Tether Acquires 8.2% Stake in Bitcoin Mining Lender Antalpha

Tether has disclosed an 8.2% stake in Antalpha, the Bitcoin mining finance company that went public last year, according to a Schedule 13D filing with the SEC on Monday. The 1.95 million share position makes the stablecoin issuer one of Antalpha’s largest shareholders.

Chairman Giancarlo Devasini holds voting and dispositive power over the stake, which Tether acquired through related entities. The filing notes the company may adjust its position based on market conditions.

Why Antalpha Matters

Antalpha isn’t a household name, but it’s a significant player in Bitcoin mining infrastructure. The company provides BTC-backed lending and equipment financing to mining operators, sitting on a loan portfolio of roughly $1.6 billion as of late 2024. Its close ties to Bitmain—the dominant ASIC manufacturer—give it a strategic position in the mining supply chain.

The company’s financials tell an interesting story. Full-year 2025 revenue hit $79.7 million, up 68% year-over-year. Net income more than tripled to $18.5 million. Those aren’t massive numbers, but the growth trajectory caught Tether’s attention early—the stablecoin issuer had flagged interest in purchasing up to $25 million worth of shares during Antalpha’s May 2025 IPO, which raised $49.3 million at $12.80 per share.

Shares jumped 7.2% to around $9.97 on Monday’s news, though they’re still trading below the IPO price.

Tether’s Infrastructure Shopping Spree

This isn’t an isolated bet. Tether has been aggressively deploying its profits across crypto infrastructure, and the pace has accelerated in 2026.

Just on Monday, real-world asset tokenization protocol KAIO announced Tether participated in an $8 million funding round. Last week, the company moved $70 million in Bitcoin into its reserve wallet—part of its strategy to allocate up to 15% of net operating profits to BTC since May 2023. In mid-April, Tether dropped $134 million on Stablecoin Development Corporation.

The recent deals add to an already extensive portfolio. February saw a $150 million stake in Gold.com (about 12% ownership) and a $100 million equity investment in Anchorage Digital, the federally chartered crypto bank. March brought a $50 million investment in Eight Sleep at a $1.5 billion valuation—yes, smart mattresses.

CEO Paolo Ardoino said in July that Tether’s venture arm has backed more than 120 companies, all funded from profits rather than stablecoin reserves.

The Bigger Picture

Tether can afford the shopping spree. USDT commands a $187 billion market cap, roughly 58.4% of the $320.7 billion stablecoin market according to DefiLlama data. That dominance generates substantial yield on reserves.

The Antalpha investment signals Tether’s conviction that Bitcoin mining infrastructure remains undervalued despite BTC trading at $75,750. Mining finance is a niche sector, but one that could benefit significantly if hash rate expansion continues and institutional miners need capital for equipment upgrades.

Reports earlier this month suggested Tether is seeking fresh capital at a $500 billion valuation, though the company indicated it could delay if investor demand disappoints. With investments spanning AI, tokenization, banking infrastructure, and now mining finance, Tether is positioning itself as far more than a stablecoin issuer—it’s building a crypto conglomerate.

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