Crypto World
VARA’s New Playbook for Crypto Derivatives: What Dubai’s Crypto Firms Must Now Follow
Dubai’s Virtual Assets Regulatory Authority (VARA) published Version 2.1 of its Exchange Services Rulebook on March 31, setting formal rules for crypto exchange-traded derivatives (ETDs) for the first time.
The updated framework applies to all licensed Virtual Asset Service Providers (VASPs) offering exchange services in the emirate. It covers client suitability, leverage controls, asset segregation, and disclosure standards.
What Dubai’s New Derivatives Framework Requires
VARA now allows both institutional and retail participation in crypto derivatives. However, retail access comes with strict guardrails.
Retail leverage is limited to a maximum of 5:1, requiring a minimum 20% initial margin. That figure sits well below offshore platforms, where exchanges have previously offered leverage of up to 100x on certain contracts.
Before onboarding any retail client, VASPs must conduct suitability assessments covering financial position, trading experience, and risk tolerance.
Firms must restrict access where products fall outside a client’s risk profile.
Margin accounts must be segregated from standard trading accounts. VASPs cannot use one client’s funds to finance margin positions for another client, even with consent.
Monthly written statements are also required.
VARA Retains Emergency Powers
The regulator granted itself broad authority to step in during periods of market stress. Available measures include suspending specific products, requiring position liquidations, and increasing margin requirements.
In urgent scenarios, VARA can act without prior notice to contain market disruption.
VASPs must also maintain an insurance fund for ETD services, with minimum balances set by the regulator. The fund may hold virtual assets, fiat currency, or approved stablecoins.
The framework builds on Version 2.0, released in May 2025, which first codified margin trading rules and tighter compliance obligations for Dubai-based VASPs.
The post VARA’s New Playbook for Crypto Derivatives: What Dubai’s Crypto Firms Must Now Follow appeared first on BeInCrypto.
TLDR
- Coinbase has launched crypto-backed USDC loans for users in the United Kingdom through Morpho on Base.
- UK customers can borrow USDC against Bitcoin, Ethereum, and cbETH without selling their holdings.
- The platform allows loans to be issued in under one minute, and funds can be used onchain or converted to fiat.
- Coinbase offers Bitcoin-backed loans up to $5 million USDC, depending on the collateral pledged.
- Interest rates remain variable and update with Base block production instead of following a fixed schedule.
Coinbase has introduced crypto-backed USDC loans for customers in the United Kingdom. The company allows users to borrow against Bitcoin, Ethereum, and cbETH without selling assets. It powers the product through Morpho on Base and issues loans in under one minute.
Coinbase and Morpho Expand USDC Lending to the UK
Coinbase rolled out the borrowing service after expanding its US product earlier this year. The company routes all loans through Morpho’s onchain lending infrastructure on Base. As a result, users access open market liquidity instead of a traditional internal loan book.
The platform allows customers to borrow USDC against pledged crypto assets. Coinbase said borrowers can use funds onchain or convert them into fiat for spending. The company confirmed that interest rates remain variable and update with Base block production.
Coinbase reported that total loan originations through Morpho exceeded $2.17 billion USDC as of April 14, 2026. The figure reflects activity before the product’s first international launch. Morpho described the integration as “one of the largest DeFi distribution moves to date.”
Bitcoin, Ethereum, and cbETH Back UK Borrowing
The UK version supports Bitcoin, Ethereum, and cbETH as eligible collateral. Coinbase offers Bitcoin-backed loans up to $5 million USDC, depending on pledged assets. The company applies variable interest rates determined by onchain markets.
Borrowers do not face a fixed repayment schedule under the current structure. However, the system can liquidate positions if loan value rises too high against collateral. Coinbase stated that rates adjust automatically with each new Base block.
The company launched its US borrowing product in January 2025. At that time, eligible US customers could borrow USDC against Bitcoin through Morpho. The company structured those loans with variable rates set by onchain supply and demand.
Coinbase said the UK expansion aligns with its broader consumer finance plans. Over the past year, the company secured UK VASP registration from the Financial Conduct Authority. It also introduced a GBP savings account in partnership with ClearBank.
