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ANTA

Antalpha Platform Holding Company

ANTA

Antalpha Platform Holding Company • NASDAQ
$9.66 ▲ 2.11% (+0.20)
Market Cap $228.72 M
52w High $27.72
52w Low $8.74
Dividend Yield 0%
P/E 21
Volume 1.64K
Outstanding Shares 23.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.024M ▼ $5.29M ▼ $1.3M ▲ 9.982% ▲ $0.07 ▲ $1.206M ▲
Q2-2025 $17.01M ▲ $7.428M ▲ $674.551K ▲ 3.966% ▲ $0.031 ▲ $-465.686K ▼
Q1-2025 $9.647M ▼ $2.936M ▼ $278.396K ▼ 2.886% ▼ $0.012 ▼ $72.153K ▼
Q4-2024 $13.368M ▲ $4.666M ▲ $1.666M ▲ 12.46% ▲ $0.072 ▲ $1.923M ▼
Q3-2024 $13.024M $4.033M $1.3M 9.982% $0.056 $2.026M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.619M ▼ $2.316B ▲ $2.207B ▲ $108.978M ▲
Q2-2025 $34.55M ▲ $1.953B ▲ $1.852B ▲ $101.447M ▲
Q1-2025 $2.439M ▼ $1.417B ▲ $1.369B ▲ $48.204M ▲
Q4-2024 $5.927M ▼ $1.255B ▲ $1.208B ▲ $46.384M ▼
Q3-2024 $29.632M $1.231B $1.179B $52.594M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.018M ▲ $0 $0 $0 $0 $0
Q2-2025 $674.551K ▼ $0 $0 $0 $0 ▲ $0
Q1-2025 $1.456M ▼ $0 ▼ $0 ▲ $0 ▼ $-5.927M ▲ $0 ▼
Q4-2024 $1.666M ▲ $914.563K ▲ $-76.096M ▼ $51.477M ▲ $-23.705M ▼ $829.499K ▲
Q4-2023 $-1.541M $-2.948M $-34.961M $38.105M $195.864K $-2.976M

Five-Year Company Overview

Income Statement

Income Statement Antalpha is still very early in its commercial journey. Revenue is small but has grown quickly in the most recent year, and the company has moved from a clear loss toward roughly break‑even at the operating and net income level. That suggests strong operating leverage: once business volume picks up, a good portion can fall to profit because the technology platform scales efficiently. At the same time, the earnings base is thin and still fragile, so profitability can easily swing with changes in market conditions or funding costs, especially given exposure to the highly cyclical digital asset and mining ecosystem.

Balance Sheet

Balance Sheet The balance sheet is asset‑light and still being built out. Total assets have expanded, but shareholder equity remains modest relative to the size of the business, which means the company is relying meaningfully on borrowed funds. Cash on hand looks limited, so liquidity likely depends on continued access to financing and disciplined risk control. The combination of growing assets, moderate debt, and slim equity points to a capital structure that can amplify both upside and downside; balance sheet strength will be important to watch as the firm scales.

Cash Flow

Cash Flow Cash flow from operations is still negative, indicating the core business is not yet self‑funding. Free cash flow is also negative, even though capital spending has been very light, which underscores that the platform is still in a build‑out and client‑acquisition phase rather than a mature, cash‑generating phase. This pattern is typical for young fintechs but means the company likely needs continued external capital or careful cost control until its lending and service volumes become large enough to consistently cover operating expenses and risk costs.

Competitive Edge

Competitive Edge Antalpha has carved out a focused niche in crypto‑native financing, especially for Bitcoin miners. Its close, deeply integrated relationship with Bitmain gives it privileged access to an important client base and a steady flow of potential deals, which reduces customer acquisition costs and strengthens its market presence. The Antalpha Prime platform, institutional focus, and reported strong risk management track record further support its positioning as a specialized, higher‑standard lender in a space where many competitors have struggled. Key competitive risks include heavy exposure to the volatile crypto cycle, concentration in the mining sector, and the possibility of new entrants or traditional financiers moving into the space if returns stay attractive.

Innovation and R&D

Innovation and R&D Innovation is central to Antalpha’s story. The Antalpha Prime platform brings together real‑time collateral monitoring, secure custody using advanced cryptography, and an integrated interface for loans and collateral management. This tech backbone is designed to scale efficiently, which helps explain improving profitability despite still modest revenues. On the product side, the company has built specialized lending solutions for miners, introduced more flexible forms of collateral, and is expanding toward financing AI computing infrastructure. Its use of tokenized gold for both collateral and treasury management shows a willingness to blend traditional safe‑haven concepts with digital infrastructure. The main uncertainty is execution: successfully managing complex new products and fast‑evolving technologies while keeping risk in check is challenging.

Summary

Antalpha is an early‑stage, crypto‑focused fintech lender transitioning from concept to scale. Financially, it has shifted from losses toward break‑even with rapid top‑line growth, but it still runs negative cash flow and relies on a relatively thin capital base, which makes disciplined risk and liquidity management critical. Strategically, the company benefits from a strong partnership with a leading mining hardware provider, a purpose‑built technology platform, and a differentiated product set tailored to digital asset and potentially AI infrastructure clients. The opportunity is substantial if the digital asset and AI ecosystems continue to expand and Antalpha can maintain its risk discipline, but the business is also highly exposed to sector volatility, regulatory shifts, and the challenges of scaling safely in a complex, fast‑moving market.

NEWS

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November 24, 2025 · 7:30 AM UTC

Antalpha Announces $10 Million Share Repurchase Program

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November 10, 2025 · 7:32 AM UTC

Antalpha Reports Third Quarter 2025 Results

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November 3, 2025 · 4:30 PM UTC

Antalpha to Report Third Quarter 2025 Financial Results on November 10, 2025

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October 14, 2025 · 8:01 AM UTC

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