule 13D reveal that Tether accumulated 1.95 million shares through affiliated entities. Control over voting rights and share disposition rests with Giancarlo Devasini, who serves as Tether’s chairman.
Antalpha operates as a financial services provider offering Bitcoin-collateralized credit facilities and mining equipment financing solutions to cryptocurrency mining enterprises. The firm maintains a strategic partnership with Bitmain, a dominant global manufacturer of Bitcoin mining machinery.
By the close of 2024, Antalpha’s outstanding loan portfolio had reached approximately $1.6 billion. The company successfully completed its initial public offering, generating roughly $49.3 million by pricing shares at $12.80 each.
Prior disclosures indicated Tether planned to acquire up to $25 million in shares during the public offering. Regulatory filings reveal the stablecoin giant ultimately secured more than half of the total shares made available through the IPO.
Antalpha demonstrated robust financial performance metrics. For 2025, the company generated $79.7 million in revenue, representing a 68% year-over-year expansion. Net profits climbed to $18.5 million, more than tripling compared to the previous fiscal period.
However, market reception has been challenging post-listing. By Monday’s trading session, shares exchanged hands around $9.97, down more than 28% from the initial offering price.
Strategic Investment Expansion by Tether
The Antalpha acquisition represents one component of Tether’s comprehensive investment approach funded through operational earnings. Chief Executive Officer Paolo Ardoino has disclosed that Tether has deployed capital across more than 120 enterprises via its investment division.
This past February, Tether committed $100 million in equity capital to Anchorage Digital, which operates as a federally chartered digital asset banking institution in the United States. During the same month, the company secured a $150 million ownership stake in Gold.com, equating to approximately 12% of the precious metals marketplace.
In March, Tether spearheaded a $50 million capital injection into Eight Sleep, a technology company specializing in intelligent sleep systems and wellness products, achieving a $1.5 billion valuation.
Additionally on Monday, Kaio, a platform focused on real-world asset tokenization, confirmed Tether’s participation in an $8 million fundraising initiative.
Tether also jointly led a $7.5 million financing round for Utexo in 2026, a company developing USDT settlement infrastructure on the Bitcoin network, and contributed to Ark Labs’ $5.2 million seed funding, supporting its development of programmable financial systems built on Bitcoin.
Market Dominance of Tether
Tether’s USDT stablecoin commands a market capitalization of roughly $187 billion, accounting for approximately 58.4% of the entire stablecoin sector, which totals near $320.7 billion based on DefiLlama data.
Recent reports suggested the company was exploring additional capital formation at a $500 billion valuation, though Tether indicated it might postpone such efforts if investor appetite proves insufficient.
The regulatory filing specifies that Tether and its affiliated entities retain flexibility to adjust their Antalpha shareholdings upward or downward based on evolving market dynamics.
