Tether Takes 8.2% Stake in Bitmain-Tied Bitcoin Mining Lender Antalpha

Stablecoin giant Tether has emerged as one of the largest shareholders in Antalpha, deepening its involvement in the financing layer of the Bitcoin mining industry.

A Schedule 13D filed on April 20 shows that multiple Tether subsidiaries, along with chairman Giancarlo Devasini, collectively own 1.95 million ordinary shares of Antalpha, representing 8.2% of the company following its initial public offering.

The filing is based on a total of 23.68 million shares outstanding after the IPO, as disclosed in Antalpha’s final prospectus filed in May 2025.

The ownership disclosure provides the clearest confirmation yet of Tether’s role as a cornerstone investor in Antalpha’s public debut. The company raised approximately $49.3 million at an IPO price of $12.80 per share, implying the sale of about 3.82 million shares. Based on the 13D filing, Tether effectively subscribed to roughly half of the shares offered in the IPO.

Tether’s involvement had previously been signaled in Antalpha’s IPO filings, where the firm indicated a non-binding interest in purchasing up to $25 million worth of shares. The latest disclosure shows that interest translated into a substantial equity position, making Tether one of the most influential external backers of the company.

Antalpha, a financial servicing firm closely tied to Bitmain’s ecosystem, has positioned itself as a key financing conduit for the global Bitcoin mining sector. As previously reported, the company built a loan portfolio of roughly $1.6 billion by the end of 2024, focusing on bitcoin-backed lending and supply chain financing tied to mining hardware. Its model largely relies on third-party capital providers, allowing it to scale lending activity without holding credit risk directly on its balance sheet.

The firm has played a central role in restructuring mining exposure tied to Bitmain, particularly through its relationship with Cango. The former Chinese auto-financing company has pivoted into a large-scale bitcoin mining operator, backed by financing arrangements with Antalpha that allow it to borrow against its bitcoin holdings with flexible terms and no fixed cap in the early stages of the agreement.

In recent months, Cango liquidated a majority of its bitcoin holdings to deleverage the debts owed to Antalpha due to the market volatility.