Tether takes 8.2% stake in Antalpha

Tether acquired 1.95 million shares of Bitcoin-mining finance company Antalpha, equal to an 8.2% stake, according to a Schedule 13D filing with the U.S. Securities and Exchange Commission filed Monday. The shares are held through related entities and the filing shows Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the position.

The disclosure follows Antalpha’s May 2025 initial public offering, which raised about $49.3 million at $12.80 per share. The filing notes Tether and its affiliates may increase or reduce their holdings over time depending on market conditions and other factors. Tether had earlier indicated interest in buying up to $25 million of Antalpha stock.

Antalpha provides Bitcoin-backed lending and equipment financing for cryptocurrency miners. The company reported a loan portfolio of about $1.6 billion at the end of 2024. Antalpha posted 2025 revenue of $79.7 million, a 68% increase from the prior year, and net income of $18.5 million, more than triple 2024 results. Antalpha shares rose about 7.2% in early trading Monday to roughly $9.97, according to market data.

Tether issues the USDT stablecoin, which has a market capitalization near $187 billion and accounts for about 58.4% of the roughly $320.7 billion stablecoin market. The company has used recent profits to expand investments in mining, artificial intelligence, financial services and tokenized assets.

Tether participated in an $8 million funding round for tokenization protocol Kaio; Kaio wrote that Tether’s participation reflected strategic alignment and described USDT as a dominant settlement layer for cross-border capital flows. Earlier this year Tether led a $50 million investment in Eight Sleep, acquired roughly a $150 million stake in Gold.com to expand tokenized gold through XAUt, and made a $100 million equity investment in Anchorage Digital.

Paolo Ardoino, Tether’s chief technology officer and chief executive, wrote that the firm’s venture arm has invested in more than 120 companies and that those investments were funded from company profits rather than stablecoin reserves. The company has explored a fresh capital raise at a potential $500 billion valuation and said timing could change based on investor demand.

The Schedule 13D discloses current ownership and voting arrangements but does not outline any planned operational changes at Antalpha. The filing records the position and leaves open the possibility of future adjustments to Tether’s stake.