Core Insights - Antalpha has partnered with Malca-Amit to create a seamless exchange service for Tether Gold (XAU₮) and physical gold in Hong Kong, highlighting gold's role as a stable asset amid global economic volatility [1][9] - The market capitalization of XAU₮ has increased significantly from approximately $800 million to $2.2 billion in five months, indicating a shift towards digital gold ownership [2] - Antalpha aims to enhance the security of XAU₮ through collaboration with Malca-Amit, leveraging LBMA standards and establishing a gold reserve mechanism for better risk management [3][4] Security and Infrastructure - Malca-Amit, as a full LBMA member, holds ISO certifications for quality and information security, ensuring high standards for the custody of physical assets [4] - Antalpha is developing a "physical-digital" ecosystem by deploying vault nodes in major financial centers, linking custodians and trading platforms to facilitate asset exchange [7] - The partnership aims to reduce the settlement cycle for gold exchanges to T+1 business days, improving efficiency for clients [8] Market Strategy - Antalpha's strategy focuses on creating a resilient infrastructure for gold trading, positioning XAU₮ as a key asset similar to Bitcoin, due to its historical value retention [5] - The company is enhancing the XAU₮ ecosystem by improving market-making networks and providing innovative lending solutions to increase liquidity [6] - Starting December 12, Antalpha will offer bulk exchange services for institutional clients, allowing for physical delivery of gold in Hong Kong [9][10]

Core Viewpoint - Antalpha Platform Holding Company has announced a share repurchase program of up to $10 million, reflecting strong operational performance and financial flexibility to enhance shareholder value [1][2]. Group 1: Share Repurchase Program - The board of directors has authorized a share repurchase program of up to $10 million, effective through December 31, 2026 [1]. - The repurchases may occur on the open market, in privately negotiated transactions, or through block trades, depending on market conditions [2]. Group 2: Financial Performance - Antalpha has demonstrated strong operating momentum with accelerating revenue growth and expanding margins [2]. - The company is experiencing growing institutional interest in its risk-management measures, which provide clients with liquidity amid crypto volatility [2]. Group 3: Strategic Investments - Antalpha's anchor investment in Aurelion, a Tether-Gold-RWA-focused company, is expected to enhance balance sheet resilience [2]. - The investment will enable Antalpha Prime to expand its loan offerings, including XAU₮-backed loans, to help clients manage market volatility [2]. Group 4: Company Overview - Antalpha is a leading fintech company that specializes in financing, technology, and risk management solutions for institutions in the digital asset industry [3]. - The company offers Bitcoin supply chain and margin loans through its Antalpha Prime technology platform, allowing customers to manage their digital asset loans and monitor collateral positions in near real-time [3].

Financial Performance - Antalpha's revenue increased by 62% year over year in Q3 2025, reaching $21.1 million compared to $13.0 million in Q3 2024[3][5] - Net income surged by 440% year over year to $7.0 million, up from $1.3 million in the same quarter last year[5] - Adjusted EBITDA margin improved to 40% in Q3 2025, a 26 percentage point increase from 14% in Q3 2024[5][13] - Operating income for Q3 2025 reached $1,688,083, a significant increase from $1,205,605 in Q3 2024, representing a growth of 40%[24] - Non-GAAP operating income for the nine months ended September 30, 2025, was $5,867,592, up from $2,392,809 in the same period of 2024, reflecting a growth of 145%[24] - Net income (non-GAAP) for Q3 2025 was $7,530,328, a substantial increase from $1,300,113 in Q3 2024, marking a growth of 480%[24] - Adjusted EBITDA for the nine months ended September 30, 2025, was $14,751,422, compared to $3,879,402 in the same period of 2024, indicating a growth of 280%[24] - The operating margin (non-GAAP) for the nine months ended September 30, 2025, improved to 11%, up from 7% in the same period of 2024[24] - Share-based compensation for Q3 2025 amounted to $512,154, contributing to the overall increase in net income[24] - Income tax expense for Q3 2025 was $611,921, compared to $319,530 in Q3 2024, reflecting an increase of 92%[24] - Depreciation and amortization expense for the nine months ended September 30, 2025, totaled $833,943, up from $549,638 in the same period of 2024, indicating a growth of 52%[24] Growth Metrics - Total Value of Loans (TVL) facilitated grew by 60% year over year, reaching $2.357 billion compared to $1.475 billion in Q3 2024[5] - The number of institutional clients increased by 28% year over year, with TVL per customer rising by 55% year over year[6] - Antalpha expects Q4 2025 revenue to be between $26 million and $28 million, indicating a year-over-year growth of 94% to 109%[7] - Supply Chain TVL increased by 76% year over year, from $513 million to $900 million[5] Strategic Initiatives - The company financed 77.1 EH of hashrate capacity, accounting for approximately 7-8% of the global Bitcoin hashrate[6] - Antalpha's collaboration with Tether led to the launch of the RWA Hub, aimed at increasing access to Tether Gold[13] - The company invested $43 million to anchor Aurelion's $100 million PIPE, acquiring a 32% equity stake and 73% voting rights[13] Operational Focus - The company continues to focus on enhancing its operating income and EBITDA margins through strategic initiatives and cost management[24]

