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.
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.
Related: Tether announces $150M recovery program for Drift Protocol
Tether expands investments across crypto infrastructure and beyond
Tether's investment in Antalpha comes as the company is using its recent profits to expand into a range of sectors tied to digital assets, including mining, artificial intelligence, financial services and tokenized assets. Earlier on Monday, real-world asset tokenization protocol Kaio said Tether participated in an $8 million funding round.
“The participation of Tether reflects direct strategic alignment,” the announcement said. “USDT has become the dominant settlement layer for cross-border capital flows. KAIO provides the next layer: structured, compliant access to institutional-grade yield for USDT holders.”
In March, Tether led a $50 million investment in Eight Sleep, a company that develops sleep-focused products such as smart mattresses and wellness systems, valuing it at $1.5 billion. In February, the company acquired a $150 million stake in Gold.com, representing about 12% ownership, as part of a push to expand access to tokenized gold through its XAUt product. The same month, Tether made a $100 million equity investment in Anchorage Digital, a federally chartered US digital asset bank that provides custody, settlement and stablecoin issuance services to institutional clients.
CEO Paolo Ardoino said in July that Tether has invested in more than 120 companies through its venture arm, with those investments funded from company profits rather than stablecoin reserves. Earlier this month, Tether was reported to be seeking fresh capital at a $500 billion valuation, with the company indicating it could delay the raise if investor demand falls short.
