Antalpha Reports 2025 Business Growth, IPO, and Strategic Acquisitions

In 2025, as Antalpha progresses toward a key milestone of its initial public offering, the company continues to systematically build and enhance its business structure and platform capabilities. Centered on Bitcoin-related financial services, Antalpha steadily advances in key areas such as mining finance, product expansion, reserve asset-related strategies, and standardized operations in capital markets, 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 have become increasingly clear. By reviewing its annual business performance and strategic progress, the company aims to provide investors and the market with a more structured perspective to better understand its current stage of development and the foundation for its medium- to long-term growth.

Continuous growth in the third quarter, with steady business expansion.

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

Revenue growth remains steady, and profitability continues to improve.

As of September 30, the company achieved cumulative operating revenue of approximately USD 51.67 million in the first three quarters, representing a year-over-year growth of approximately 52%.

While revenue grew, profitability also improved significantly. The company achieved a cumulative net profit of USD 9.15 million in the first three quarters, representing a 235% year-over-year increase. Under non-GAAP measures, cumulative net profit reached USD 12.62 million, a 362% increase compared to the same period last year. Additionally, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached USD 14.75 million, a 280% year-over-year increase. The adjusted EBITDA margin improved to 29%, up significantly from 11% in the same period last year, demonstrating ongoing optimization of the business structure and continuous improvement in operational efficiency.

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

The platform's locked capital scale is growing, business-driven acceleration is speeding up the expansion of managed assets, and platform-based businesses are contributing more.

From the asset structure perspective, the company's core business TVL (Total Value Locked) has continued to expand. As of the end of the first three quarters, the platform's TVL reached approximately $2.36 billion, representing a year-on-year increase of 60%. Among these, 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 a computing power capacity of 77.1 EH, accounting for approximately 7-8% of the global Bitcoin computing power. TVL related to the technology platform increased by about 51% year-on-year, further strengthening the contribution of platform-based and structured businesses to the overall scale.

Continuously deepen Bitcoin financial services to solidify the core platform positioning.

Antalpha has always been centered around the Bitcoin ecosystem, continuously providing diversified financing solutions to mining companies and other professional institutional clients. In terms of loan products, the company constantly expands services such as mining machine loans, electricity bill loans, and collateral-based lending, maintaining stable operations and risk control. In the field of supply chain finance, the company continues to serve upstream and downstream hardware providers and hosting services, forming a broad financial support network. At the same time, the company is also innovating in gold-backed products, combining XAU₮ to introduce hybrid collateral structures, further enriching its overall asset portfolio.

Launch the "RWA Hub" and Expand the Cross-Asset Service Model

In 2025, Antalpha will leverage its platform's resource integration capabilities to launch the RWA Hub, connecting traditional physical assets (such as gold) with on-chain financial infrastructure. The initial phase will support XAU₮ as the underlying asset, and will open key module capabilities—such as asset management, collateral liquidation, and risk control—to external partners. This initiative aims to enhance liquidity across asset scenarios, as well as the scalability and collaborative efficiency of financial services.

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 in gross proceeds (including the underwriters' option for an overallotment fully exercised). This IPO marks a new phase for the company as it enters the international capital market, further solidifying Antalpha's global positioning in the Bitcoin ecosystem financial services sector. It also provides the company with a more stable capital foundation to continuously expand its cross-regional business and product offerings.

Deeply involved in the development of Aurelion: the first NASDAQ-listed company with Tether Gold as its core reserve asset.

In October 2025, Antalpha completed a strategic acquisition of Prestige Wealth Inc. and initiated its rebranding to Aurelion Inc. Following the transaction, Aurelion Inc. became the first Nasdaq-listed company globally to specialize in Tether Gold (XAU₮) reserve assets, under the stock ticker AURE. Antalpha invested $43 million as a cornerstone investor in Aurelion Inc. and led its $100 million PIPE private placement. This acquisition is a key component of Antalpha's treasury strategy, promoting the digital ownership and cross-border allocation of physical gold assets within a compliant framework, while further enhancing the company's risk resilience amid inflation, currency fluctuations, and uncertainties in the cryptocurrency market.

In 2025, Antalpha made significant progress in expanding its global client base, continuously focusing on high-quality institutional clients and enhancing the resilience and anti-cyclical capabilities of its business. In 2025, Antalpha achieved notable advancements in global client development, deepening key collaborations in the Middle East and Southeast Asia markets, effectively strengthening the regional resilience and anti-cyclical capacity of its business.

The company is also synchronously iterating its customer management mechanisms, transitioning from a general product provider to a more customized and professionally in-depth strategic partner. Dedicated service teams are established for different customer tiers to enhance customer loyalty and overall satisfaction.

To meet post-IPO governance requirements and global operational needs, Antalpha accelerated its organizational capability building in 2025: at the headquarters level, it clearly established a dual-driven structure centered on "product lines + regional markets," enhancing cross-functional collaboration efficiency and vertical execution depth.

At the same time, the company has also introduced multiple talents with international backgrounds to key positions, strengthening the global deployment of technology, risk control, and compliance functions. It is also simultaneously advancing the development of middle-management talent pipelines to ensure the continuous and stable operation of business amid expansion across multiple regions.

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 as a bridge to achieve structural upgrades, the company has initially established a capability map for a multi-asset platform.

Looking ahead to 2026, Antalpha will continue to focus its efforts along three key paths: international compliance and implementation, deepening relationships with core clients, and upgrading platform technologies. At the same time, the company will continue to enhance its investor relations management capabilities, delivering greater transparency and a more robust governance framework to serve investors worldwide.

About Antalpha

Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions for institutional clients in the digital asset industry. Antalpha offers Bitcoin supply chain and margin lending through its 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.