Financial Data and Key Metrics Changes - Total revenue reached $21.1 million, up 62% year-over-year, marking the third consecutive quarter of acceleration [11] - Tech financing fee on supply chain loans was $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year [12] - Adjusted EBITDA margin reached 40% in Q3, compared to 14% a year ago, excluding non-recurring items [15] Business Line Data and Key Metrics Changes - Tech platform fee on margin loans doubled year-over-year to $5.5 million [11] - Average loan amount per customer for supply chain loans is approximately $32 million, while for margin loans it is roughly $47 million, both growing over 50% year-over-year [33] Market Data and Key Metrics Changes - The number of institutional clients increased by 28% year-over-year in Q3 [12] - Total value of loans (TVL) per customer on a 12-month rolling basis increased by 55% year-over-year [12] Company Strategy and Development Direction - The company is focusing on globalization and the NLPaaS RWA hub as strategic priorities for growth [6][7] - The acquisition of Prestige Wealth, renamed Aurelion, is a pivotal milestone in the company's treasury strategy, aiming to grow Aurelion to a $10 billion Tether Gold DATT over time [9][17] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for Q4 to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is leveraging its platform to drive sustainable revenue growth, expand margins, and strengthen its balance sheet [15] Other Important Information - Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago [13] - The company is seeing new lending scenarios emerging from the large growing crypto market [5] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it organically all NLPaaS? - Management clarified that they do not derive revenue from Aurelion; instead, Aurelion raises capital and lends gold to strengthen NLPaaS's balance sheet [20] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have been able to maintain tech fees, which has improved margins [22] Question: What is the proper range for net interest margin, and can it reach 2%? - Management indicated that net interest margin has been improving and there is potential for growth as the brand scales and trust increases [30] Question: What is the average loan amount per customer? - The average loan amount for supply chain loans is approximately $32 million, and for margin loans, it is roughly $47 million, both growing over 50% year-over-year [33] Question: Can you provide the total number of customers at quarter end in each segment? - Management stated that for supply chain loans, the number is close to 50, and for margin loans, it is a little above 40, totaling approximately 80 customers [35][36]

Financial Data and Key Metrics Changes - Antalpha reported total revenue of $21.1 million for Q3 2025, representing a 62% year-over-year increase, marking the third consecutive quarter of revenue acceleration [11] - Adjusted EBITDA margin reached 40% in Q3, which includes $3.4 million in unrealized gains on Tether Gold holdings [15] - Total loans facilitated on Antalpha Prime reached $2.4 billion, up 60% year-over-year, driven by new client rings and increased loan amounts from existing clients [12] Business Line Data and Key Metrics Changes - Tech financing fees on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fees on margin loans roughly doubled year-over-year to $5.5 million, benefiting from higher Bitcoin prices [11] - The average loan amount per customer for supply chain loans is approximately $32 million, while for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Market Data and Key Metrics Changes - The number of institutional clients increased by 28% year-over-year in Q3, with total value of loans (TVL) per customer on a 12-month rolling basis increasing by 55% year-over-year [12] - Antalpha's LTV on supply chain loans was at 59% at the end of Q3 [3] - The crypto market capitalization is estimated to be between $3.5 trillion and $4 trillion, comparable to the annual GDP of Japan or the U.K. [4] Company Strategy and Development Direction - Antalpha is focusing on globalization and the NLPaaS RWA hub as strategic priorities, requiring investments to develop significant new growth curves [6][7] - The company aims to grow Aurelion to a $10 billion Tether Gold DATT over time to increase collateral resiliency and provide funding for new lending scenarios [17] - Antalpha is leveraging its platform to drive sustainable revenue growth, expand margins, and strengthen its balance sheet while positioning for long-term global expansion [15] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is optimistic about the broader adoption of collateralized loans in the crypto sector, driven by policy tailwinds and the passing of the Genius Act [3] - Management highlighted the importance of tokenized gold in the crypto economy, suggesting significant growth potential in this area [7] Other Important Information - Antalpha completed the acquisition of Prestige Wealth for $43 million, which will be renamed Aurelion, marking a pivotal milestone in its treasury strategy [9] - The company financed 77.1 exahash of hash rate capacity at the end of Q3, indicating active participation in the mining sector [11] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that revenue does not derive from Aurelion; instead, Aurelion raises capital and lends gold to strengthen Antalpha's balance sheet [20] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees, and branding power since going public has improved margins [23] Question: What is the proper range for net interest margin, and can it reach 2%? - Management indicated that net interest margin has been improving and there is potential for growth as the brand scales and enters new markets [30] Question: What is the average loan amount per customer? - The average loan amount for supply chain loans is approximately $32 million, and for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Question: Can you provide the total number of customers in each segment? - Management stated there are close to 50 customers for supply chain loans and a little above 40 for margin loans, totaling approximately 80 customers [35][36]

