Key Highlights
- Tether purchased 1.95 million Antalpha shares, representing an 8.2% ownership position after the company’s May 2025 Nasdaq debut
- The Bitcoin mining finance firm specializes in cryptocurrency-backed lending and equipment financing, managing a $1.6 billion loan book
- Financial results show Antalpha generated $79.7 million in 2025 revenue, marking a 68% annual increase, while net profits surged to $18.5 million
- Stock performance shows shares trading near $9.97, representing a decline of over 28% from the initial $12.80 offering price
- The stablecoin giant’s investment portfolio now spans more than 120 companies, including Kaio, Eight Sleep, Gold.com, and Anchorage Digital
The company behind the world’s dominant stablecoin has established an 8.2% ownership position in Antalpha, a specialized Bitcoin mining finance provider that completed its Nasdaq listing in May 2025.
Regulatory documentation filed with the US Securities and Exchange Commission via 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.
Antalpha’s core business focuses on providing Bitcoin-collateralized financing and mining equipment capital to cryptocurrency mining operations. The firm maintains a strategic partnership with Bitmain, recognized globally as a leading manufacturer of mining infrastructure.
At the conclusion of 2024, the company’s lending portfolio stood at approximately $1.6 billion. Antalpha’s initial public offering generated roughly $49.3 million at a price point of $12.80 per share.
Prior to the listing, Tether had publicly expressed intentions to acquire shares worth up to $25 million during the offering period. SEC filings indicate the stablecoin issuer ultimately purchased more than half of the available IPO allocation.
Financial performance metrics demonstrate robust expansion. Antalpha disclosed 2025 revenues reaching $79.7 million, reflecting a 68% year-over-year growth rate. Net profitability climbed to $18.5 million, exceeding the previous year’s figure by more than three times.
However, market reception has been challenging post-listing. As of Monday’s trading session, shares exchanged hands around $9.97, sitting more than 28% beneath the initial offering valuation.
Broader Strategic Investment Initiatives
The Antalpha investment represents one component of Tether‘s comprehensive capital deployment strategy funded by operational profits. Chief Executive Paolo Ardoino has disclosed that the company’s venture division has supported over 120 enterprises to date.
During February, Tether committed $100 million in equity capital to Anchorage Digital, an institution operating as a federally chartered digital asset bank in the United States. That identical month saw the acquisition of a $150 million position in Gold.com, translating to approximately 12% ownership.
March witnessed Tether spearheading a $50 million funding initiative for Eight Sleep, a wellness technology enterprise specializing in intelligent mattress systems and valued at $1.5 billion.
Concurrently on Monday, Kaio, a platform dedicated to real-world asset tokenization, revealed Tether’s participation in an $8 million capital raise.
Additional investments include co-leading a $7.5 million financing round for Utexo in 2026, a venture developing USDT settlement infrastructure on Bitcoin, alongside involvement in a $5.2 million seed funding for Ark Labs, which engineers programmable financial systems utilizing Bitcoin technology.
Market Dominance and Valuation
Tether’s USDT stablecoin commands a market capitalization approaching $187 billion, accounting for roughly 58.4% of the entire stablecoin sector, which totals nearly $320.7 billion according to DefiLlama analytics.
Recent reports suggest the organization has explored raising additional capital at a $500 billion corporate valuation, though management has indicated flexibility to postpone such fundraising should investor appetite prove insufficient.
Regulatory filings stipulate that Tether and affiliated entities reserve the right to adjust their Antalpha position—either increasing or decreasing holdings—based on evolving market dynamics and strategic considerations.
