In 2025, at the important milestone of completing its IPO, Antalpha continued to advance the systematic construction of its business structure and platform capabilities. The company, with Bitcoin-related financial services at its core, steadily progressed in key directions such as mining finance, product expansion, reserve asset-related layout, and standardized capital market operations, while simultaneously broadening its business boundaries and organizational capabilities.
With the optimization of the corporate governance structure and the implementation of multiple strategic initiatives, Antalpha's platform characteristics have gradually become clearer. By reviewing the 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
Consecutive Quarterly Growth, Steady Business Expansion
In the first three quarters of 2025, the company's revenue, profit, and asset structure maintained continuous growth, demonstrating a favorable overall business development trend.
Steady Revenue Growth, Continuous Improvement in Profitability
As of September 30, the cumulative revenue for the first three quarters reached approximately $51.67 million, a year-on-year increase of about 52%.
Alongside revenue growth, profitability significantly improved. The cumulative net profit for the first three quarters was $9.15 million, a year-on-year increase of 235%. The cumulative non-GAAP net profit reached $12.62 million, a year-on-year increase of 362%. Additionally, adjusted EBITDA was $14.75 million, a year-on-year increase of 280%. The adjusted EBITDA margin reached 29%, significantly higher than 11% in the same period last year, indicating continuous optimization of the business structure and improvement in operational efficiency.
The number of institutional clients increased by 28% year-on-year, and the TVL per client (calculated on a 12-month rolling basis) increased by 55% year-on-year. Antalpha continues to attract larger and higher-quality clients.
Growth in Platform Locked Value, Accelerated Business-Driven Expansion of Managed Scale, Increased Contribution from Platform-Based Business
From an asset structure perspective, the TVL of the company's core business continued to expand. At the end of the first three quarters, the platform TVL reached approximately $2.36 billion, a year-on-year increase of 60%. Among this, the scale of products related to hashrate loans and supply chain finance grew significantly by 76%. As of the end of Q3 2025, Antalpha provided financing for a hashrate capacity of 77.1 EH, accounting for about 7-8% of the global Bitcoin hashrate. TVL related to the technology platform increased by approximately 51% year-on-year, further enhancing the contribution of platform-based and structured business to the overall scale.
02 Business Layout and Product Expansion
Continuous Deepening of Bitcoin Financial Services, Solidifying Core Platform Positioning
Antalpha has always focused on the Bitcoin ecosystem, continuously providing diversified financing solutions for mining companies and other professional institutional clients. In terms of loan products, the company has continuously expanded services such as miner loans, electricity fee loans, and collateralized lending, maintaining stable operations and risk control. In supply chain finance, it continues to serve upstream and downstream hardware and hosting providers, forming an extensive financial support network. Simultaneously, the company has also innovated in gold-backed products, introducing hybrid collateral structures combined with XAU₮ to further enrich the overall asset portfolio.
Launch of "RWA Hub" and Expansion of Cross-Asset Service Model
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. The first phase supports XAU₮ as the underlying asset and opens modules including asset management, collateral liquidation, and risk control to external partners, enhancing liquidity in cross-asset scenarios and the scalability and synergy efficiency of financial services.
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 ticker symbol "ANTA", raising approximately $56.7 million in total (with the underwriters' over-allotment option fully exercised). This IPO marked a new stage for the company in the international capital markets, further consolidating Antalpha's global positioning in the Bitcoin ecosystem financial services sector. It also provided the company with more robust capital support to continuously expand its cross-regional business and product system.
Deep Involvement in Building Aurelion: The First Nasdaq-Listed Company with Tether Gold as Core Reserve Asset
In October 2025, Antalpha completed the strategic acquisition of Prestige Wealth Inc. and facilitated its renaming to Aurelion Inc. Post-transaction, Aurelion Inc. became the world's first Nasdaq-listed company focused on Tether Gold (XAU₮) as its reserve asset, trading under the ticker symbol AURE. Antalpha, as a cornerstone investor, invested $43 million in Aurelion Inc. and led its $100 million PIPE private financing. This transaction is a crucial part 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, exchange rate fluctuations, and uncertainties in the crypto 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 steadily enhancing the resilience and anti-cyclical capacity of its business. The company also deepened important collaborations in markets such as the Middle East and Southeast Asia, effectively strengthening regional resilience and anti-cyclical capabilities.
The company also iterated its client management mechanisms, transitioning from a generic product provider to a strategic partner with more customization and professional depth. Dedicated service teams were established for different client tiers to improve client stickiness and overall satisfaction.
05 Talent System Construction and Organizational Capability Enhancement
Addressing post-IPO governance requirements and global operational needs, Antalpha accelerated organizational capacity building in 2025: at the headquarters level, a dual-drive architecture centered on "product lines + regional markets" was clarified to enhance horizontal collaboration efficiency and vertical execution depth.
Simultaneously, the company introduced several talents with international backgrounds to key positions, strengthening the global configuration of technology, risk control, and compliance sectors. It also promoted the梯队建设 (梯队建设 -梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队建设梯队极建设 (talent pipeline development) for middle managers, ensuring continuous and stable operation of the business amidst multi-regional expansion.
Conclusion: Building Platform Thickness for the Long Term
2025 was a pivotal year for Antalpha. By continuously consolidating its financial product capabilities, expanding service asset boundaries, and using the capital market as a bridge for structural upgrades, 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 platform technology upgrades. Simultaneously, the company will continue to enhance its investor relations management capabilities, serving global investors with higher transparency and a more完善的 (improved) governance system.
About Antalpha
Antalpha is a leading financial technology company focused on providing financing, technology, and risk management solutions for institutions 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 using near real-time data.