Financial Data and Key Metrics Changes - Total revenue reached $21.1 million, up 62% year-over-year, marking the third consecutive quarter of acceleration [11][12] - Adjusted EBITDA margin reached 40% in Q3, compared to 14% a year ago, excluding non-recurring items [15] - Net interest margin on margin loans improved 44 basis points to 1.63% [12][15] Business Line Data and Key Metrics Changes - Tech financing fee on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fee on margin loans roughly doubled year-over-year to $5.5 million [11] - Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year [12] Market Data and Key Metrics Changes - The number of institutional clients increased 28% year-over-year in Q3 [12] - Total value of loans (TVL) per customer on a 12-month rolling basis increased 55% year-over-year [12] Company Strategy and Development Direction - Company is focusing on globalization and the NLPaaS RWA hub as strategic priorities for growth [5][6] - The acquisition of Prestige Wealth, renamed Aurelion, is a pivotal milestone in the company's treasury strategy [9] - Aurelion aims to become a $10 billion Tether Gold DATT over time, enhancing the company's collateral resiliency [9][17] Management's Comments on Operating Environment and Future Outlook - Management expects fourth quarter revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is leveraging its platform to drive sustainable revenue growth and expand margins while positioning for long-term global expansion [15][16] Other Important Information - The company facilitated a $206 million bridge loan to Nakamoto for their digital asset treasury [5] - Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago [12] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that they do not derive revenue from Aurelion; instead, Aurelion raises capital and lends gold to strengthen the company's balance sheet [21][22] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees and improved margins due to branding power and scale [24] Question: What is the proper range for net interest margin, and what is the average loan per customer? - The average loan amount for supply chain loans is roughly $32 million, and for margin loans, it is approximately $47 million, both growing over 50% year-over-year [33]

Core Viewpoint - Antalpha Platform Holding Company reported a significant increase in revenue and net income for the third quarter of 2025, driven by growth in the crypto market and the scalability of its Prime lending platform [2][4][5]. Financial Performance - Total revenue for Q3 2025 reached $21.1 million, a 62% increase year over year from $13.0 million in Q3 2024 [4]. - Net income surged to $7.0 million, marking a 440% increase compared to $1.3 million in the same quarter last year [4]. - Non-GAAP net income also saw a substantial rise to $7.5 million, up 479% from $1.3 million year over year [4]. - Adjusted EBITDA increased to $8.5 million, reflecting a 361% growth from $1.8 million in Q3 2024, with an adjusted EBITDA margin of 40%, up 26 percentage points from 14% [4][5]. Operational Highlights - The company financed 77.1 EH of hashrate capacity by the end of Q3 2025, representing approximately 7-8% of the global Bitcoin hashrate [5]. - The number of institutional clients grew by 28% year over year, and the total value of loans facilitated increased by 60% to $2.357 billion [5][4]. - Financing costs on supply chain loans decreased to 5.18%, while the net interest margin on margin loans improved by 44 basis points year over year to 1.63% [5]. Future Outlook - Antalpha anticipates Q4 2025 revenue to be between $26 million and $28 million, indicating a year-over-year growth of 94% to 109% [6]. Strategic Developments - The company is collaborating with Tether to launch a dedicated platform for real-world assets (RWA), enhancing access to Tether Gold [13]. - Antalpha invested $43 million in Prestige Wealth Inc., which will be renamed Aurelion, making it the first Tether Gold RWA-focused company listed on NASDAQ [13].