The company expanded decentralized exchange trading access for British customers during the same period. Now, it adds borrowing as another feature for UK users. Coinbase aims to convert idle crypto balances into accessible liquidity.
The product operates fully on Morpho’s decentralized lending framework. Coinbase connects customers directly to liquidity pools on Base. Therefore, the company avoids maintaining its own lending inventory.
Coinbase confirmed that loans can be issued in less than one minute. Users can draw USDC immediately after pledging collateral. The company stated that the process runs entirely through smart contracts on Base.
Coinbase continues to monitor loan originations across supported markets. As of April 14, 2026, total originations surpassed $2.17 billion USDC. The UK launch marks the company’s first expansion of the Morpho-powered borrowing product outside the United States.
Japan Securities Clearing Corporation (JSCC), part of Japan Exchange Group (JPX), said Monday it will launch a proof of concept with Mizuho Financial Group, Nomura Holdings and Digital Asset to test the use of Japanese government bonds as digital collateral on the Canton Network.
The project will examine whether Japanese Government Bonds (JGBs) can be transferred and managed onchain while maintaining the legal status of the bonds under the Book-Entry Transfer Act and the Financial Instruments and Exchange Act.
The trial will also test whether integrating existing systems with Canton’s blockchain infrastructure can support more sophisticated, real-time collateral transactions on a 24/7 basis, including in cross-border use cases.
Japan’s Financial Services Agency selected the initiative in February for support under its Payment Innovation Project, which is part of the FinTech PoC Hub, the announcement states.
The trial puts one of the world’s biggest sovereign bond markets into the live debate over whether collateral can move more efficiently across digital market infrastructure without breaking existing legal and supervisory frameworks.
The companies said the trial comes as the use of digital assets accelerates in the United States and other markets, with momentum also building in Japan, and that the outcome is expected to inform discussions on how JGBs might be used in digital collateral processes, though no commercial rollout has been specified.
Related: Japan approves bill to classify crypto as financial instruments
Canton expands government bond tests
An earlier Canton pilot in December 2025 saw tokenized US Treasuries reused as collateral in real time between major dealers and market participants, including Bank of America and Société Générale.
Those tests highlighted the potential to reuse high-grade government securities onchain across multiple participants, and the new JGB trial extends that approach to Japan’s government bond market.
Separately, in February, the United Kingdom’s government appointed HSBC’s Orion platform to host issuance for its Digital Gilt Instrument pilot in the Bank of England’s Digital Securities Sandbox as it explores distributed ledger technology for sovereign debt.
Cointelegraph reached out to JSCC and Digital Asset for comment, but had not received a response by publication.
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Sentient’s suspected team wallet just moved 687 million SENT — around $11.52 million and 9.49% of supply — into a fresh address, putting AI-token treasury risk back in focus.
Summary
- Suspected Sentient team multisig moves 687m SENT, or 9.49% of circulating supply
- Transfer worth about $11.52m raises fresh questions over token supply overhang
- Move follows months of volatile SENT trading as AI-linked tokens stay in focus
A suspected Sentient (SENT) team multi-signature wallet has transferred 687 million SENT, worth around $11.52 million, into a new address, on-chain data from Arkham Intelligence shows.
According to Arkham’s monitoring dashboard, the funds moved from address 0x5b54…9C0f to 0xF9D7…262A roughly 20 minutes before the alert was published, marking one of the largest single shifts in SENT supply since the token’s launch.
Data from CoinMarketCap indicates that the 687 million SENT represents about 9.49% of the token’s 7.23 billion circulating supply, underscoring how concentrated holdings in team-linked wallets remain.
At current prices near $0.017 per SENT, the transfer’s implied value aligns with Arkham’s roughly $11.52 million estimate, although SENT has traded as high as $0.0231 in recent weeks amid renewed interest in AI-related tokens.
Arkham describes its platform as “a comprehensive blockchain intelligence platform designed to make understanding blockchain activity easier for its users,” a toolset that has increasingly been used by traders to track large team and whale movements across tokens.
The firm has previously flagged activity in long-dormant Bitcoin wallets moving more than $250 million in BTC, showing how similar alerts can precede shifts in market sentiment when large holders reposition.
