Core Viewpoint - Antalpha Platform Holding Company reported strong financial results for Q2 2025, with record revenue and significant year-over-year growth, indicating a robust expansion strategy and positive outlook for future growth opportunities [2][3]. Financial Highlights - Total revenue for Q2 2025 reached $17.01 million, a 49% increase from $11.42 million in Q2 2024 [3]. - Net income decreased to $0.67 million, down 41% from $1.15 million in the previous year, while non-GAAP net income rose to $3.27 million, a 184% increase [3][18]. - Adjusted EBITDA for Q2 2025 was $3.80 million, reflecting a 147% increase year-over-year, with an adjusted EBITDA margin expanding to 22% from 13% [3][18]. - Total Value Loan (TVL) facilitated reached $2.05 billion, a 58% increase year-over-year, with significant growth in both supply chain and margin loan TVL [3][7]. Business and Strategic Highlights - The company has diversified its loan portfolio and product offerings, with a focus on risk management and customer value [2]. - Key leadership was added to support U.S. expansion, and a treasury strategy involving Tether Gold was implemented [2]. - The company piloted Ethereum margin loans totaling $53 million in TVL and acquired $20 million in Tether Gold as part of its digital-gold treasury strategy [7]. Outlook - Antalpha expects Q3 2025 revenue to range between $21 million and $22 million, reflecting a year-over-year growth rate of 62% to 69% [9]. - Adjusted EBITDA for Q3 2025 is anticipated to be in the range of 20% to 24% [9].

Core Viewpoint - Antalpha Platform Holding Company is implementing strategic initiatives to enhance its treasury plan and expand its product offerings, particularly focusing on integrating Tether Gold (XAUt) into its operations as a hedge against market volatility and to diversify its collateral base [1][2]. Strategic Allocation into Tether Gold (XAUt) - The company plans to allocate up to $40 million in XAUt by June 30, 2026, viewing this as a strategic hedge against macroeconomic volatility and a means to provide clients with stable-value lending solutions [2]. - XAUt is expected to be a cornerstone collateral asset in Antalpha's loan structure, enhancing the resilience and stability of its financing business [2]. XAUt Product Integration - Antalpha aims to acquire XAUt to secure funding for its lending operations, with product and risk management teams upgrading the platform's capabilities [3]. - A dedicated portal will be launched to provide near real-time information on XAUt and its underlying physical gold holdings, enhancing transparency and client confidence [3]. Multi-Asset Collateral Strategy - The company is focused on expanding its addressable market by accepting new forms of collateral, including XAUt and GPU for AI compute, to build a more flexible digital-asset lending business [4]. - Antalpha plans to broaden its business lines, including the introduction of Ethereum margin loans on the Antalpha Prime platform [4][8]. Long-term Vision and Risk Management - The company emphasizes a long-term approach with transparency, prudence, and risk management at its core, aiming to lead the digital asset financing industry with innovative lending solutions [5]. - Antalpha's initiatives reflect its commitment to addressing client needs while strengthening its risk management capabilities [5]. Company Overview - Antalpha is a fintech company specializing in financing, technology, and risk management solutions for institutions in the digital asset industry, serving as the primary lending partner of Bitmain [6]. - The Antalpha Prime technology platform allows customers to manage their digital asset loans and monitor collateral positions with near real-time data [6]. About Tether Gold (XAUt) - XAUt is a digital token representing ownership of one troy ounce of fine gold, issued by TG Commodities Limited, and is available on both Ethereum and Tron blockchains [7].