The acquisition comes amid the stablecoin issuer expanding its investments in cryptocurrency infrastructure and financial services, including an investment in Kaio also announced today.
According to a public record released on Monday, Tether has held 8.2% of Antalpha's shares, making this stablecoin issuer one of the largest shareholders of the company following its initial public offering (IPO) in May 2025.
Schedule 13D filings submitted to the U.S. Securities and Exchange Commission (SEC) show that Tether currently holds 1.95 million shares through related entities, with Giancarlo Devasini, Tether's president, sharing voting and dispositive power over this position.
The filing also noted that Tether and related entities may increase or decrease their ownership stake over time depending on market conditions and other factors.
Antalpha offers Bitcoin-backed lending services and equipment financing for mining units, reporting a loan portfolio of approximately $1.6 billion as of the end of 2024, and has close ties with the Bitmain ecosystem, a major mining hardware provider.
Antalpha raised about $49.3 million in last year's IPO at a price of $12.80 per share, according to the company's prospectus. Tether had previously expressed interest in purchasing up to $25 million worth of shares.
Antalpha reported a revenue of $79.7 million for 2025, up 68% year-over-year, while net income surged to $18.5 million, more than tripling from the previous year.
On Monday, the company's stock surged about 7.2% to around $9.97 during early trading, according to data from Google Finance.
Source: Google Finance
Tether is the issuer of Tether (USDT), the largest stablecoin by market cap, with a market cap of approximately $187 billion, accounting for about 58.4% of the total stablecoin market, currently around $320.7 billion, according to data from DefiLlama.
Stablecoin market cap. Source: DefiLlama
Tether is ramping up investment in crypto infrastructure and other sectors.
Tether's investment in Antalpha comes as the company is using recent profits to expand into a range of areas tied to digital assets, including mining, artificial intelligence, financial services, and crypto assets.
Early Monday, the real asset crypto protocol Kaio announced that Tether participated in an $8 million funding round.
"Tether's involvement reflects a direct strategic alignment," the announcement stated. "USDT has become the dominant payment layer for cross-border capital flows. KAIO provides the next layer: structured, compliant access to institutional-grade yields for USDT holders."
In March, Tether led a $50 million investment in Eight Sleep, a company developing sleep-focused products like smart mattresses and health care systems, valuing the company at $1.5 billion.
In February, the company acquired $150 million in shares of Gold.com, equivalent to about 12% ownership, as part of an effort to expand access to tokenized gold through its XAUt product.
That same month, Tether made a $100 million equity investment in Anchorage Digital, a federally licensed U.S. digital asset bank specializing in custody, payment, and stablecoin issuance services for institutional clients.
CEO Paolo Ardoino stated in July that Tether has invested in over 120 companies through its venture capital arm, with those investments funded from the company's profits rather than stablecoin reserves.
Source: Paolo Ardoino on X
Earlier this month, reports emerged that Tether is seeking new funding at a valuation of $500 billion, while the company also indicated it might delay fundraising if investor demand falls short.
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