For SENT holders, the key question is whether the 687 million tokens have been repositioned for custody, internal restructuring or eventual distribution, since any sizable redeposit to exchanges could increase perceived sell pressure.
SENT’s circulating supply of 7.23 billion sits against a total supply of 34.35 billion, leaving significant headroom for future unlocks or transfers from team and treasury wallets, a dynamic that has been a recurring risk factor across the AI-token sector.
Recent coverage on crypto.news of Arkham-tracked whale moves, including a dormant Bitcoin whale moving $250 million in BTC and activity around Satoshi-linked addresses, has shown how on-chain forensics can front-run major flows in both blue-chip and niche assets.
As Arkham notes in a broader guide to blockchain intelligence, on-chain monitoring is now a core part of trading, compliance and even law enforcement workflows, and large internal transfers like today’s Sentient move will likely remain under close watch from market participants.
Key points:
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Buyers aggressively bought into the dip in Bitcoin, indicating positive sentiment. That increases the possibility of a rally to $84,000.
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Several major altcoins have pulled back to their support levels, signaling that the bears remain sellers on rallies.
Bitcoin (BTC) corrected over the weekend but is finding buyers at lower levels, indicating a positive sentiment. According to SoSoValue data, US spot BTC exchange-traded funds recorded $996 million in inflows last week, the best weekly performance since early January.
The cryptocurrency recovery may be at risk if the US and Iran do not reach a deal before the two-week ceasefire ends on Wednesday, or if the ceasefire is not extended. Trading resource Mosaic Asset Company said in its newsletter that “intensifying hostilities could unwind the bullish action over the past few weeks.”
However, the short-term uncertainty could not stop Michael Saylor’s Strategy from adding more BTC to its portfolio. The BTC treasury company purchased 34,164 BTC between April 13 and April 19 for $2.54 billion, according to an 8-K filing with the US Securities and Exchange Commission on Monday. That boosted Strategy’s holdings to 815,061 BTC acquired for $61.56 billion.
Could buyers resume the relief rally in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) rallied sharply last week, rising to a new all-time high of 7,147 on Friday.
The sharp upward move propelled the relative strength index (RSI) into overbought territory, suggesting the index is at risk of a minor consolidation or pullback in the short term. The first support on the downside is at the breakout level of 7,002, followed by the 20-day exponential moving average (6,828). If the price rebounds off the 20-day EMA, it signals that the uptrend remains intact.
Sellers have an uphill task ahead of them. They will have to swiftly yank the price below the moving averages to signal a comeback.
US Dollar Index price prediction
The US Dollar Index (DXY) turned down sharply from the 20-day EMA (98.73) on April 13 and dropped to the 97.74 support on Friday.
The index is attempting to initiate a relief rally but is expected to encounter selling pressure at the 20-day EMA. If the price again turns down from the 20-day EMA, the possibility of a break below the 97.74 level increases. That may sink the price to the 96.21 support.
The index is likely to remain inside the 95.55 to 100.54 range for a while longer. The next trending move is expected to begin on a close above the 100.54 resistance or below the 95.55 support.
Bitcoin price prediction
BTC has bounced off the 20-day EMA ($72,832), suggesting the bulls are seeing dips as buying opportunities.
The bears are unlikely to give up easily and will attempt to halt the recovery in the $76,000 to $78,333 zone. If the BTC price turns down from the overhead zone and breaks below the moving averages, it suggests that the market has rejected the breakout.
On the other hand, a break and close above the overhead resistance zone signals the resumption of the up move. The BTC/USD pair may then skyrocket to $84,000 and eventually to the pattern target of $92,000.
Ether price prediction
Buyers tried to push Ether (ETH) above the $2,415 level on Saturday, but the bears held their ground. That started a pullback to the 20-day EMA ($2,252).
Buyers will have to fiercely defend the 20-day EMA and secure a close above the $2,415 level to signal the resumption of the relief rally. If they do that, the ETH/USDT pair may march to the $2,800 level.
Sellers are likely to have other plans. They will attempt to push the ETH price below the moving averages, keeping the pair within the $1,916 to $2,415 range for some time.
BNB price prediction
BNB (BNB) continues to oscillate between $570 and $687, signaling a balance between supply and demand.
