Key Highlights
- The stablecoin issuer purchased 1.95 million Antalpha shares, representing an 8.2% ownership stake after the company’s May 2025 public listing
- The mining finance specialist offers Bitcoin-collateralized lending and hardware financing services, managing a $1.6 billion loan book
- Financial results for 2025 showed revenue climbing to $79.7 million, marking a 68% annual increase, while profits jumped threefold to $18.5 million
- Share prices currently hover near $9.97, reflecting a decline exceeding 28% from the initial $12.80 offering price
- The USDT issuer’s investment portfolio now spans over 120 ventures, featuring companies like Kaio, Eight Sleep, Gold.com, and Anchorage Digital
The company behind the world’s dominant stablecoin has acquired a substantial 8.2% position in Antalpha, a specialized Bitcoin mining finance provider that completed its Nasdaq listing in May 2025.
Regulatory documents filed with the US Securities and Exchange Commission under Schedule 13D reveal that Tether has accumulated 1.95 million shares through associated corporate structures. Chairman Giancarlo Devasini maintains voting authority and dispositive control over these holdings.
The investment target specializes in providing Bitcoin-collateralized financing and equipment leasing solutions to cryptocurrency mining enterprises. Antalpha maintains strategic partnerships with Bitmain, a dominant force in mining hardware manufacturing globally.
By year-end 2024, the company’s outstanding loan portfolio reached approximately $1.6 billion. During its public offering, Antalpha secured roughly $49.3 million at an initial share price of $12.80.
Prior disclosures indicated Tether’s intention to acquire shares worth up to $25 million during the offering period. Securities filings demonstrate that the stablecoin issuer ultimately purchased over half of the available IPO allocation.
Financial performance metrics reveal robust expansion. Revenue for 2025 totaled $79.7 million, representing a 68% year-on-year surge. Net profits climbed to $18.5 million, more than tripling compared to the previous fiscal period.
However, market reception has been lukewarm since the debut. Trading data from Monday showed shares exchanging hands around $9.97, representing a drop exceeding 28% from the offering price.
Broader Strategic Deployment of Capital
This latest acquisition forms part of an extensive investment initiative Tether has been pursuing using accumulated operational profits. Chief Executive Paolo Ardoino disclosed that the company’s venture division has supported more than 120 enterprises.
Early this year in February, the stablecoin giant committed $100 million in equity capital to Anchorage Digital, a federally regulated digital asset banking institution in the United States. During that same month, it secured a $150 million ownership position in Gold.com, accounting for approximately 12% of the precious metals retailer.
Coming into March, Tether spearheaded a $50 million capital injection into Eight Sleep, an innovative sleep technology company specializing in smart mattresses, valued at $1.5 billion.
Also announced Monday, tokenization infrastructure provider Kaio confirmed Tether’s participation in an $8 million financing round.
Additional recent deployments include co-leading a $7.5 million investment in Utexo during 2026, a developer focused on USDT settlement infrastructure on Bitcoin’s network, plus involvement in Ark Labs’ $5.2 million seed financing, supporting programmable finance applications built on Bitcoin.
Market Dominance and Valuation Outlook
Tether’s flagship USDT stablecoin maintains a market capitalization hovering around $187 billion, commanding approximately 58.4% of the total stablecoin ecosystem, which DefiLlama data places near $320.7 billion.
Recent reports suggested the organization was exploring additional capital raises at a $500 billion corporate valuation, though company statements indicated potential postponement if investor appetite proves insufficient.
Regulatory filings note that Tether and affiliated entities reserve the right to modify their Antalpha position—either increasing or decreasing holdings—based on evolving market dynamics and strategic considerations.
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