Tether-affiliated entities have recently announced a significant investment in Antalpha Platform Holding Company, acquiring 1.95 million ordinary shares through a Schedule 13D filing dated April 20. This investment constitutes an 8.2% stake in Antalpha, based on its 2025 post-IPO outstanding shares, numbering 23,677,500. Antalpha operates in the Bitcoin lending sector as the primary lending partner of Bitmain, a prominent player in the mining hardware industry, and currently manages a Bitcoin-backed loan portfolio estimated at nearly US$1.6 billion.
The shares were obtained during Antalpha’s initial public offering (IPO), which was priced at US$12.80 (approximately AU$17.92) per share, contributing to an overall capital raise of around US$49.3 million (around AU$69 million). Tether’s strategic acquisition of these shares indicates a move beyond its traditional stablecoin issuance into the burgeoning Bitcoin lending market.
### Overview of Antalpha
Antalpha markets itself as a financial technology platform dedicated to the Bitcoin mining ecosystem, offering loans secured by Bitcoin and mining equipment. As of late 2024, Antalpha’s loan portfolio is reportedly valued at US$1.6 billion (around AU$2.24 billion), with anticipated revenue for 2025 projected to reach nearly US$80 million (approximately AU$112 million). Furthermore, the company claims a net income of US$18.5 million (around AU$25.9 million), demonstrating profitability driven by increasing demand for mining financing and Bitcoin-backed loans.
The filing also highlights Tether’s chairman, Giancarlo Devasini, who exerts both voting and dispositive control over these shares due to his leadership role in Tether Global Investments Fund. This oversight implies that the investment is intended as a strategic venture rather than a mere financial acquisition.
Antalpha’s shares were valued at about US$9.30 (approximately AU$13.02) following the announcement, reflecting a more than 27% decrease from the initial IPO price. This dip offers Tether a pathway to engage with a publicly traded Bitcoin infrastructure entity during a period of market recalibration following a turbulent listing environment.
In summary, Tether’s investment in Antalpha underscores a strategic shift towards diversifying its holdings and capitalising on the expanding opportunities within the Bitcoin lending market, establishing a tighter nexus with the cryptocurrency mining landscape.
