"Antalpha's revenue grew 62% year over year in the third quarter. Our accelerating revenue growth and margin expansion underscores the scalability of our Prime lending platform, while capturing increasing demand from Bitcoin-mining financing and new lending scenarios, such as digital asset treasury financing," said Paul Liang, chief financial officer of Antalpha.
"A key driver of Antalpha's growth is our exposure to the burgeoning crypto market, which plays to Antalpha Prime's strength of leveraging over-collateralization and other risk-management measures to provide institutions liquidity to navigate crypto volatility," Mr. Liang added. "We are excited about the multitude of lending prospects surrounding the crypto market beyond bitcoin mining, and we are investing in new lending scenarios to develop a second growth curve."
Third Quarter 2025 Financial Highlights
For the three Months Ended September 30,
(In US$1 millions, unaudited)
2024
2025
YOY
Total Revenue
$13.0
$21.1
62%
Net income
$1.3
$7.0
440%
Net Income (non-GAAP)*
$1.3
$7.5
479%
Adjusted EBITDA (non-GAAP)*
$1.8
$8.5
361%
Adjusted EBITDA Margin (non-GAAP)*
14%
40%
26 pts
As of September 30,
(In US$1 millions, unaudited)
2024
2025
YOY
Supply Chain TVL
$513
$900
76%
Margin Loan TVL**
$962
$1,457
51%
Total Value of Loans (TVL) Facilitated
$1,475
$2,357
60%
* Please also see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures" below for further information on non-GAAP numbers.** Margin loans are facilitated by the Company as an agent (the Company does not assume default risk), and their balances are not recorded on the Company's Condensed Combined and Consolidated Balance Sheets.
Third Quarter 2025 Operating Highlights
Revenue growth continues to accelerate: The Company's year over year ("YOY") revenue growth reached 62% in Q3 25, accelerating from 49% in Q2 25 and 41% in Q1 25;
Customer network broadening industry reach: Antalpha financed 77.1 EH of hashrate capacity at the end of Q3 25, accounting for approximately 7–8% of global Bitcoin hashrate;
Strong customer acquisition and average TVL trends: The number of institutional clients grew 28% YOY and TVL per customer (on a 12-month rolling basis) increased 55% YOY, as Antalpha focused on larger, higher-quality clients;
Enhanced lending efficiency: Financing cost on supply chain loans declined to 5.18%, and net interest margin on margin loans improved 44 bps YOY to 1.63%, supported by increasing scale, stronger brand and greater pricing power;
Increasing profit margin: Adjusted EBITDA margin expanded to 40% in Q3 25. Excluding non-recurring items of $3.4 million in unrealized fair-value gain on Tether Gold holdings and $1.1 million in other non-operating income, Q3 25 Adjusted EBTIDA margin would have been 19%, compared to 14% a year ago;
Collaboration with Tether: Antalpha collaborated with Tether to launch Antalpha's RWA Hub, a dedicated RWA ("real world asset") platform to increase access to Tether Gold (XAU₮); and
Anchored Tether Gold DAT: The Company took control of Prestige Wealth Inc. NASDAQ: AURE), which will be renamed Aurelion, subject to customary approvals, and invested $43 million to anchor Aurelion's $100 million PIPE, making Aurelion the first Tether Gold RWA focused company listed on the NASDAQ. Aurelion has 368 million ordinary shares outstanding, and Antalpha holds a 32% equity stake and 73% voting right. The Company is evaluating the impact of these transactions on its financial statements and expects to consolidate Aurelion's financials subsequent to closing.
OutlookAssuming stable market conditions and ongoing solid demand for crypto-collateralized financing, Antalpha expects fourth quarter 2025 revenue to reach between $26 million and $28 million, reflecting 94% -109% year over year growth and continuing top-line growth at an accelerated pace.
This forecast reflects Antalpha's current preliminary view, which is subject to substantial risks and uncertainties. The Company is not obligated to update any forward-looking statements, except as required by law.
Conference Call InformationAntalpha's management will host a conference call today, November 10, 2025, at 8:00 a.m. Eastern Time to discuss the Company's financial results.
To attend, please register in advance at: https://register-conf.media-server.com/register/BI6e80fd2e26144070a2a883f680c352fb
Upon registration, you will receive a calendar invite email that includes dial-in number, passcode, and your unique access PIN.
A live webcast can be assessed at https://edge.media-server.com/mmc/p/eopwhsws.
A replay of the call will also be available on the Company's investor relations website at https://ir.antalpha.com.
Non-GAAP MeasuresIn addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates non-GAAP financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin.
The Company believes these adjustments eliminate the effects of certain non-cash and/or non-recurring items that the Company believes complements management's understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believes that non-GAAP measures may be helpful to investors, because they provide consistency and comparability with past financial performance and with how management views its financial performance.
Non-GAAP operating income represents operating income before share-based compensation expenses. Non-GAAP operating margin represents the ratio between Non-GAAP operating income and revenue.
Non-GAAP net income represents net income before share-based compensation expenses.
Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. The ...
