Tether, best known as the issuer of the market-leading USDT stablecoin, revealed that it took a large stake in bitcoin mining finance firm Antalpha.
The position was acquired through Antalpha's 2025 initial public offering, according to a Monday regulatory filing.
Tether holds 1.95 million shares in Antalpha, making up roughly 8.2% of the company’s outstanding equity following the IPO, where it took more than half of the stock sold to investors.
Antalpha provides lending and financing solutions to the bitcoin mining industry and operates as a key partner to Bitmain, the world’s largest manufacturer of crypto mining hardware. The firm extends loans secured by bitcoin and mining rigs, helping 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. Tether’s allocation made it one of the largest investors in the deal at the time.
The company reported strong growth in its most recent results, with full-year 2025 revenue rising 68% to nearly $80 million and net income increasing more than threefold to $18.5 million.
But shares of Antalpha (NASDAQ: ANTA) have struggled. The stock is down more than 27% from its IPO price, trading around $9.30 on Monday.
Part of that pressure could likely be attributed to a shift across the bitcoin mining sector, where several public operators have been scaling back or exiting pure-play bitcoin mining in favor of AI and high-performance computing infrastructure.
The investment adds to a growing stack of deals inked by Tether in crypto, AI and robotics.
The firm recently backed a $134 million private placement tied to Stablecoin Development Corporation, a public vehicle designed to provide exposure to the Sky ecosystem.
In 2026, it also 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 rails on the network.
Outside of crypto, Tether took a strategic stake in sleep technology firm Eight Sleep at a $1.5 billion valuation last month, part of its push into AI and consumer hardware.
On Monday, RWA startup Kaio announced Tether had joined its recent $8 million strategic funding round.
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