Tether reveals 8.2 percent stake in Antalpha after 2025 IPO

Tether has disclosed a 1.95 million-share position in Antalpha, the Bitcoin mining finance firm tied to Bitmain’s wider ecosystem. 

A regulatory filing published on April 20 showed that Tether and related entities hold about 8.2 percent of Antalpha’s outstanding equity following the company’s 2025 initial public offering.

The filing gives a clearer view of Tether’s role in Antalpha’s market debut. Antalpha’s final IPO prospectus showed the company offered ordinary shares to the public in May 2025, while the new disclosure shows Tether emerged from that process with one of the largest outside stakes in the company.

Antalpha went public on Nasdaq in May 2025 at $12.80 per share. The company said at the time that the IPO involved 3.85 million ordinary shares and was expected to generate about $49.3 million in gross proceeds, before any exercise of the underwriters’ overallotment option.

Based on the filing and the IPO size, Tether appears to have taken more than half of the stock sold in the offering. That makes the stablecoin issuer one of the most visible backers of Antalpha’s public listing and expands its reach into another part of the Bitcoin infrastructure market.

Antalpha remains tied to Bitcoin mining finance

Antalpha operates as a lender and financing provider for the Bitcoin mining sector. The company provides loans backed by Bitcoin and mining machines, helping customers finance equipment purchases and operating needs in a capital-heavy industry.

The company’s model places it close to Bitmain’s network, which remains one of the largest suppliers of crypto mining hardware. That link has helped Antalpha build its position as a financing channel for mining firms that need capital for rigs, infrastructure, and working operations.

Antalpha’s latest financial results showed strong business growth. For the full year ended Dec. 31, 2025, total revenue rose 68 percent to $79.7 million, while net income attributable to Antalpha climbed 321 percent to $18.5 million, according to the company’s March 2026 results release.

Those results show that Antalpha’s lending activity kept growing even as parts of the mining sector faced pressure from price swings and changing capital allocation trends. 

The company’s expansion gave investors a stronger earnings base, but that has not fully protected its shares in the public market.

Stock trades below IPO price as sector shifts

Despite the growth in revenue and profit, Antalpha shares have remained below their IPO level. The stock was trading at $9.8 on April 20, compared with its May 2025 offering price of $12.80. That places the shares about 25 percent below the IPO price based on current market data.

Pressure on mining-linked names has come as several public companies tied to Bitcoin mining have expanded into artificial intelligence and high-performance computing infrastructure. That shift has changed how investors view pure-play mining businesses and the service firms connected to them.

Antalpha still sits inside a part of the market that depends on mining activity, equipment finance, and collateral management. 

As miners rethink their business mix, lenders and financing firms linked to the sector also face closer scrutiny from investors looking at growth durability and exposure to Bitcoin price cycles. This is an inference based on Antalpha’s business model and the broader sector move toward AI and HPC.

Even so, Tether’s position suggests continued interest in the financing layer behind Bitcoin mining. The stake adds a fresh signal that the company is willing to back infrastructure businesses beyond stablecoin issuance and payments.

Tether keeps expanding 

The Antalpha position adds to a broader set of Tether investments across crypto infrastructure and adjacent technology sectors. In recent months, Tether has also appeared in funding activity tied to tokenized assets, Bitcoin settlement infrastructure, and programmable finance tools.

That wider pattern matters because Antalpha is not a stablecoin company or a payments business. It is a lender tied to one of the most hardware-intensive parts of crypto. By taking a large post-IPO stake, Tether is extending its exposure deeper into the operational side of Bitcoin mining finance.

The new disclosure does not change Antalpha’s operations on its own, and Tether did not announce a takeover or control plan in the materials reviewed here. What it does provide is a clearer picture of ownership after the IPO and confirms that Tether became one of the company’s most important outside shareholders through that process.

Moreover, Tether has been active across a wide set of investments in 2026. On the same day as the Antalpha stake disclosure, reports also noted Tether’s participation in KAIO’s $8 million strategic round tied to tokenized real-world asset infrastructure. 

That deal followed other recent investments linked to crypto rails, settlement systems, and broader technology infrastructure.