Core Insights - Antalpha reported strong financial performance in Q4 2025, with significant revenue growth and profitability metrics despite a decline in Bitcoin prices [7][6] - The company completed the acquisition of Aurelion and secured $100 million in PIPE financing, consolidating Aurelion's operating results [1] - Antalpha's strategy includes incorporating tokenized gold to enhance balance sheet resilience and diversify funding sources [2] Financial Performance - Q4 adjusted EBITDA reached $18.4 million, up 802% year-over-year, with an adjusted EBITDA margin of 66%, an increase of 51 percentage points [3] - Full-year 2025 adjusted EBITDA was $33.2 million, up 460% year-over-year, with an adjusted EBITDA margin of 42%, up 30 percentage points [3] - Q4 revenue was $28 million, representing a 110% year-over-year increase, while full-year revenue totaled $80 million, up 68% year-over-year [6][8] Loan Activity and Metrics - Antalpha Prime's total loan value reached $2.8 billion at the end of 2025, a 59% increase year-over-year, with Bitcoin pledged totaling $3.7 billion [5] - Loan balance per client grew by 43%, and new client additions increased by 12% year-over-year [4] - The loan-to-value (LTV) ratio for supply chain loans was 57%, indicating a disciplined approach to underwriting [5][17] Strategic Initiatives - The company emphasized the strategic importance of Tether Gold, with total accumulated unrealized gains of $16.6 million, of which $9.5 million is attributed to Antalpha [14][13] - Antalpha plans to offer XAUt-collateralized loans to clients, leveraging gold's lower correlation with Bitcoin [14] - The company is exploring AI-driven financing opportunities to enhance operational efficiency [18] Guidance and Market Outlook - For Q1 2026, Antalpha guided for revenue between $20 million and $23 million, reflecting a year-over-year growth of 47% to 69% [15] - Management noted that the guidance reflects a decrease from Q4 due to non-recurring revenue from pilot "pirate loans" [16] - The company has not experienced major issues with bad-debt write-offs, maintaining a healthy LTV ratio [17]

Core Viewpoint - Antalpha Platform Holding Company will report its financial results for Q4 and full year 2025 on March 3, 2026, before the U.S. market opens [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 8:00 A.M. U.S. Eastern Time on March 3, 2026 [1] - A live webcast of the conference call will be available, and a replay will be accessible on the company's investor relations website [2] Group 2: Company Overview - Antalpha is a leading fintech company that provides financing, technology, and risk management solutions specifically for 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 in near real-time [3]

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 has appointed Derar Islim as Chief Operating Officer and CEO of Americas & EMEA, aiming to enhance growth and innovation in the digital asset industry [1][2]. Group 1: Leadership Appointment - Derar Islim has been appointed as COO and CEO of Americas & EMEA, effective immediately [1]. - Jin Xin, CEO of Antalpha, highlighted Derar's extensive experience in leadership and business expansion, positioning him to drive growth in strategic markets [2]. - Derar expressed excitement about joining Antalpha, emphasizing the company's commitment to innovation and risk management [2]. Group 2: Company Overview - Antalpha is a leading fintech company that provides financing, technology, and risk management solutions to institutions in the digital asset industry [3]. - The company offers Bitcoin supply chain and pledge loans through the Antalpha Prime technology platform, enabling customers to manage their digital asset loans and monitor collateral positions in near real-time [3].

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].

Table of Contents As filed with the Securities and Exchange Commission on May 6, 2025 Registration No. 333-286629 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Antalpha Platform Holding Company (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 6199 Not Applicable (State or other jurisdiction of incorporation or organization) (Prima ...

Table of Contents As filed with the Securities and Exchange Commission on April 29, 2025 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Antalpha Platform Holding Company (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Cayman Islands 6199 Not Applicable (Primary ...

Table of Contents As filled with the Securities and Exchange Commission on April 18, 2025 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Antalpha Platform Holding Company (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Cayman Islands 6199 Not Applicable (Primary Standard Industria ...