The flattish moving averages and the RSI near the midpoint do not signal an advantage either to the bulls or the bears. If the BNB price breaks above $650, the next target is likely $687.
Instead, if the price breaks below the 20-day EMA, the BNB/USDT pair may plunge toward the range’s support at $570. The next trending move is expected to begin on a close above $687 or below $570.
XRP price prediction
XRP (XRP) has been consolidating between the $1.27 support and the $1.61 resistance for several days.
The flattish moving averages and the RSI just above the midpoint suggest that the range-bound action may extend for a few more days. Buyers will have to achieve a close above the downtrend line to signal a potential trend change. The XRP price may then surge to $2.
On the downside, a break and close below the $1.27 level signals that the bears are back in the driver’s seat. There is support at the $1.11 level, but that may be broken. The XRP/USDT pair may then tumble toward the support line of the descending channel pattern.
Solana price prediction
Solana (SOL) fell below its moving averages on Sunday, suggesting that higher levels are attracting sellers.
The flattish moving averages and the RSI near the midpoint indicate that the range-bound action may continue for a while. If the price remains below the moving averages, bears will attempt to push the SOL/USDT pair toward the $76 support.
Buyers will have to push the SOL price above the $90 level to open the door to a rally toward the $98 resistance. A close above the $98 level suggests the start of a sustained recovery to the $117 level.
Related: Bitcoin daily gains near 3% as stocks ignore US-Iran war threat, oil drops
Dogecoin price prediction
Dogecoin (DOGE) turned down from the $0.10 psychological level on Friday and has fallen to the moving averages.
The flat moving averages and the RSI near the midpoint do not give either buyers or sellers a clear advantage. If the DOGE price breaks below the moving averages, the $0.09 support may be tested. A break below the $0.09 level may start the next leg of the downward move to $0.08 and subsequently to $0.06.
Buyers will have to push the price above the $0.10 level and maintain it to signal strength. The DOGE/USDT pair may then climb toward the $0.12 resistance level, where bears are expected to step in.
Hyperliquid price prediction
Hyperliquid (HYPE) fell back below the breakout level of $43.76 after staying above it for several days.
The bulls are attempting to halt the pullback at the 20-day EMA ($41.03), but the bears continue to exert pressure. If the 20-day EMA gives way, the HYPE/USDT pair may plummet toward the 50-day SMA ($38.09) and then toward $34.45.
On the contrary, a bounce off the 20-day EMA suggests that the lower levels continue to attract buyers. The bulls will then attempt to drive the HYPE price above the $45.77 level again. If they succeed, the pair may skyrocket to the $50-$51.43 zone.
Cardano price prediction
Cardano (ADA) rose above the 50-day SMA ($0.26) on Friday, but the bulls could not sustain the higher levels.
The ADA/USDT pair turned lower on Saturday, falling below the $0.25 level. Sellers will attempt to strengthen their position by driving the ADA price below $0.23. If they manage to do that, the pair may resume its downtrend to $0.22 and later to the support line of the descending channel pattern.
Buyers will have to push the price above the downtrend line and maintain it there to signal a potential short-term trend change. The pair may then rise to $0.32, then to $0.37.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
TLDR
- Strategy purchased 34,164 BTC for about $2.54 billion at an average price of $74,395 per coin.
- MSTR stock fell more than 2.5% in pre-market trading after the announcement.
- The company now holds 815,061 BTC acquired for about $61.56 billion.
- Strategy funded the purchase through preferred and common stock sales.
- Michael Saylor said the company achieved a 9.5% BTC yield year-to-date in 2026.
Strategy expanded its Bitcoin holdings with a $2.54 billion purchase, yet MSTR stock fell in pre-market trading. The company disclosed that it acquired 34,164 BTC at an average price of $74,395 per coin. However, shares declined more than 2.5%, even as the firm increased its treasury reserve.
Bitcoin Purchase Expands Corporate Treasury
Strategy confirmed in a Form 8-K filing with the U.S. Securities and Exchange Commission that it completed the acquisition last week. The company funded the transaction through capital raised from its at-the-market equity programs. As a result, Strategy increased its total Bitcoin holdings to 815,061 BTC.
