Tether May Invest $25M in Antalpha’s Bitcoin Mining IPO

Stablecoin issuer Tether has indicated interest in purchasing up to $25 million worth of shares in Antalpha’s upcoming initial public offering, according to an amended F-1 filing last week.

The non-binding expression of interest would see Tether acquire shares at the IPO price and on the same terms as other investors. If completed, the investment would represent half of Antalpha’s $50 million target raise, signaling Tether’s deepening involvement in the financing layer of the Bitcoin mining ecosystem.

Antalpha, Bitmain’s miner financing arm, reported a $1.6 billion loan portfolio at the end of 2024. Its lending operations cater primarily to digital asset miners, offering both bitcoin-backed loans and supply chain credit.

Among its most prominent borrowers is Cango, a former Chinese auto-financing company that has rapidly repositioned itself as a Bitcoin mining proxy for Bitmain via Antalpha.

According to Cango’s 2024 annual filing, the firm entered a master loan agreement with Antalpha in November as part of its Bitcoin mining pivot, allowing it to borrow against its bitcoin holdings with no fixed loan cap in the first year to cover its mining hosting expenses payable to Bitmain. By year-end, Cango had pledged its entire 933.8 BTC treasury—valued at roughly $85 million—as collateral.

Earlier this year, Antalpha proposed a transaction to take over Cango, effectively transforming Cango into a publicly traded proxy for Bitmain’s proprietary mining operations. This structure has given Bitmain indirect exposure to U.S. capital markets without listing its own mining assets.

Tether’s potential investment could further validate this strategy while underscoring its growing appetite for mining infrastructure indirectly through the potential stake in Antalpha. As previously reported, Tether has increased its stake in Bitdeer to over 22% through a private placement and acquisition in the secondary market.