Tether takes 8.2% stake in Bitcoin mining finance platform Antalpha

Tether has taken an 8.2% stake in Antalpha, making the stablecoin issuer one of the company’s largest shareholders following its May 2025 initial public offering (IPO), according to a Monday filing.

The Schedule 13D filing with the US Securities and Exchange Commission indicates that Tether now holds 1.95 million shares through related entities, with Giancarlo Devasini, chairman of Tether, sharing voting and dispositive power over the position.

The filing also states that Tether and its related entities may increase or reduce their holdings over time depending on market conditions and other factors.

Antalpha provides Bitcoin-backed lending and equipment financing to mining operators, reporting a loan portfolio of about $1.6 billion as of the end of 2024, and is closely tied to the Bitmain ecosystem, a major supplier of mining hardware.

Antalpha raised about $49.3 million in last year’s IPO at $12.80 per share, according to its prospectus. Tether had previously indicated interest in purchasing as much as $25 million worth of shares.

Antalpha reported 2025 revenue of $79.7 million, up 68% year over year, while net income rose to $18.5 million, more than tripling from the previous year.

On Monday, its shares rose about 7.2% to around $9.97 in early trading, per Google Finance data.

Source: Google Finance

Tether is the issuer of Tether (USDT), the largest stablecoin by market capitalization, with a market cap of about $187 billion, roughly 58.4% of the total stablecoin market, which stands near $320.7 billion, according to DefiLlama data.