Antalpha Platform (NASDAQ:ANTA) reported second-quarter revenue of $12.2 million, down 28% from $17 million a year earlier, as the company cited a more measured financing environment across the digital-asset sector and continued to emphasize selective capital deployment.
Chief Financial Officer Paul Liang said the company prioritized portfolio quality, underwriting discipline and long-term risk-adjusted returns rather than loan growth during the quarter. Antalpha maintained its record of zero principal loss since inception, which Liang attributed to underwriting standards, active collateral management and broader risk-management processes.
Financing Activity Moderates
Technology financing fees totaled $7.7 million, down 40% year over year, reflecting lower financing activity and average loan balances. Technology platform fees rose 10% to $4.5 million, driven primarily by improved pricing in Antalpha’s margin-loan business.
Excluding contributions from the Cango facility, which was almost fully repaid during the first quarter of 2026, revenue declined 15% year over year, Liang said.
The total value of loans facilitated stood at $1.35 billion as of June 30, down from $1.61 billion at the end of the first quarter. Hash-rate financing reached about 30.9 exahash, representing approximately 3.1% of global Bitcoin network hash rate at quarter-end.
Funding costs were 69% of technology financing fee revenue, compared with 67% a year earlier. Liang said net fee margin improved by about 10 basis points year over year, primarily due to improved margin-loan pricing, while funding costs remained broadly stable.
During the question-and-answer session, Liang said Antalpha does not have a specific Bitcoin price threshold that would trigger stronger loan demand. He said the company and its customers remain conservative, though higher trading volumes and Bitcoin prices could lead to increased financing activity.
Liang also said the cost of mining varies among customers based on factors including mining equipment, electricity prices and site location. Some clients remain profitable at current Bitcoin prices, he said.
Losses Reflect Tokenized Gold Valuation Changes
GAAP operating loss was $25.1 million, compared with an operating loss of $0.5 million in the prior-year quarter. Operating expenses excluding fair-value losses on crypto assets were $15 million, down 14% year over year. Those expenses included $5.3 million in funding costs and about $1.3 million in non-cash equity-based compensation.
Net loss attributable to Antalpha was $12.5 million, compared with net income of $0.7 million in the second quarter of 2025. Adjusted EBITDA loss was $27.4 million, including approximately $26.2 million of unrealized losses tied to XAUT and XAUE holdings. Excluding those fair-value movements, adjusted EBITDA loss was $1.2 million.
Liang said Antalpha Prime, the company’s flagship financing platform, generated $12.2 million in standalone revenue and remained profitable on a standalone GAAP basis. Prime’s adjusted EBITDA loss of $3.3 million included a $3.9 million fair-value loss related to XAUE holdings. Excluding that loss, Prime generated adjusted EBITDA of $0.6 million, compared with $4 million in the prior-year period.
Aurelion contributed approximately $24.4 million of operating loss, primarily due to a $22.3 million fair-value loss on XAUT holdings. Liang said XAUT’s price declined from about $4,667 per unit at the start of the quarter to about $3,996 at quarter-end, before recovering to more than $4,300 as of Aug. 18.
As of June 13, Aurelion’s net asset value was approximately $91.9 million, reflecting $134.7 million in digital assets and cash, including 33,318 units of XAUT and XAUE, net of $42.8 million in debt. Based on Antalpha’s 32% economic interest, Aurelion represented about $29 million of attributable net asset value.
During the quarter, Aurelion completed a subscription of XAUE using 8,000 units of XAUT, which were staked into the protocol. Liang said yield generated from XAUE is recorded in the non-operating portion of Antalpha’s financial statements rather than as revenue. He characterized the yield as not significant during the quarter but said it marked an initial step toward generating returns from the holdings.
Nina Expands Mobile Availability
Antalpha also said it advanced Nina, its Web3 artificial-intelligence initiative, through product enhancements and publicly available iOS and Android applications. Nina has reached several thousand registered users across its website and mobile applications, with a majority completing at least one core product interaction.
Liang said the product remains in an early stage, with the company focused on improving usefulness, engagement, retention and functionality before further commercialization. Users have asked Nina about Bitcoin-price trends, economic topics and applications gaining traction, he said.
Third-Quarter Outlook
Antalpha forecast third-quarter revenue of between $10 million and $12 million. Liang said the company expects to remain selective in originating loans, with the principal constraint being the availability of opportunities that meet its risk-adjusted return thresholds rather than access to capital.
The company said it expects the pace of lending recovery to depend on market stability, collateral quality, pricing and borrower confidence. “We are not to review a TVL simply for the sake of balance sheet or revenue growth for the next quarter,” Liang said, referring to the company’s long-term approach to risk management and capital deployment.
About Antalpha Platform (NASDAQ:ANTA)
Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions.
