Tether, the issuer of the USDT stablecoin, has disclosed a significant 8.2% equity stake in Antalpha, a bitcoin mining finance company closely linked to hardware giant Bitmain. According to a regulatory filing released on Monday, Tether holds 1.95 million shares of Antalpha, acquired through the company's initial public offering (IPO) in 2025. This position makes Tether one of the largest investors from the IPO, having purchased more than half of the shares sold in the offering.
Antalpha listed on Nasdaq in May 2025, raising approximately $49 million with shares priced at $12.80 each. Despite reporting strong financial growth—with full-year 2025 revenue surging 68% to nearly $80 million and net income increasing more than threefold to $18.5 million—the company's stock has faced pressure. As of the disclosure, Antalpha shares were trading around $9.30, representing a decline of more than 27% from its IPO price.
The investment highlights Tether's expanding portfolio beyond its core stablecoin business. Antalpha operates by providing loans and financing solutions to bitcoin miners, using bitcoin and mining equipment as collateral. The firm works closely with Bitmain, the leading manufacturer of crypto mining hardware, positioning it within the critical infrastructure layer of the mining industry.
This move comes during a period of transition for the bitcoin mining sector. Many public mining companies are adjusting their strategies, with a growing number shifting resources toward artificial intelligence (AI) and high-performance computing (HPC) services, reducing their reliance on pure bitcoin production. This broader market shift is affecting sentiment and valuation for companies like Antalpha that are tied to traditional mining finance.
The Antalpha stake is part of a wider pattern of strategic investments by Tether. In recent months, the company has backed projects across crypto infrastructure, including a $7.5 million round in Utexo for USDT settlement on Bitcoin, a $5.2 million seed round for Ark Labs for programmable finance tools, and an $8 million strategic round for RWA startup Kaio. Tether has also expanded beyond digital assets, taking a strategic stake in sleep technology company Eight Sleep at a $1.5 billion valuation.