Michael Saylor announced the purchase on X and stated that the company achieved a 9.5% BTC yield year-to-date in 2026. He said Strategy acquired its total holdings for about $61.56 billion at an average price of $75,527 per Bitcoin. Therefore, the company’s cost basis stands close to current Bitcoin prices in the mid-$75,000 range.
Strategy reported that it raised $2,542.3 million during the reporting period. It generated $2,176.3 million in net proceeds from selling 21,795,389 shares of STRC preferred stock. It also secured $366.0 million from issuing 2,165,000 shares of Class A common stock.
The company stated that it still holds $19,463.0 million in remaining STRC issuance capacity. It also listed $26,729.7 million available under common stock offerings. Consequently, Strategy retains room to pursue further Bitcoin acquisitions using equity markets.
MSTR Stock Reacts to Funding Structure
MSTR stock declined more than 2.5% in pre-market trading following the disclosure. The drop occurred despite the company expanding its Bitcoin reserve by over 34,000 BTC in one week. Market participants assessed the impact of ongoing share issuance on existing shareholders.
Peter Schiff criticized the financing approach and said the model could lead to continued shareholder dilution. He pointed to preferred shares carrying an 11.5% yield as part of the capital structure. He stated that Strategy “is moving toward more expensive forms of capital.”
Strategy’s dashboard showed a BTC reserve value of $58,756 million based on internal metrics. The company reported Bitcoin per share at 205,812 sats and an mNAV ratio of 1.28. It also listed $8,254 million in debt and a net leverage ratio of 10%.
The company disclosed annual dividend obligations of $1,237 million tied to preferred stock. It reported 47.5 years of dividend coverage based on its current Bitcoin holdings. The latest filing confirmed that capital markets remain the primary funding source for ongoing Bitcoin purchases.
Since Paul Atkins was sworn in as chair of the US Securities and Exchange Commission (SEC) on April 21, 2025, the agency has significantly changed its position on regulation and enforcement related to digital assets, marking a shift from the leadership of former chair Gary Gensler during the Biden administration.
During his 2024 presidential campaign, Donald Trump made removing Gensler one of his promises to the crypto industry, along with creating a national Bitcoin (BTC) stockpile and opposing the issuance of a US central bank digital currency.
His November 2024 election win led to Gensler’s resignation in January 2025 and the appointment of SEC commissioner Mark Uyeda as acting chair of the financial regulator until the Senate could confirm Atkins as Trump’s pick to lead the agency.
Even before the Senate voted to confirm Atkins, the SEC was already signaling a change in crypto regulation and enforcement under Trump. Uyeda oversaw the creation of an SEC crypto task force headed by Commissioner Hester Peirce and the agency began to drop civil enforcement actions and investigations into crypto companies, starting with Coinbase in February.
The first 12 months of Atkins’ chairmanship has seen the SEC push policies and approaches to regulation widely viewed as favorable to the crypto and blockchain industry.
In addition to wrapping up enforcement actions, the regulator has approved multiple exchange-traded funds tied to various crypto assets, signed a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) over coordination on digital asset regulation and issued an interpretative notice on not treating most cryptocurrencies as securities under federal law.
Related: One year after Gary Gensler’s exit, SEC’s crypto playbook looks very different
“A year goes by quickly, but we’ve made huge progress, I think,” said Atkins in a Monday CNBC interview. “I promised a new day at the SEC when I came aboard, and we have. We’ve pivoted from the old practice of regulation through enforcement and the opaqueness of the agency, as, for example, with crypto.”
SEC chair faces scrutiny from Democratic lawmakers
While many in the crypto industry have lauded Atkins’ approach to digital assets since taking office, Congressional Democrats have criticized the SEC and chair for potential conflicts of interest following dropped investigations and enforcement actions against companies tied to Trump and his family.
Last week, Massachusetts Senator Elizabeth Warren accused the SEC chair of misleading Congress in his testimony before a House committee in February. Warren said in an April 15 letter that the SEC’s own data from the 2025 fiscal year showed the agency had fewer enforcement actions than at any point in the previous 10 years.
