If you make a token of a real stock, and the company gets destroyed in a fire tomorrow, you still have the same stock.Because the token still exists and is in limited supply just as before. Nothing has changed.What tokens are doing to the concept of asset, few understand. ...

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]

Company Overview - The Winklevoss Twins are notable figures in the crypto space and are associated with the Gemini exchange, which dates back to 2014 [1] - Gemini is planning an IPO, increasing its share pricing to between $24 and $26 for 17 million shares, valuing the company at $3 billion [2] Financial Performance - Gemini has been operating at a loss for several years, with losses in the first half of this year exceeding those of all of 2024 [2][4] - Despite the losses, there is a surge of interest in IPOs this year, particularly under the pro-crypto Trump administration [3] Market Trends - There is a growing trend of companies adopting crypto treasury strategies, which has been popularized by figures like MicroStrategy's Michael Saylor [4][5] - Bitcoin has been lagging in performance compared to other cryptocurrencies like Solana and Ethereum, which are seeing better results due to treasury strategies [6][7] Investment Landscape - Investors are backing significant deals in the crypto space, with a focus on long-term potential for certain cryptocurrencies [8] - The intersection of AI and blockchain is being explored through projects like Worldcoin, which aims to establish proof of human identity in a digital context [9][10][11]