Tether becomes Antalpha’s largest shareholder with nearly 2 million shares
Tether disclosed an 8.2% stake in Antalpha, a bitcoin mining financial platform tied to the Bitmain ecosystem.
Summary
- Tether disclosed 1.95 million Antalpha shares, making it one of the company’s largest shareholders after the IPO.
- Antalpha provides bitcoin-backed loans and machine finance to miners through its close relationship 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 initial public offering in May 2025, according to a Schedule 13D filing submitted to the US Securities and Exchange Commission on Monday.
The filing shows that Tether owns about 1.95 million shares through related parties. It also states that Giancarlo Devasini, the chairman of Tether, shares the voting power with the opposing power in the stake. The document adds that Tether and its related parties may increase or decrease their assets over time based on market conditions and other factors.
Antalpha specializes in bitcoin-based lending and equipment financing for mining companies. The company works closely with Bitmain, one of the largest suppliers of crypto mining hardware, and offers secured loans for bitcoin and mining equipment to support equipment purchases and operating costs.
The company raised about $49.3 million in its 2025 IPO at $12.80 per share. Tether has previously expressed interest in buying up to $25 million in stock. Antalpha later reported 2025 revenue of $79.7 million, up 68% from last year, while revenue rose to $18.5 million, more than three times the previous year’s level.
Notably, Antalpha shares rose about 7.2% on Monday to about $9.97 in early trading, based on Google Finance data cited in the reports. Nevertheless, the stock remains below the IPO price, reflecting the strong background of parts of the bitcoin mining industry in the past year.
That pressure comes as many mining companies adjust their business models. Some community miners have shifted their money towards artificial intelligence and efficient computing infrastructure instead of focusing solely on bitcoin mining.
Against that background, Tether’s move to Antalpha adds support to a company that still focuses on financing mining operations.
Tether expands the investment strategy
Antalpha’s stake comes as Tether continues to expand its investments across crypto infrastructure and financial services. The company has used recent profits to refinance deals in tokens, stablecoin payments, mining-related services, and digital asset banking.
On Monday, real-world asset tokenization protocol Kaio said Tether has joined its $8 million funding round. In recent months, Tether has also invested in Anchorage Digital, Gold.com, and Eight Sleep. The CEO of Tether, Paolo Ardoino, said that in the past the company has invested in more than 120 businesses through its business division, and those deals are financed with profits instead of reserves.
Tether remains the issuer of USDT, the largest stablecoin by market capitalization. Reports pointed to DefiLlama data showing USDT’s market cap at around $187 billion, which equates to around 58.4% of the stablecoin market. That scale has given Tether room to expand its reach beyond stablecoin issuance and into a broader set of crypto-related businesses.
