- Tether-affiliated entities disclosed ownership of 1.95 million Antalpha ordinary shares in an April 20 Schedule 13D.
- The position represents 8.2% of Antalpha’s outstanding shares after its 2025 IPO.
- Antalpha is Bitmain’s primary lending partner and reported a Bitcoin-backed loan portfolio near US$1.6 billion.
Tether-affiliated entities disclosed an 8.2% stake in Antalpha Platform Holding Company, giving the stablecoin group exposure to a Bitcoin-backed lending business closely tied to mining hardware giant Bitmain.
A Schedule 13D showed Tether Investments, S.A. de C.V. and related persons beneficially owned 1,950,000 Antalpha ordinary shares. The filing said the position represented 8.2% of Antalpha’s outstanding ordinary shares, based on 23,677,500 shares outstanding after the company’s 2025 IPO.
The shares were acquired in Antalpha’s initial public offering at the initial offering price, according to the filing. Market coverage and IPO documents put that price at US$12.80 (AU$17.92) per share, with the offering raising roughly US$49.3 million (AU$69 million).
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Mining And Lending
Antalpha describes itself as a fintech platform serving the Bitcoin mining ecosystem. The business lends against Bitcoin and mining-related collateral, with its current loan portfolio at about US$1.6 billion (AU$2.24 billion) at the end of 2024, with 2025 revenue rising to nearly US$80 million (AU$112 million).
Net income reportedly reached US$18.5 million (AU$25.9 million) in 2025, making the company profitable as demand for mining finance and Bitcoin-backed lending expanded. That growth profile helps explain why a Tether-linked vehicle would seek exposure beyond stablecoin issuance.
The filing also showed Tether chairman Giancarlo Devasini shared voting and dispositive power over the position through his controlling interest in Tether Global Investments Fund. That structure makes the investment a strategic signal, not just a passive market purchase.
Antalpha shares were trading around US$9.30 (AU$13.02) after the disclosure, more than 27% below the US$12.80 (AU$17.92) IPO price. The discount gives Tether exposure to a public Bitcoin-infrastructure company at a time when the sector is still repricing after a volatile listing environment.
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