Core Viewpoint - Antalpha Platform Holding Company is set to report its financial results for Q3 2025 on November 10, 2025, before the U.S. market opens, with a conference call scheduled for the same day to discuss these results [1]. Group 1: Financial Reporting - The financial results for Q3 2025 will be announced before the U.S. market opens on November 10, 2025 [1]. - A conference call will be held at 8:00 A.M. U.S. Eastern Time on November 10, 2025, to discuss the financial results [1]. Group 2: Company Overview - Antalpha is a leading fintech company that specializes in providing financing, technology, and risk management solutions to institutions in the digital asset industry [3]. - The company offers Bitcoin supply chain and margin loans through its Antalpha Prime technology platform, enabling customers to manage their digital asset loans and monitor collateral positions with near real-time data [3].

Core Viewpoint - The strategic partnership between Derin Holdings and Antalpha aims to leverage their respective strengths in traditional finance and digital assets to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Group 1: Strategic Cooperation Framework - The partnership will focus on several core areas, including a Bitcoin mining strategic alliance to support Derin Holdings' goal of becoming a leading publicly listed Bitcoin mining company in Asia [1]. - The collaboration will also enhance and expand the Tether Gold (XAU) global ecosystem, aiming to create a comprehensive infrastructure that connects traditional precious metal markets with innovative digital asset solutions [1]. Group 2: Antalpha's Role - Antalpha is a leading fintech company listed on NASDAQ, specializing in providing financing, technology, and risk management solutions for the digital asset industry [2]. - Through its Antalpha Prime technology platform, Antalpha offers Bitcoin supply chain and margin lending services, enabling clients to initiate and manage digital asset loans with near-instant data monitoring of collateral holdings [2]. Group 3: Investment in XAU - Derin Holdings plans to purchase approximately $5 million worth of XAU through its wholly-owned subsidiary DL HODL Limited, reflecting the company's strategic confidence in gold as a long-term store of value and its applicability for tokenization and financial innovation [2]. - Holding XAU aims to diversify the risks associated with digital assets on the balance sheet, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [2]. Group 4: Industry Implications - The strategic cooperation marks a significant milestone in the integration of traditional finance and the digital asset ecosystem, aligning with global trends in asset tokenization and supporting Hong Kong's vision to become a leading regulated digital finance hub [3]. - The partnership is expected to enhance Derin Holdings' competitive advantage in the digital asset and real-world asset (RWA) sectors, driving sustainable growth and creating value for shareholders [3]. - By collaborating with Antalpha, Derin Holdings can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities, optimizing operations through Antalpha's expertise in financing, infrastructure, and technology support [3].

Core Viewpoint - The company has entered into a non-binding strategic cooperation agreement with Antalpha Platform Holding Company to leverage their respective strengths in traditional finance and digital assets, aiming to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Summary by Sections Strategic Cooperation Framework - The strategic cooperation framework will focus on multiple core areas, including a Bitcoin mining strategic alliance and the development of the Tether Gold (XAU₮) ecosystem [2]. - The goal of the Bitcoin mining alliance is to support the company in becoming a leading publicly listed entity in Asia with significant Bitcoin mining power [2]. - The collaboration aims to enhance and expand the global ecosystem of Tether Gold, connecting traditional precious metals markets with innovative digital asset solutions [2]. Investment in Tether Gold - The company plans to purchase approximately $5 million worth of XAU₮ through its wholly-owned subsidiary, demonstrating confidence in gold as a long-term store of value and a basis for tokenization and financial innovation [3]. - Holding XAU₮ is intended to diversify risks associated with digital assets, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [3]. Importance of the Cooperation - The strategic cooperation marks a significant milestone in the integration of traditional finance with the digital asset ecosystem, aligning with the company's vision of combining traditional financial expertise with cutting-edge digital asset innovations [3]. - This partnership is expected to drive sustainable development, enhance the company's competitive advantage in the digital asset and real-world asset (RWA) sectors, and create value for shareholders by expanding business opportunities [3]. - The collaboration supports the global trend of asset tokenization and aligns with the Hong Kong government's vision of establishing the region as a leading regulated digital financial center [3]. Operational Efficiency - Through the partnership with Antalpha, the company can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities [4]. - Antalpha's expertise in financing, infrastructure, and technical support will optimize the company's mining operations, including hardware selection, site hosting, energy management, and real-time software, thereby enhancing operational efficiency and competitiveness in Bitcoin mining [4]. - Continuous support from Antalpha will enable the company to maximize mining performance, reduce downtime, and promote long-term accumulation of digital assets as a core business [4].