Tether Holds Approximately 1.95 Million Shares of Bitcoin Mining Finance Company Antalpha, About 8.2% of Its Post-IPO Outstanding Shares
Tether disclosed in its latest regulatory filing that it holds approximately 1.95 million shares of Antalpha through its participation in the company's 2025 Nasdaq IPO, accounting for about 8.2% of its post-IPO outstanding shares, making it one of the significant shareholders of this Bitcoin mining finance company. Antalpha focuses on providing lending and financing solutions backed by BTC and mining machines for Bitcoin mining enterprises and is a key partner of Bitmain, the world's largest mining machine manufacturer. The company aims to raise approximately $49.3 million in its 2025 IPO, with an issue price of $12.80 per share, and Tether subscribed to more than half of the shares sold to investors at that time.
Despite Antalpha's latest financial report showing a year-on-year revenue growth of about 68% to nearly $80 million and a net profit that tripled to $18.5 million, the stock price fell over 27% in the latest trading day, closing at about $9.30, significantly below the issue price. Industry analysis indicates that many Bitcoin mining companies are shifting their computing power and infrastructure from "pure mining" to AI and high-performance computing businesses, resulting in limited valuation premiums for companies focused on mining financing models, putting Antalpha under short-term pressure. This transaction represents Tether's latest expansion into physical infrastructure and computing finance beyond crypto, AI, and robotics. Recently, it also led a funding round for sleep technology company Eight Sleep, valued at about $1.5 billion, and participated in the strategic financing of RWA startup Kaio.
Source: Public Information
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从结构上看，这不是一笔简单的“财务投资”，而是Tether在重构自身资产负债表：从持有短期美债与现金等价物的稳定币发行方，向掌握“算力—抵押品—现金流”链条的网络型资本方演进。 Antalpha所处的位置很关键——它直接面对矿企的算力与矿机库存，把高度波动的能源与算力业务，转译成有抵押、可计价、可证券化的融资资产池。Tether入股，相当于在比特币网络的“金融上游”插了一只脚。
股价下跌与业绩增长背离，本质上反映的是市场对“纯挖矿风险敞口”的重估。随着越来越多矿企把机房、电力与冷却基础设施切换到AI与高性能计算租赁，BTC价格不再是唯一的收益驱动因子，传统“挖矿金融”模式的风险画像被改变：抵押物仍是矿机与比特币，但现金流来源开始混入AI算力租赁，这在会计与风险管理上都更复杂。 资本市场对这类复杂性给出折价，导致Antalpha在“报表好看”的情况下，二级市场表现疲弱。
对Tether而言，把资金投向Antalpha、Eight Sleep、脑机接口和机器人公司，背后是一条更长的逻辑链：用稳定币积累的超额利润去买入“未来算力与数据入口”。 稳定币本身是美元负债，但只要可以通过高收益资产覆盖利息与赎回压力，Tether就能把一部分盈余转化为长期权益资产——这些资产在未来AI、健康科技、RWA与比特币基本盘中都有潜在溢价空间，这是一种“用当下美元现金流换未来技术红利”的跨周期配置。
更深层地，这也改变了比特币生态权力结构。过去矿企、矿机厂商与金融方相对分散，而当稳定币发行方直接入股矿业金融公司时，意味着“网络货币的最大发行者”开始渗透到“网络安全与算力供给”的上游。 这可能在未来形成一种新的集中：同一资本集团既掌握链上流动性的主要入口（USDT），又参与决定算力融资与挖矿扩张节奏，对比特币这一“去中心化系统”的实际运行权重，产生一种更隐蔽但更深远的影响.