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- **Revenue Surge**: Q3 revenue up 62% YoY to $21.1 million; Q4 expected to double YoY, driven by crypto lending and new DATT initiatives.
- **Strategic Expansion**: Investing in U.S. market entry and Tether Gold RWA hub, with Aurelion (AURE) targeting $10 billion in tokenized gold.
- **Financial Strength**: 19% adjusted EBITDA margin (excluding non-recurring gains), with net interest margin improving to 1.63%.
- **Growth Drivers**: New lending scenarios (DATTs, tokenized gold) and stable Bitcoin mining demand, with Q4 machine loan growth anticipated.


**【Management Opening Remarks】**
- Antalpha reported 62% year-over-year (YoY) revenue growth in Q3, driven by supply chain and margin loans. Q4 revenue is expected to double YoY, reflecting market expansion and new lending scenarios.
- Total loans facilitated reached $2.4 billion, with a loan-to-value (LTV) ratio of 59% for supply chain loans. The company is exploring tokenized gold and decentralized autonomous trusts (DATTs) as new growth vectors.
- Strategic initiatives include U.S. market entry and the NLPaaS RWA hub, which aims to integrate Tether Gold into institutional crypto lending.

**【CEO (Herman Yu) Strategic Update】**
- New lending opportunities include DATTs (e.g., $206 million bridge loan to Nakamoto) and tokenized gold, with Aurelion (AURE) positioned as a $10 billion Tether Gold DATT.
- Globalization efforts are underway, with U.S. team and infrastructure development. The RWA hub, launched with Tether, enhances financial stability for crypto holdings.
- Pricing power is evident through stable tech fees despite lower interest rates, reflecting brand strength and scale.

**【CFO (Paul Lang) Financial Highlights】**
- Q3 revenue: $21.1 million (62% YoY growth), driven by $15.6 million in supply chain fees (+51% YoY) and $5.5 million in margin fees (+100% YoY).
- Funding costs: 5.18% (down 29bps YoY), with net interest margin on margin loans at 1.63% (+44bps YoY).
- Operating expenses: $9 million (+69% YoY), driven by tech, sales, and G&A investments.
- Adjusted EBITDA margin: 40% (including non-recurring gains); core margin: 19% (+500bps YoY).
- Q4 guidance: $26-$28 million revenue (94%-109% YoY growth), reflecting pipeline strength.

**【Q&A Highlights】**
- **Revenue Composition**: Q4 guidance excludes Aurelion contributions; growth driven by core Bitcoin mining and new lending scenarios.
- **Geographic Expansion**: U.S. efforts are early-stage, with potential material impact in 2026.
- **Net Interest Margin**: 1.63% for margin loans, with opportunities to expand through U.S. entry and brand strength.
- **Loan Sizes**: Average supply chain loan $32 million, margin loan $47 million (both +50% YoY).
- **Demand Trends**: Machine loans expected to accelerate in Q4/Q1 with stable Bitcoin prices and new ASIC models.


Antalpha Platform Holding Ltd (ANTA) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 49% YoY to $17 million, EBITDA up 147% to $3.8 million.
- **New Products**: Ethereum loans ($53M TVL) and digital gold ($20M purchase) launched.
- **Q3 Outlook**: 62-69% YoY revenue growth, EBITDA margin 20-24%.
- **Risk Management**: Diversified collateral (BTC, ETH, XAUT) and digital gold custody innovation.
- **Market Expansion**: US entry and AI compute lending pilot with NVIDIA.

**【Management Opening Remarks】**
- Standard disclaimer on forward-looking statements and non-GAAP financial measures.

**【CEO Commentary】**
- Q2 revenue grew 49% YoY to $17 million, with EBITDA more than doubling to $3.8 million (22% margin vs. 13% last year).
- Expanded lending to Ethereum with two clients and $53 million TVL, and introduced digital gold (XAUT) with $20 million purchase.
- 8.8% global hash rate share (up from 3.7% YoY), with 40%+ YoY growth in clients and average loan size.
- Focus on risk management, US market expansion, and AI compute lending pilot.
- New COO, Dorar Islam, to drive international growth.

**【CFO Financial Commentary】**
- Q2 revenue $70 million (49% YoY), with supply chain loans ($12.9M, +39%) and margin loans ($4.1M, +91%).
- PBL up 58% to $2 billion, NIM for supply chain loans down 60bps YoY (due to hash rate mix), margin loans NIM up 10bps.
- Operating expenses $6.2 million (+40% YoY) driven by marketing and G&A.
- Q3 outlook: $21-22 million revenue (62-69% YoY), EBITDA margin 20-24%.

**【Q&A Highlights】**
- Ethereum expansion cautious, with similar LTV to BTC; exploring Solana and other cryptos post-Ethereum.
- Bitcoin price risk managed via diverse collateral (BTC, ETH, XAUT); digital gold stabilizes loan book.
- Fee rates may increase in US market; NIM trends reflect product mix and cost control.
- Customer mix: 40% new clients, with growing US and public company participation.
- Digital gold KPIs include custody cost reduction and yield offering to attract clients.

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