Tether has acquired an 8.2% stake in Antalpha, a platform that finances Bitcoin mining operations. The move came through a Schedule 13D filing with the US Securities and Exchange Commission (SEC). The company is now one of Antalpha's largest shareholders following the firm's IPO in May 2025.
What Antalpha does
Antalpha provides Bitcoin-backed loans and equipment financing to mining farm operators. The company is closely tied to the Bitmain ecosystem, a major supplier of mining hardware. At the end of 2024, its loan portfolio totaled $1.6 billion. In May 2025, Antalpha went public, raising $49.3 million at $12.80 per share. It was the first specialized platform in mining finance to achieve public-company status.
Deal details
Tether acquired 1.95 million shares through related entities. The SEC filing states that the company and affiliated persons may increase or reduce the stake depending on market conditions. Tether had previously indicated interest in purchasing up to $25 million worth of shares - this transaction lands within that range. Devasini holds voting rights over the position.
Antalpha growing fast
Revenue for 2025 came in at $79.7 million, up 68% year over year. Net income tripled to $18.5 million. For context, shares priced at $12.80 during the May 2025 IPO and were trading near $9.97 on Monday - below the listing price, but the Tether news pushed them up 7.2% in a single session.
Where Tether is heading
The Antalpha purchase fits into a broader diversification push. Tether is using profits from USDT issuance to expand beyond the stablecoin market. On the same day as the Antalpha deal, the company also joined an $8 million round in Kaio, a real-world asset (RWA) tokenization protocol.
- Mining: operator financing through Antalpha and direct infrastructure support
- Artificial intelligence: a separate investment arm
- RWA tokenization: the Kaio round
- Financial services and asset custody
USDT now holds 58.4% of the stablecoin market with a $187 billion market cap. The total stablecoin market sits at around $320.7 billion per DefiLlama. That scale of issuance generates the profits Tether is now channeling into hard assets.
New liquidity for Bitcoin miners
Miners have traditionally relied on bank loans or their own Bitcoin reserves to fund equipment purchases. Tether's presence through Antalpha could open fresh pools of capital for operators around the world. For Tether itself, this is more than financial diversification. It is a direct bet on growth in the crypto mining industry. If Bitcoin keeps rising, the value of collateral that Antalpha lends against rises with it.
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