Tether, the issuer of the USDT stablecoin, has revealed a significant stake in Antalpha, a lending and financing firm serving the bitcoin mining industry.
The position was disclosed in a regulatory filing and was acquired through Antalpha’s 2025 initial public offering, where Tether took more than half of the stock sold to investors.
The Antalpha stake
Tether holds 1.95 million shares in Antalpha, representing roughly 8.2% of the company’s outstanding equity.
Antalpha operates as a key partner to Bitmain, the world’s largest manufacturer of crypto mining hardware, extending loans secured by bitcoin and mining rigs to help customers finance equipment purchases and operating costs.
The company went public on Nasdaq in May 2025, raising roughly $49 million at an offering price of $12.80 per share.
Antalpha posted strong full-year 2025 results, with revenue rising 68% to nearly $80 million and net income increasing more than threefold to $18.5 million.
Stock struggles
Despite the strong financials, shares of Antalpha (NASDAQ: ANTA) have struggled since the IPO, falling more than 27% from their offering price to around $9.30.
Part of that pressure likely reflects a broader shift across the bitcoin mining sector, where several public operators have been scaling back pure-play bitcoin mining in favor of AI and high-performance computing infrastructure.
Tether’s broader investment push
The Antalpha stake adds to a growing list of deals Tether has made across crypto, AI, and robotics.
In 2026, the firm co-led a $7.5 million round in Utexo, a startup building USDT settlement infrastructure on Bitcoin, and participated in a $5.2 million seed round for Ark Labs, which is developing programmable finance infrastructure on the network.
Tether also recently backed a $134 million private placement tied to Stablecoin Development Corporation and took a strategic stake in sleep technology firm Eight Sleep at a $1.5 billion valuation.
On the same day as the Antalpha disclosure, RWA startup Kaio announced Tether had joined its $8 million strategic funding round.
