Tether Invests Big in Bitcoin Mining Finance
Tether has invested in Antalpha, a Bitcoin mining finance company listed on Nasdaq. The stablecoin issuer acquired an 8.2% stake in the company through affiliated entities, holding 1.95 million shares. Tether's chairman, Giancarlo Devasini, has shared voting and dispositive power over these shares.
The investment is part of a broader push by Tether into various sectors. In February, it invested $100 million in Anchorage Digital, a federally chartered digital asset bank. It also acquired a 12% stake in Gold(dot)com for $150 million and led an investment in Eight Sleep with a valuation of $1.5 billion.
Tether's CEO Paolo Ardoino previously stated that the company has backed over 120 businesses through its venture arm, all funded from profits rather than USDT reserves. The stablecoin issuer issues USDT, which holds the top spot among stablecoins with a market cap of $187 billion.