The service boundaries continue to expand, and the platform's basic capabilities are strengthened and upgraded.
In 2025, Antalpha, having completed its IPO, continued to systematically develop its business structure and platform capabilities. With Bitcoin-related financial services at its core, the company steadily progressed in key areas such as mining finance, product expansion, reserve asset development, and standardized capital market operations, simultaneously expanding its business scope and organizational capabilities.
With the optimization of its corporate governance structure and the implementation of multiple strategic initiatives, Antalpha's platform characteristics are gradually becoming clearer. By reviewing its annual operating performance and strategic progress, the company hopes to provide investors and the market with a more structured perspective to understand its current stage of development and the foundation for medium- to long-term growth.
01 Financial Performance and Capital Structure
Continued growth in the third quarter, with steady expansion of business volume.
In the first three quarters of 2025, the company's revenue, profit and asset structure maintained continuous growth, and the overall business development trend was good.
Revenue growth is steady and profitability continues to improve.
As of September 30, the company's cumulative revenue for the first three quarters was approximately US$51.67 million, representing a year-on-year increase of approximately 52%.
While revenue increased, profitability improved significantly. Net profit for the first three quarters totaled US$9.15 million, a year-on-year increase of 235%, and non-GAAP net profit reached US$12.62 million, a year-on-year increase of 362%. Furthermore, adjusted EBITDA was US$14.75 million, a year-on-year increase of 280%, and the adjusted EBITDA margin reached 29%, a significant increase compared to 11% in the same period last year, demonstrating the continuous improvement in business structure optimization and operational efficiency.
Antalpha saw a 28% year-over-year increase in institutional clients and a 55% year-over-year increase in TVL per client (on a 12-month rolling basis), continuing to acquire larger and higher-quality clients.
The platform's locked-up assets have increased, business-driven growth has accelerated the expansion of managed scale, and the contribution of platform-based business has improved.
From an asset structure perspective, the company's core business, TVL (Total Value Added), continued to expand. At the end of the first three quarters, the platform's TVL reached approximately US$2.36 billion, a year-on-year increase of 60%. Among these, the scale of computing power lending and supply chain finance-related products grew significantly by 76%. As of the end of the third quarter of 2025, Antalpha provided financing for 77.1 EH of computing power, accounting for approximately 7-8% of global Bitcoin computing power. Technology platform-related TVL increased by approximately 51% year-on-year, further strengthening the contribution of platform-based and structured businesses to the overall scale.
02 Business Layout and Product Expansion
Continue to deepen Bitcoin financial services and solidify the core platform's positioning.
Antalpha remains focused on the Bitcoin ecosystem, continuously providing diversified financing solutions to mining companies and other professional institutional clients. In terms of loan products, the company is constantly expanding its services to include mining machine loans, electricity bill loans, and collateralized lending, maintaining stable operations and risk control. In supply chain finance, it continues to serve upstream and downstream hardware and custodians, forming a broad financial support network. Simultaneously, the company is innovating in gold-backed products, launching a hybrid collateral structure using XAU₮ to further enrich its overall asset portfolio.
Launching "RWA Hub" and expanding its cross-asset service model
In 2025, Antalpha launched RWA Hub, leveraging its platform resource integration capabilities, to connect traditional physical assets (such as gold) with on-chain financial structures. It initially supported XAU₮ as the underlying asset and opened up modules such as asset management, staking and clearing, and risk control to external partners, thereby improving liquidity and the scalability and collaborative efficiency of financial services across asset scenarios.
03 Capital Operations and Strategic Cooperation
Antalpha completes its initial public offering (IPO).
In May 2025, Antalpha officially listed on the Nasdaq Global Market under the ticker symbol "ANTA," raising approximately $56.7 million (underwriters' options were fully exercised for over-allotment). This IPO marks a new stage in the company's entry into the international capital market, further solidifying Antalpha's global position in Bitcoin ecosystem financial services and providing the company with more robust capital support to continue expanding its cross-regional business and product portfolio.
Deeply involved in the construction of Aurelion: the first Nasdaq-listed company with Tether Gold as its core reserve asset.
In October 2025, Antalpha completed its strategic acquisition of Prestige Wealth Inc. and renamed it Aurelion Inc. Following the transaction, Aurelion Inc. became the world's first Nasdaq-listed company focused on Tether Gold (XAU₮) reserve assets, with the ticker symbol AURE. Antalpha invested $43 million in Aurelion Inc. as a cornerstone investor and led its $100 million PIPE private placement. This transaction is a key component of Antalpha's treasury strategy, not only promoting the digital holding and cross-regional allocation of physical gold assets within a compliant framework but also further enhancing the company's resilience against inflation, currency fluctuations, and uncertainties in the crypto market.
04 International Market Expansion and Customer Structure Upgrading
In 2025, Antalpha made significant progress in global client expansion, continuing to focus on high-quality institutional clients and enhancing the resilience and counter-cyclical capabilities of its business. Antalpha also deepened its key partnerships with the Middle East and Southeast Asia markets, effectively strengthening the regional resilience and counter-cyclical capabilities of its business.
The company is also iterating its customer management mechanism, transforming itself from a general product provider to a more customized and professional strategic partner, and setting up dedicated service teams for different customer levels to improve customer loyalty and overall satisfaction.
05 Talent System Development and Organizational Capability Enhancement
In response to post-IPO governance requirements and global operation needs, Antalpha accelerated its organizational capacity building in 2025: at the headquarters level, it defined a dual-engine architecture centered on "product lines + regional markets" to improve horizontal collaboration efficiency and vertical execution depth.
At the same time, the company has also introduced several talents with international backgrounds to key positions, strengthened the global configuration of the technology, risk control and compliance sectors, and promoted the development of the middle management team to ensure the continued stable operation of the business in the context of multi-regional expansion.
Conclusion: Building a Platform for Long-Term Vision
2025 is a pivotal year for Antalpha. By continuously strengthening its financial product capabilities, expanding the boundaries of its service assets, and leveraging the capital market to achieve structural upgrades, the company has initially established a capability map across asset platforms.
Looking ahead to 2026, Antalpha will continue to focus on three key areas: international compliance, deepening its core customer base, and upgrading its platform technology. At the same time, the company will continue to enhance its investor relations management capabilities, serving global investors with greater transparency and a more robust governance system.
About Antalpha
Antalpha is a leading fintech company focused on providing financing, technology, and risk management solutions to institutions in the digital asset industry. Antalpha offers Bitcoin supply chain and margin lending through its Antalpha Prime technology platform. This platform allows clients to initiate and manage their digital asset loans, as well as monitor their collateral positions using near real-time data.