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Early Threats Recovery Plan
The first phase focuses on recovery actions in case of the failure of classical cryptography. Engineers will introduce a comprehensive migration trajectory, which will require users to transfer funds to quantum-secure accounts. Moreover, the strategy will guarantee that user assets are not exposed in case of a transition event caused by compromised keys. Ripple engineers are exploring zero-knowledge proof systems that prove ownership of existing accounts without disclosing any private keys. As a result, the network will be able to promote safe migrations and safeguard sensitive information. The XRP Ledger already has building blocks that facilitate this approach such as seed-based key generation.
The second step is concerned with testing the algorithms suggested by the National Institute of Standards and Technology. In addition to in-house testing, Ripple has collaborated with Project Eleven to build hybrid signing systems that fuse existing and post-quantum techniques. The next stage will involve developers starting to incorporate new signature systems with the existing elliptic curve techniques. Additionally, developer networks will begin to be tested to enable applications to be modified. Ripple will also analyse encryption tools that uphold privacy and compliance to tokenized assets.
The final stage involves a full transition toward post-quantum cryptography within the XRP Ledger ecosystem. Ripple therefore intends to implement protocol changes that will facilitate the adoption of new signature systems on a large scale. This move will transition the network from testing into full deployment in line with the stated timeline. The XRP Ledger already includes features to enable long-term resilience against quantum risks. Notably, key rotation enables users to refresh private keys without changing accounts, and deterministic generation of keys enables security upgrades to be controlled. These functionalities will provide a foundation for future upgrades as quantum technology advances.
David Schwartz raised fresh concerns about integrating decentralized finance bridges for Ripple’s RLUSD stablecoin. He focused on security risks after reviewing several cross-chain systems. Besides that, his findings showed that most protocols had strong technical foundations but still faced deployment weaknesses.
I evaluated a lot of DeFi bridging systems for use by RLUSD. I was almost exclusively focused on the security and risk aspect. One thing I noticed is that most schemes were very well designed and had really strong mechanisms available to protect against exactly the type of attack…
— David ‘JoelKatz’ Schwartz (@JoelKatz) April 20, 2026
However, he stressed that operational decisions often weaken security layers. Many teams prioritize ease of use and faster expansion across networks. Consequently, critical safeguards get overlooked, which increases exposure to exploits across connected chains.
Convenience Trade-Offs Create Vulnerabilities
Schwartz explained that several bridge systems discourage full use of key security features. He noted that developers avoid complex safeguards due to cost and operational challenges. Moreover, this approach creates gaps that attackers can exploit during high-value transactions.
Additionally, he linked this pattern to recent exploit cases in the DeFi sector. He pointed out that convenience-driven decisions reduce resilience against advanced attacks. Hence, systems that appear secure in design may fail under real-world pressure.
KelpDAO Exploit Reflects Broader Risks
The recent attack on KelpDAO involved the loss of around $292 million tied to rsETH tokens. Attackers exploited cross-chain messaging linked to LayerZero infrastructure. Significantly, the exploit relied on manipulating transaction validation processes.
On-chain data showed that about 116,500 rsETH tokens moved to attacker-controlled wallets. Moreover, the attacker used these assets as collateral on Aave V3 to borrow ETH and WETH. Consequently, the funds moved through Tornado Cash to obscure transaction trails.
Cross-Chain Weaknesses Raise RLUSD Concerns
Schwartz noted similarities between the exploit and potential risks for RLUSD integration. He suggested that ignoring LayerZero’s advanced security features may have contributed to the breach. Additionally, he described the attack as more complex than initially expected.
Moreover, he emphasized that cross-chain infrastructure introduces multiple points of failure. Each connection between networks increases risk exposure. Hence, stablecoin systems relying on such bridges must prioritize strict validation mechanisms.
Broader Ecosystem Flags Additional Risks
Concerns also extend to wrapped assets such as wXRP on other networks. An XRPL validator highlighted counterparty risks tied to issued tokens across chains. Besides that, ecosystem participants continue to evaluate governance changes for lending protocols.
However, some developers argue that proposed updates may not deliver strong utility for XRP holders. Meanwhile, discussions continue around collateral use cases and protocol efficiency.
