Antalpha Platform Holding Company

Total revenue was $12.2 million, down 28% year over year from $17 million in Q2 2025. Technology financing fees were $7.7 million, down 40% year over year, while technology platform fees were $4.5 million, up 10% year over year. Total value of loans facilitated was $1.35 billion at June 30, versus $1.71 billion at the end of Q1; hash rate financing was approximately 30.9 exahash, or about 3.1% of the global Bitcoin network hash rate. Funding costs were 69% of technology financing fees, versus 67% a year ago, and net fee margin improved by about 10 basis points year over year. Operating expenses excluding fair value loss on crypto assets were $15 million, down 14% year over year; GAAP operating loss was $25.1 million versus $0.5 million last year; net loss attributable to Antalpha was $12.5 million versus net income of $0.7 million; adjusted EBITDA loss was $27.4 million, including about $26.2 million of unrealized loss related to XAUt and XAUE holdings, or $1.2 million excluding those fair value movements. Prime's stand-alone adjusted EBITDA was $0.6 million excluding a $3.9 million fair value loss on Prime XAUE holdings. Aurelion's operating loss was about $24.4 million, primarily due to about $22.3 million of fair value loss as XAUt fell from about $4,667 to about $3,996 per unit. Management expects Q3 2026 revenue between $10 million and $12 million.

Management framed the quarter as a reflection of a more measured financing environment, saying customers were focused on liquidity, efficiency, and capital allocation. The CEO/lead executive emphasized that Antalpha is staying selective, prioritizing long-term risk-adjusted returns, and preserving its record of 0 principal loss since inception. He also highlighted early progress in Nina and the strategic case for tokenized gold through Aurelion, while stressing that neither business is yet mature enough to materially change near-term results.

The CFO said revenue came in at $12.2 million, above the midpoint of guidance, with declines mainly tied to lower average loan balances and the earlier Cango facility comparison. He pointed to improved economics in the core business, including net fee margin up about 10 basis points year over year and funding costs broadly stable at 69% of technology financing fees. He also noted operating expenses excluding crypto fair value loss were $15 million, down 14% year over year, and explained that the large consolidated loss was driven by unrealized fair value losses on XAUt and XAUE rather than the underlying Prime lending business, which remained profitable on a stand-alone basis. He reiterated a selective deployment posture and guided Q3 revenue to $10 million to $12 million.

Analysts asked about the yield on XAUE holdings and whether that yield flows through revenue; management said the yield is not recorded as revenue and is booked in the nonoperating part, adding that yield generation is still small but an important first step. Questions also focused on what Bitcoin level would be needed to revive borrowing demand; management said there is no single threshold and that a recovery depends more on trading volume, price stability, collateral quality, and borrower confidence. On Nina, management said the app is still in the validation stage, with users engaging broadly around Bitcoin trends and crypto/economic topics, and that the near-term goal is usability, engagement, retention, and feature expansion. Management reiterated that it has capital to deploy, but will not chase TVL or loan growth without meeting risk-adjusted return hurdles.