Antalpha 2025 Annual Business Review Report
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Antalpha 2025 Annual Business Review Report
After successfully listing in 2025, Antalpha achieved comprehensive business growth by deepening its Bitcoin financial services, launching the RWA Hub, and completing strategic acquisitions. Revenue increased by 52%, TVL reached $2.36 billion, and it is gradually building a global fintech ecosystem across asset platforms.
Navigating Web3 tides with focused insightsService Boundaries Continue to Expand, Platform Foundational Capabilities Strengthen and Upgrade
In 2025, at the important milestone of completing its IPO, Antalpha continued to advance the systematic construction of its business structure and platform capabilities. With Bitcoin-related financial services at its core, the company steadily progressed in key directions such as mining finance, product expansion, reserve asset-related layout, and standardized capital market operations, 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 have gradually become clearer. By reviewing its 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 its medium- to long-term growth.
01 Financial Performance and Capital Structure
Consecutive Quarterly Growth, Business Scale Steadily Expands
In the first three quarters of 2025, the company maintained continuous growth in revenue, profit, and asset structure, with overall business development showing a positive trend.
Revenue Growth Remains Robust, Profitability Continues to Improve
As of September 30, the company's cumulative revenue for the first three quarters reached approximately USD 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 USD 9.15 million, a year-on-year increase of 235%, while the cumulative non-GAAP net profit reached USD 12.62 million, a year-on-year increase of 362%. Additionally, adjusted EBITDA was USD 14.75 million, a year-on-year increase of 280%, and the adjusted EBITDA margin reached 29%, significantly higher than the 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) grew by 55% year-on-year. Antalpha continues to attract larger and higher-quality clients.
Platform Locked Value Grows, Business-Driven Acceleration in AUM Expansion, Contribution from Platform-Based Business Increases
From an asset structure perspective, the TVL of the company's core business continues to expand. By the end of the first three quarters, the platform's TVL reached approximately USD 2.36 billion, a year-on-year increase of 60%. Among this, the scale of hashrate loans and supply chain finance-related products 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. Technology platform-related TVL 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
Continuously Deepening Bitcoin Financial Services, Solidifying Core Platform Positioning
Antalpha consistently centers its efforts on the Bitcoin ecosystem, continuously providing diversified financing solutions for mining enterprises and other professional institutional clients. In terms of loan products, the company continues to expand services such as mining machine 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 partners, forming an extensive financial support network. Simultaneously, the company innovates in gold-backed products, introducing hybrid collateral structures 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, it opened capabilities including asset management, collateral liquidation, and risk control modules to external partners, enhancing liquidity in cross-asset scenarios and improving 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 USD 56.7 million in total (with the underwriters' over-allotment option fully exercised). This IPO marked the company's entry into a new stage in the international capital markets, further solidifying Antalpha's global positioning in Bitcoin ecosystem financial services. It also provided the company with more robust capital support to continue expanding its cross-regional business and product systems.
Deep Involvement in Building Aurelion: The First Nasdaq-Listed Company with Tether Gold as Its 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₮) reserve assets, trading under the ticker symbol AURE. Antalpha invested USD 43 million as a cornerstone investor in Aurelion Inc. and led its USD 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 risk resilience amid inflation, currency fluctuations, and crypto market uncertainties.
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 capabilities of its business. The company deepened important collaborations in the Middle East and Southeast Asian markets, effectively strengthening regional business resilience and anti-cyclical capacity.
The company also iterated its client management mechanisms, transitioning from a generic product provider to a strategic partner offering more customized and professionally in-depth services. Dedicated service teams were established for different client tiers to improve client stickiness and overall satisfaction.
05 Talent System Construction and Organizational Capability Enhancement
Aligning with post-IPO governance requirements and global operational needs, Antalpha accelerated organizational capability building in 2025: at the headquarters level, it established a clear dual-drive structure centered on "product lines + regional markets" to enhance horizontal collaboration efficiency and vertical execution depth.
Simultaneously, the company introduced several internationally experienced talents to key positions, strengthening the global configuration of technology, risk control, and compliance sectors. It also promoted the development of a middle-management talent pipeline to ensure the continuous and stable operation of the business amid multi-regional expansion.
Conclusion: Building Platform Depth for Long-Termism
2025 was a pivotal year for Antalpha. By continuously solidifying its financial product capabilities, expanding service asset boundaries, and leveraging capital markets 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 key 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 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 for institutions in the digital asset industry. Through the Antalpha Prime technology platform, Antalpha offers Bitcoin supply chain and margin loans. Via this platform, clients can initiate and manage their digital asset loans and monitor collateral positions using near real-time data.
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