Tether investment in Ledn values crypto lender at $500M

Ledn’s latest funding move has drawn fresh attention after a major tether investment quietly valued the crypto lender at half a billion dollars.

Tether backs Ledn with multimillion-dollar deal

Stablecoin issuer Tether invested between $40 million and $50 million in Ledn in November, according to a person familiar with the transaction. The deal valued the lender, which offers bitcoin collateral loans and services in fiat and stablecoins, at about $500 million. However, when the companies announced a “strategic investment” at the time, they withheld the financial terms.

The price range and valuation were disclosed by a person with knowledge of the matter who requested anonymity because the information is private. Moreover, neither Ledn nor Tether responded to requests for comment by publication time, leaving the strategic rationale to be inferred from the firms’ broader activities.

Ledn’s bitcoin-focused pivot and business model

The investment gives Tether a stake in a crypto financial services company built around yield and credit products. Ledn lets individuals and institutions earn interest on, borrow against, and manage their digital assets, with a particular emphasis on Bitcoin. In May 2023, the firm, which is registered in the Cayman Islands, said it was moving to a bitcoin-only model to simplify its product suite and sharpen its focus.

That said, the fresh backing effectively makes the November deal a significant ledn funding round led by one of the sector’s most profitable issuers. The valuation also highlights ongoing investor appetite for infrastructure that supports secured lending and yield generation in a market still rebuilding from the last crypto credit cycle.

Tether’s profits and expanding deal pipeline

Tether, issuer of the USDT stablecoin, has been steadily ramping up its M&A and strategic deals under CEO Paolo Ardoino, who took over in 2023. The company earns significant returns on the U.S. Treasuries it holds to back its dollar-pegged token, which is the No. 1 stablecoin by market capitalization. In October 2023, it reported a nine-month profit of $10 billion, giving it ample firepower for new ventures.

Moreover, this transaction fits into a broader wave of stablecoin issuer investments that link traditional fixed-income revenues to higher-growth crypto and fintech projects. By backing a lender that specializes in bitcoin-secured borrowing and yield strategies, Tether deepens its exposure to on-chain financial services without operating those businesses directly.

Beyond crypto: Adecoagro and Juventus deals

Tether‘s recent acquisitions are not confined to digital assets. Last year, the company acquired control of Adecoagro, an agribusiness group that runs sugar mills, rice farms, dairy operations and renewable energy assets across Brazil, Argentina and Uruguay. The adecoagro control acquisition marked a notable diversification into real-economy infrastructure.

In European sports, Tether also bought a 10% stake in Italian football club Juventus. However, its bid to acquire majority shareholder Exor‘s 65.4% holding was rejected, leaving the firm with a juventus minority stake. These moves show how the issuer is deploying surplus cash into assets far removed from its core stablecoin franchise.

Bitcoin treasury strategy and accumulation

The company began 2026 by adding 8,888.88 BTC to its treasury as part of its fourth-quarter profit allocation plan. The purchase, worth about $780 million at prevailing prices, underscores a policy that has been in place since 2023. Under that framework, Tether allocates up to 15% of its realized quarterly operating profits to Bitcoin, turning it into a systematic buyer rather than a purely opportunistic trader.

This structured approach to tether bitcoin accumulation has quietly made the company one of the largest corporate holders of the asset. Furthermore, the same profit engine that funds its BTC purchases is now also supporting equity stakes and strategic tie-ups across industries, from crypto lending to agriculture and sports entertainment.

Strategic rationale and advisory

Within that broader context, the latest tether investment in Ledn looks like another step in building an ecosystem around digital asset finance. By anchoring its reserves in Treasuries and Bitcoin while backing lenders and operating companies, Tether is extending its influence across multiple layers of the market.

FT Partners served as financial adviser to Ledn on the strategic investment from Tether. In summary, the undisclosed November deal at a $500 million valuation adds a key crypto lending platform to the stablecoin issuer’s growing portfolio of strategic holdings.