Antalpha 2025 Annual Business Review Report

In 2025, Antalpha, at an important milestone in its listing process, continues to advance the systematic construction of its business structure and platform capabilities. The company focuses on Bitcoin-related financial services and steadily promotes key directions such as mining finance, product expansion, reserve asset-related layouts, and standardized operations in the capital market, simultaneously expanding its business boundaries and organizational capabilities.

With the optimization of the company's governance structure and the implementation of multiple strategic initiatives, Antalpha's platform characteristics are gradually becoming clearer. By summarizing annual operational performance and strategic progress, the company aims to provide investors and the market with a more structured perspective to understand its current development stage and the foundation for medium- to long-term growth.

01 Financial Performance and Capital Structure

Continuous Growth in Q3, Steady Expansion of Business Volume

In the first three quarters of 2025, the company's revenue, profit, and asset structure maintained continuous growth, indicating a positive overall business development trend.

Steady Revenue Growth and Continuous Improvement in Profitability

As of September 30, the company achieved a cumulative operating revenue of approximately $51.67 million in the first three quarters, a year-on-year increase of about 52%.

While revenue grew, profitability significantly improved, with a cumulative net profit of $9.15 million in the first three quarters, a year-on-year increase of 235%. The cumulative net profit under non-GAAP reached $12.62 million, a year-on-year increase of 362%. Additionally, the adjusted EBITDA reached $14.75 million, a year-on-year increase of 280%, with an adjusted EBITDA margin of 29%, significantly up from 11% in the same period last year, reflecting ongoing improvements in business structure optimization and operational efficiency.

The number of institutional clients increased by 28% year-on-year, and the TVL (calculated on a rolling 12-month basis) per client grew by 55%, as Antalpha continued to attract larger and higher-quality clients.

Growth in Platform Lock-up Scale, Accelerated Management Scale Expansion Driven by Business, Increased Contribution from Platform Business

From the asset structure perspective, the company's core business TVL continues to expand. By the end of the first three quarters, the platform's TVL reached approximately $2.36 billion, a year-on-year increase of 60%. Among this, the scale of computing power loans and supply chain finance-related products grew significantly by 76%. As of the end of Q3 2025, Antalpha provided financing for 77.1 EH of computing power capacity, accounting for about 7-8% of the global Bitcoin computing power. The TVL related to the technology platform increased by approximately 51% year-on-year, further enhancing the contribution of platformized and structured business to the overall scale.

02 Business Layout and Product Expansion

Continuing to Deepen Bitcoin Financial Services, Solidifying Core Platform Positioning

Antalpha has always centered around the Bitcoin ecosystem, continuously providing diversified financing solutions for mining companies and other professional institutional clients. In terms of loan products, the company is constantly expanding services such as mining machine loans, electricity 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 widely covered financial support network. At the same time, the company is also innovating on gold-backed products, launching a hybrid collateral structure combined with XAU₮ to further enrich the overall asset portfolio.

Launching "RWA Hub" and Expanding Cross-Asset Service Models

In 2025, leveraging its platform resource integration capabilities, Antalpha launched the RWA Hub, connecting traditional physical assets (such as gold) with on-chain financial structures, initially supporting XAU₮ as the underlying asset, and opening up modules including asset management, collateral liquidation, and risk control to external partners, enhancing liquidity and the extensibility and collaborative efficiency of financial services across asset scenarios.

03 Capital Operations and Strategic Cooperation

Antalpha Completes Initial Public Offering (IPO)

In May 2025, Antalpha officially listed on the Nasdaq Global Market under the stock code "ANTA," raising approximately $56.7 million (with the underwriters' overallotment option fully exercised). This IPO marks a new phase for the company in the international capital market, further consolidating Antalpha's global positioning in the Bitcoin ecosystem financial services sector and providing the company with more robust capital support to continue expanding cross-regional business and product systems.

Deeply Involved in Building Aurelion: The First Nasdaq-Listed Company with Tether Gold as Core Reserve Asset

In October 2025, Antalpha completed a strategic acquisition of Prestige Wealth Inc. and facilitated its renaming to Aurelion Inc. After the transaction, Aurelion Inc. became the world's first Nasdaq-listed company focused on Tether Gold (XAU₮) as a reserve asset, with the stock code AURE. Antalpha invested $43 million in Aurelion Inc. as a cornerstone investor and led its $100 million PIPE private placement financing. This transaction is an important part of Antalpha's treasury strategy, promoting the digital holding and cross-regional allocation of physical gold assets within a compliant framework, and further enhancing the company's resilience against risks amid inflation, exchange rate fluctuations, and uncertainties in the cryptocurrency market.

04 International Market Expansion and Client Structure Upgrade

In 2025, Antalpha made significant progress in global client expansion, continuously focusing on high-quality institutional clients and enhancing the resilience and counter-cyclical capabilities of its business. The company deepened important collaborations in the Middle East and Southeast Asia markets, effectively strengthening regional resilience and counter-cyclical capabilities.

The company also iterated its client management mechanism, transitioning from a general product provider to a more customized and professionally deep strategic partner, establishing dedicated service teams for different client tiers to enhance client stickiness and overall satisfaction.

05 Talent System Construction and Organizational Capability Enhancement

In response to post-IPO governance requirements and global operational needs, Antalpha accelerated organizational capability building in 2025: at the headquarters level, it clarified a dual-driven structure centered on "product lines + regional markets," enhancing horizontal collaboration efficiency and vertical execution depth.

At the same time, the company introduced several talents with international backgrounds in key positions, strengthening global configurations in technology, risk control, and compliance, while also promoting the construction of a mid-level management team to ensure the continuous and stable operation of the business amid multi-regional expansion.

Conclusion: Building the Depth of Long-Termism

2025 is a pivotal year for Antalpha. By continuously solidifying its financial product capabilities, expanding service asset boundaries, and achieving structural upgrades through the capital market, the company has initially established a capability map for a cross-asset platform.

Looking ahead to 2026, Antalpha will continue to focus on three paths: international compliance implementation, deepening core client relationships, and upgrading platform technology. At the same time, the company will continue to enhance its investor relations management capabilities to serve global investors with higher transparency and a more complete governance system.

About Antalpha

Antalpha is a leading fintech company focused on providing financing, technology, and risk management solutions for institutional clients in the digital asset industry. Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform. Through this platform, clients can initiate and manage their digital asset loans, as well as monitor collateral positions in near real-time.