Tether, the issuer of the world’s leading stablecoin, has made headlines again by securing an 8.2% stake in Antalpha, a prominent Bitcoin mining finance company that made its Nasdaq debut in May 2025.
A recent Schedule 13D filing with the US Securities and Exchange Commission revealed that Tether acquired approximately 1.95 million shares through related entities, with Giancarlo Devasini, Tether’s chairman, exercising voting and dispositive power over these holdings.
Antalpha specializes in providing Bitcoin-backed loans and financing solutions for mining operations, closely collaborating with Bitmain, one of the leading manufacturers of mining equipment globally.
As of the conclusion of 2024, Antalpha reported a substantial loan portfolio of approximately $1.6 billion. The company successfully raised around $49.3 million in its initial public offering, pricing shares at $12.80 each. However, despite the solid performance metrics, Antalpha’s shares have witnessed a downturn, trading at roughly $9.97, representing a 28% drop from their IPO price.
The financial results for 2025 illustrate remarkable growth for Antalpha, with revenues hitting $79.7 million, marking a robust 68% increase year over year. Net income tripled to $18.5 million, demonstrating the company’s ability to thrive even amidst market fluctuations.
Tether’s Strategic Investment Approach
This investment in Antalpha is part of a broader strategy by Tether to leverage its profits across various ventures. CEO Paolo Ardoino has emphasized that Tether has invested in over 120 companies, aiming to enhance its overall market footprint. The firm has indicated plans to significantly increase this number in the coming months.
This year, Tether has been active in diversifying its investment portfolio. In February, the company invested $100 million in Anchorage Digital, a federally chartered US digital asset bank, and acquired a $150 million stake in Gold.com, representing about 12% of the firm. Additionally, Tether led a $50 million investment in Eight Sleep, a wellness technology company, highlighting its interest in innovative sectors.
More recently, Tether participated in an $8 million funding round for the real-world asset tokenization platform Kaio and co-led a $7.5 million initiative in Utexo, a startup focused on USDT settlements on Bitcoin. Moreover, Tether engaged in a $5.2 million seed round for Ark Labs, which is developing programmable financial systems on the Bitcoin network.
Tether’s Market Dominance in Stablecoins
As it stands, Tether’s USDT stablecoin boasts a market capitalization of approximately $187 billion, commanding around 58.4% of the total stablecoin market, which is valued at about $320.7 billion, according to DefiLlama. Furthermore, reports have emerged indicating that Tether is seeking fresh capital at a proposed valuation of $500 billion, with the flexibility to delay the raise if demand from investors appears insufficient.
In the filing, Tether and its related entities indicated that they may adjust their holdings in Antalpha based on evolving market conditions. This revelation reflects Tether’s proactive approach in fostering strategic partnerships within the rapidly evolving cryptocurrency landscape.