Tether has disclosed an 8.2% stake in Antalpha, acquiring about 1.95 million Antalpha shares through related entities. The position, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission, places the stablecoin issuer among Antalpha’s largest shareholders following the mining-focused lender’s May 2025 initial public offering. Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the stake, according to the filing. The document also notes that Tether and its affiliates may adjust their holdings over time in response to market conditions and other factors.
Antalpha operates in the Bitcoin-backed lending and equipment-financing space, catering to mining operators. The company reported a loan portfolio of about $1.6 billion as of the end of 2024 and maintains close ties to the Bitmain ecosystem, a major supplier of mining hardware.
Antalpha raised roughly $49.3 million in its IPO, at $12.80 per share. Tether had previously signaled a potential interest in purchasing up to $25 million worth of shares.
In its latest annual figures, Antalpha posted 2025 revenue of $79.7 million, up 68% year over year, with net income rising to $18.5 million—more than triple the previous year’s figure. On the day of the disclosure, Antalpha’s stock climbed about 7.2% to around $9.97 in early trading, according to Google Finance data.
Source: Cointelegraph, based on the Schedule 13D filing and Antalpha’s financial disclosures.
Key takeaways
- Tether now holds roughly 1.95 million Antalpha shares, representing an 8.2% stake and giving the founder’s circle voting power over the position, per the Schedule 13D.
- The stake arrives after Antalpha’s May 2025 IPO, with Tether previously indicating interest in buying up to $25 million of shares.
- Antalpha’s core business centers on Bitcoin-backed lending and mining equipment financing, with a reported $1.6 billion loan portfolio at year-end 2024 and ties to the Bitmain ecosystem.
- Tether’s broader investment strategy is to deploy profits across crypto infrastructure, tokenized assets, and related tech—new bets alongside existing holdings in Eight Sleep, Gold.com, Anchorage Digital, and a Kaio-backed round.
- The stablecoin issuer remains the dominant player in the market, with USDT accounting for about $187 billion in market capitalization and the total stablecoin market near $320.7 billion.
Antalpha and the mining-finance niche
Antalpha’s business model emphasizes liquidity and equipment financing for mining operators, a space that has drawn interest from investors seeking exposure to the cyclical upswing of crypto mining. The company’s sizable loan portfolio signals a continued focus on securing scalable credit lines for operators navigating equipment cycles and capital expenditure needs. Its connection to Bitmain’s ecosystem underscores a strategic alignment with a major supplier in the mining hardware sector, potentially easing access to hardware and related financing channels for clients.
Tether’s stake: governance, strategy, and potential impacts
The Schedule 13D filing confirms that Tether’s stake in Antalpha is substantial enough to position the company as a major shareholder. With Devasini listed as sharing voting and dispositive power, the arrangement signals an intentional governance role in Antalpha’s ongoing development. While the filing notes that Tether and its affiliates may adjust their position over time, the move reflects a broader pattern of Tether diversifying beyond its core stablecoin operations into strategic investments across crypto finance, infrastructure, and real-world asset initiatives.
Cointelegraph has previously reported on Tether’s expansive capital deployment—an approach that taps profits from USDT to fund ventures across mining, AI, financial services, and tokenized assets. The recent Antalpha stake complements a portfolio that has included investments in tokenized real assets and regulated financial infrastructure. The company’s strategy has included selective allocations to fintech and on-chain finance ventures, with profits fueling these bets rather than reserve-backed liquidity alone.
Tether’s broader venture footprint and what it signals
Beyond Antalpha, Tether’s investment activity this year has spanned several notable deals. In March, the company led a $50 million funding round for Eight Sleep, a firm building sleep-focused wellness hardware and software, which valued the company at around $1.5 billion. In February, Tether acquired a roughly $150 million stake in Gold.com, representing about 12% ownership, as part of its push to widen access to tokenized gold through its XAUt stablecoin product. In the same month, Tether announced a $100 million equity investment in Anchorage Digital, a federally chartered U.S. digital asset bank that provides custody, settlement, and stablecoin issuance services to institutional clients.
CEO Paolo Ardoino has publicly highlighted the breadth of Tether’s venture exposure, noting that the firm has invested in more than 120 companies through its venture arm, with funding drawn from profits rather than from stablecoin reserves. This approach aims to diversify the company’s revenue streams and digital-asset ecosystem exposure while maintaining a cautious stance toward custodial and regulatory-compliant ventures.
