Tether Takes 8.2% Stake in Bitcoin Lending Giant

Tether Acquires Major Stake in Bitcoin Lender Post-IPO

Tether Investments, S.A. de C.V. and related entities beneficially own 1.95 million Antalpha ordinary shares, according to the filing with the Securities and Exchange Commission. The position was acquired at Antalpha’s initial public offering price of US$12.80 per share, representing a US$24.96 million investment at the offering price. Tether chairman Giancarlo Devasini maintains voting and dispositive power over the position through his controlling interest in Tether Global Investments Fund, framing this as a strategic holding rather than passive investment.

Antalpha’s Scale in Bitcoin-Backed Lending

Antalpha describes itself as a fintech platform serving the Bitcoin mining ecosystem. The company operates a loan portfolio backed by Bitcoin and mining-related collateral, with holdings near US$1.6 billion at the end of 2024. The company reported 2025 revenue reaching nearly US$80 million and net income of US$18.5 million, demonstrating profitability as demand for mining finance expands. Antalpha functions as Tether’s primary lending partner and operates within the broader infrastructure serving hardware manufacturer Bitmain’s ecosystem.

Valuation Pressure and Market Timing

Antalpha shares have traded at a significant discount since listing, declining to approximately US$9.30 following the disclosure. This represents a 27% drop from the US$12.80 IPO price, suggesting market repricing in the volatile Bitcoin infrastructure sector. The discount offers Tether exposure to a public company at depressed valuations during a period of sector-wide volatility and investor recalibration.

Strategic Signal Beyond Stablecoin Operations

The investment underscores Tether’s expanding portfolio beyond USDT issuance. By acquiring a meaningful stake in a profitable Bitcoin lending platform, Tether gains direct exposure to mining finance growth and Bitcoin collateral markets. The structure, with Devasini’s controlling interest through a dedicated investment fund, indicates this is not opportunistic trading but rather a deliberate capital allocation decision aligned with Bitcoin infrastructure trends.

Watch This Space for Tether’s Infrastructure Expansion

Tether’s 8.2% Antalpha stake marks a visible shift toward Bitcoin infrastructure ownership. The timing, coupled with the depressed valuation, suggests Tether is positioning itself within the mining and lending ecosystem at an inflection point for both sectors. Whether this represents the first of multiple infrastructure plays or a singular strategic bet will become clearer as Tether’s capital deployment strategy unfolds.