Tether buys Antalpha’s shares for an 8.2% stake; the chairman has voting and disposal rights

According to the Schedule 13D filing submitted to the U.S. Securities and Exchange Commission (SEC) on April 20, Tether holds 1,950,000 shares of the bitcoin mining finance platform Antalpha through affiliated entities, representing an 8.2% stake. Tether chairman Giancarlo Devasini has voting and disposal rights over the aforementioned shares.

Details of the SEC Schedule 13D filing

(Source: SEC)

According to the Schedule 13D filing the SEC received on Monday, Tether’s 1,950,000 shares of Antalpha are held by affiliated entities, and Tether chairman Giancarlo Devasini has voting and disposal rights over the aforementioned shares. The filing also discloses that Tether and its affiliated entities may adjust the size of their holdings at any time based on market conditions and other factors.

According to Antalpha’s prospectus, Tether previously said it intended to buy up to $8B worth of Antalpha shares. Antalpha completed its IPO in May 2025 at a price of $12.80 per share, raising approximately $49.3 million. According to Google Finance data, Antalpha’s share price rose by about 7.2% in early trading on Monday to $9.97.

Antalpha business overview and financial data

Antalpha provides bitcoin-collateralized loan and equipment financing services to mining operators. As of the end of 2024, the loan portfolio was approximately $1.6 billion, and it has close business ties with the Bitmain ecosystem, the main supplier of bitcoin mining rigs. According to Antalpha’s financial announcements, full-year 2025 revenue was $79.7 million (up 68% year over year), and net profit was $18.5 million (more than triple year over year).

Tether’s recent major investment disclosures

According to public disclosures, Tether’s major investments in 2026 include:

March 2026: Co-led a $50 million funding round for Eight Sleep

February 2026: Acquired approximately 12% of Gold.com for $150 million, as an extension of its tokenized-gold business for XAUt

February 2026: Invested $100 million in Anchorage Digital, a federally chartered U.S. digital asset bank

Tether CEO Paolo Ardoino said on the X platform in July 2025 that Tether has invested in more than 120 companies through its venture investing division, with the related funds coming from company profits rather than stablecoin reserves.

Kaio participation and Tether valuation target

According to Kaio’s announcement on Monday, Tether participated in Kaio’s $8 million funding round. In the announcement, Kaio said: “Tether’s participation reflects a direct strategic alignment between the two parties. USDT has become a major settlement layer for cross-border capital flows. KAIO provides the next layer: structured, compliant institutional-grade yield channels for USDT holders.”

According to a report by Cointelegraph, this month there were reports that Tether is seeking a new round of financing, with a target valuation of $8B. Tether said that if investor demand is insufficient, it may delay the financing.

Frequently Asked Questions

How many shares of Antalpha does Tether hold, and where does the related information come from?

According to the Schedule 13D filing submitted to the SEC on April 20, 2026, Tether holds 1,950,000 shares of Antalpha through affiliated entities (8.2% stake). Tether chairman Giancarlo Devasini has voting and disposal rights over the relevant shares.

What are Antalpha’s main business and financial performance in 2025?

According to Antalpha’s financial announcements, Antalpha provides bitcoin-collateralized loans and equipment financing to mining operators. As of the end of 2024, the loan portfolio was about $1.6 billion; for full-year 2025, revenue was $79.7 million (up 68% year over year), and net profit was $18.5 million (up more than threefold year over year).

What other major investments for 2026 by Tether have been publicly disclosed?

According to public disclosures, Tether’s major investments in 2026 include: co-leading Eight Sleep’s $50 million funding round (March), acquiring about 12% of Gold.com for $150 million (February), and investing $100 million in Anchorage Digital (February).