Tether's Next Bet: Antalpha Targets NASDAQ IPO This Year

Singapore-based financial technology firm Antalpha is set to launch its initial public offering (IPO) on the NASDAQ exchange, aiming to raise up to $46 million. The company, a key lending partner of Bitcoin (BTC) mining giant Bitmain, will be offering approximately 3.85 million ordinary shares under the ticker symbol "ANTA" at an anticipated price range of $11.00 to $13.00 per share.

At the midpoint of the proposed price range, Antalpha would have a market capitalization of approximately $277 million. The offering is expected to commence on Thursday.

Over the 12 months ending December 31, 2024, Antalpha reported revenue of $47 million and a net loss of $21 million. The company’s subsidiary, Antalpha Prime Technology, provides digital asset loans, enabling borrowers to borrow stablecoins or fiat currency against their cryptocurrency holdings.

Moreover, Antalpha manages a web3-focused funding venture, Antalpha Ventures, which has actively invested in a diverse portfolio of early-stage Web3, blockchain, and digital asset infrastructure companies. Among its investments are Avalon Labs, Solv Protocol, Orderly Network, DAOBase, Mint Blockchain, and CoinFX.

In a separate development, the company disclosed that Tether, the issuer of the USDT stablecoin, will be purchasing up to $25 million worth of shares in the offering, representing about 54% of the deal. This commitment from Tether follows its recent foray into artificial intelligence with the launch of Tether.ai earlier this year.

The company’s move to go public comes amid a surge in crypto companies seeking listings in the United States. Earlier this year, Animoca Brands and eToro also announced their plans to apply for IPOs in the second half of 2024.

Furthermore, Antalpha’s close relationship with Bitmain positions it strategically within the Bitcoin mining ecosystem. The firm provides loans for the purchase of crypto mining machines and also offers Hashrate loans in USD-denominations.

The IPO is subject to the effectiveness of a registration statement that has been filed with, and will be declared by, the U.S. Securities and Exchange Commission (SEC).

The securities can be sold only with a prospectus, which may be obtained by visiting the company’s website or contacting the company directly.

Those interested in learning more about Antalpha can visit its website at www.antalpa.com or contact:

* The Institution Investor Relations: ir@antalpa.com

* The Public Relations: pr@antalpa.com