Tether has acquired an 8.2% stake in Antalpha, becoming one of the Bitcoin-backed lender’s largest shareholders following Antalpha’s May 2025 initial public offering, according to a Monday filing.
A Schedule 13D filed with the U.S. Securities and Exchange Commission shows Tether and related entities now hold 1.95 million Antalpha shares. Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the position. The filing notes Tether and its affiliates may increase or decrease their holdings over time depending on market conditions and other factors.
Antalpha provides Bitcoin-backed lending and equipment financing to mining operators and reported a loan portfolio of about $1.6 billion at the end of 2024. The company is closely tied to the Bitmain ecosystem, a major mining-hardware supplier. Antalpha raised roughly $49.3 million in its IPO at $12.80 per share; Tether had previously signaled interest in buying as much as $25 million of shares.
For 2025, Antalpha reported 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. On Monday, Antalpha shares rose about 7.2% to roughly $9.97 in early trading, 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.
Tether’s investment in Antalpha aligns with a broader push to deploy recent profits into sectors tied to digital assets, including mining, artificial intelligence, financial services and tokenized assets. Earlier Monday, tokenization protocol Kaio said Tether participated in an $8 million funding round, calling the move a strategic alignment to provide compliant access to institutional yield for USDT holders.
Recent Tether investments include a $50 million stake in Eight Sleep, valuing the sleep-tech maker at $1.5 billion, and a $150 million investment in Gold.com (about 12% ownership) to expand access to tokenized gold via XAUt. In February, Tether also backed a $100 million equity investment in Anchorage Digital, a federally chartered U.S. digital-asset bank offering custody, settlement and stablecoin issuance services.
Tether CEO Paolo Ardoino has said the company’s venture arm has invested in more than 120 companies, with those investments funded from profits rather than stablecoin reserves. Separately, Tether has been reported to be seeking fresh capital at a potential $500 billion valuation, though it could delay a raise if investor demand is insufficient.
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