Tether disclosed in regulatory filings that it holds 1.95 million shares of Antalpha through its 2025 initial public offering (IPO), representing approximately 8.2% of the outstanding shares after the IPO. Antalpha provides lending and financing solutions to the Bitcoin mining industry and is a key partner of Bitmain. Antalpha went public on Nasdaq in May 2025, raising approximately $49 million at an offering price of $12.80 per share. Tether subscribed to more than half of the offered shares, becoming one of the largest investors. Antalpha's full-year revenue in 2025 increased to nearly $80 million, and net profit increased to $18.5 million, but its share price fell more than 27% this Monday, trading at approximately $9.30 per share.