Tether-Linked Entities Take 8.2% Antalpha Stake

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Tether-linked entities have disclosed an 8.2% stake in Antalpha Platform Holding, the Nasdaq-listed Bitcoin mining finance company tied to Bitmain’s mining hardware ecosystem. A Schedule 13D filed on April 20 shows Tether Global Investments Fund, Tether Investments and Tether chairman Giancarlo Devasini beneficially own 1.95 million Antalpha ordinary shares.

The stake gives Tether another position in the lending and collateral infrastructure behind Bitcoin mining. Antalpha provides loans and technology services to institutional miners, with products backed by BTC and mining machines rather than the conventional credit channels many miners struggle to access.

The Shares Came From Antalpha’s IPO

The filing says the Tether-linked investors acquired the shares in Antalpha’s May 2025 initial public offering at the IPO price and used cash from working capital. Each reporting person has shared voting and dispositive power over the 1.95 million shares.

Antalpha’s own prospectus had already shown Tether as a large IPO buyer. It said Tether was allocated 1.95 million shares, equal to about 50.6% of the shares offered in the deal and about 8.4% of Antalpha’s ordinary shares immediately after the offering, before any over-allotment.

Antalpha Finances Bitcoin Mining Growth

Antalpha describes itself as Bitmain’s primary lending partner and says it provides supply chain financing to companies in the Bitcoin mining industry. Its Antalpha Prime platform lets customers apply for and manage digital asset loans while giving the company a way to monitor collateral positions.

The company said it had facilitated $2.8 billion in loans from inception through the end of 2024, including supply chain loans it originated and Bitcoin loans it serviced. Its supply chain loan book rose from $344 million at the end of 2023 to $428.9 million at the end of 2024.

Tether Expands Its Mining Finance Exposure

The Antalpha position fits Tether’s push into infrastructure around BTC, mining and collateralized digital asset finance. The filing says Tether Investments focuses on strategic investments in areas including sustainable Bitcoin mining operations, artificial intelligence, peer-to-peer platforms and financial infrastructure.

Antalpha has also been moving closer to Tether’s own products. In May 2025, the company said it planned to allocate up to $40 million equivalent to Tether Gold, or XAUt, and use the tokenized gold asset as part of its collateral strategy for lending.

For Tether, the stake appears to add more than exposure to another public crypto company. It puts the USDT issuer closer to the lending infrastructure that helps miners finance machines, operating costs and Bitcoin-backed borrowing. For Antalpha, Tether’s position adds a shareholder with direct interest in mining, stablecoins and tokenized collateral.