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The world’s leading stablecoin provider, Tether, has built a significant stake in Antalpha, a specialized Bitcoin mining financier that completed its Nasdaq public offering in May 2025.
Regulatory documents filed with the US Securities and Exchange Commission (SEC) via Schedule 13D indicate that Tether controls 1.95 million shares through affiliated corporate structures. The filing identifies Giancarlo Devasini, Tether’s chairman, as the individual with voting authority and investment control over these holdings.
Antalpha provides Bitcoin-collateralized credit facilities and equipment leasing services to cryptocurrency mining businesses. The company also maintains strategic partnerships with Bitmain, a major manufacturer of mining hardware.
At year-end 2024, Antalpha reported total outstanding loans approaching $1.6 billion. The company raised approximately $49.3 million through its initial public offering, pricing shares at $12.80 each.
Tether had publicly disclosed an intention to acquire up to $25 million in shares during the offering period. SEC filings show that Tether ultimately purchased more than 50% of the available IPO shares.
Antalpha’s financial performance shows expansion. The company reported $79.7 million in 2025 revenue, a 68% increase compared with the prior year. Net profitability rose to $18.5 million, more than triple the prior-year figure.
Despite the operating gains, market performance has been weaker. Shares closed Monday trading near $9.97, down more than 28% from the IPO pricing.
The Antalpha position is part of a wider investment initiative funded using Tether’s operational earnings. Chief Executive Paolo Ardoino said the company’s venture division has supported more than 120 portfolio companies.
Tether’s USDT stablecoin has a market capitalization near $187 billion, representing about 58.4% of the stablecoin sector, which totals approximately $320.7 billion based on DefiLlama data.
Recent reports indicated Tether was exploring additional capital raising at a $500 billion corporate valuation, though management suggested it could postpone the effort if investor demand is insufficient.
The Schedule 13D filing states that Tether and related entities reserve the right to adjust their Antalpha shareholdings—either increasing or decreasing the position—based on evolving market dynamics.
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