Tether has bought an 8.2% stake in Bitcoin-backed lender Antalpha, according to a Schedule 13D filing with the U.S. Securities and Exchange Commission. The filing, submitted Monday, shows Tether and affiliated entities now own 1.95 million Antalpha shares. Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the position, and the filing states Tether may increase or decrease its holdings over time depending on market conditions and other factors.
Antalpha, which provides Bitcoin-backed loans and equipment financing to mining operators, raised about $49.3 million in its May 2025 initial public offering at $12.80 per share. The company reported a loan portfolio of roughly $1.6 billion at the end of 2024 and is closely connected to the Bitmain mining-hardware ecosystem. Antalpha reported 2025 revenue of $79.7 million, a 68% year-over-year increase, and net income of $18.5 million—more than triple the prior year’s figure. In early trading on Monday Antalpha shares rose about 7.2% to roughly $9.97, per Google Finance.
Tether issues USDT, the largest stablecoin by market capitalization, with a market cap near $187 billion—about 58.4% of the roughly $320.7 billion stablecoin market, according to DefiLlama. The investment in Antalpha fits Tether’s broader strategy of deploying profits into sectors tied to digital assets, including mining, artificial intelligence, financial services and tokenized assets.
Recent strategic investments by Tether’s venture arm include participation in an $8 million funding round for tokenization protocol Kaio; a $50 million stake in sleep-tech maker Eight Sleep, valuing it at $1.5 billion; a roughly $150 million investment in Gold.com for about 12% ownership to expand access to tokenized gold via XAUt; and a $100 million equity investment in Anchorage Digital, a U.S. federally chartered digital-asset bank, announced in February.
Tether CEO Paolo Ardoino has said the company’s venture unit has invested in more than 120 companies and that these investments are funded from profits rather than from stablecoin reserves. Separately, there have been reports that Tether is exploring fresh capital at a potential $500 billion valuation, though the company could delay any raise if investor demand is insufficient.
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