Earlier this month, reports surfaced that Tether could pursue fresh capital at a valuation around $500 billion, with the company signaling that fundraising could be delayed if investor appetite does not materialize. The stake in Antalpha, along with the broader lineup of strategic bets, reinforces a narrative of continuous expansion into crypto infrastructure and related industries—an approach that aligns with Tether’s long-term ambition to anchor a broader ecosystem around stablecoins and on-chain finance.
Market context and what to watch next
Antalpha’s performance, combined with Tether’s growing investment footprint, offers a window into how stablecoin issuers are recalibrating their role in the crypto economy—from liquidity providers to strategic accelerators for on-chain assets, mining finance, and tokenized real-world assets. For investors, the key questions revolve around governance outcomes, the impact on Antalpha’s strategy and profitability, and how Tether’s venture portfolio may influence regulatory and market perceptions of stability-backed capital in crypto markets.
As the crypto landscape evolves, observers will watch how Tether’s stake translates into governance influence at Antalpha, how Antalpha leverages this partnership to scale its lending and financing operations, and how the broader set of Tether-backed ventures interacts with growth in mining, asset tokenization, and institutional-grade on-chain infrastructure.
Readers should stay attentive to Antalpha’s quarterly results and any subsequent regulatory disclosures that illuminate how such strategic holdings shape governance, risk, and value creation in the mining-finance niche and beyond.
Tether has taken an 8.2% stake in Antalpha, making the stablecoin issuer one of the company’s largest shareholders following its May 2025 initial public offering (IPO), according to a Monday filing.
The Schedule 13D filing with the US Securities and Exchange Commission indicates that Tether now holds 1.95 million shares through related entities, with Giancarlo Devasini, chairman of Tether, sharing voting and dispositive power over the position.
The filing also states that Tether and its related entities may increase or reduce their holdings over time depending on market conditions and other factors.
Antalpha provides Bitcoin-backed lending and equipment financing to mining operators, reporting a loan portfolio of about $1.6 billion as of the end of 2024, and is closely tied to the Bitmain ecosystem, a major supplier of mining hardware.
Antalpha raised about $49.3 million in last year’s IPO at $12.80 per share, according to its prospectus. Tether had previously indicated interest in purchasing as much as $25 million worth of shares.
Antalpha reported 2025 revenue of $79.7 million, up 68% year over year, while net income rose to $18.5 million, more than tripling from the previous year.
On Monday, its shares rose about 7.2% to around $9.97 in early trading, per Google Finance data.
Tether is the issuer of Tether (USDT), the largest stablecoin by market capitalization, with a market cap of about $187 billion, roughly 58.4% of the total stablecoin market, which stands near $320.7 billion, according to DefiLlama data.
Related: Tether announces $150M recovery program for Drift Protocol
Tether expands investments across crypto infrastructure and beyond
Tether’s investment in Antalpha comes as the company is using its recent profits to expand into a range of sectors tied to digital assets, including mining, artificial intelligence, financial services and tokenized assets.
Earlier on Monday, real-world asset tokenization protocol Kaio said Tether participated in an $8 million funding round.
“The participation of Tether reflects direct strategic alignment,” the announcement said. “USDT has become the dominant settlement layer for cross-border capital flows. KAIO provides the next layer: structured, compliant access to institutional-grade yield for USDT holders.”
In March, Tether led a $50 million investment in Eight Sleep, a company that develops sleep-focused products such as smart mattresses and wellness systems, valuing it at $1.5 billion.
In February, the company acquired a $150 million stake in Gold.com, representing about 12% ownership, as part of a push to expand access to tokenized gold through its XAUt product.
The same month, Tether made a $100 million equity investment in Anchorage Digital, a federally chartered US digital asset bank that provides custody, settlement and stablecoin issuance services to institutional clients.
CEO Paolo Ardoino said in July that Tether has invested in more than 120 companies through its venture arm, with those investments funded from company profits rather than stablecoin reserves.
Earlier this month, Tether was reported to be seeking fresh capital at a $500 billion valuation, with the company indicating it could delay the raise if investor demand falls short.
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