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Antalpha Platform Holding Company helps institutional and corporate customers buy Bitmain Bitcoin mining machines and pay mining expenses such as electricity, hosting and maintenance. It takes mining machines or Bitcoin as collateral and charges borrowers technology financing fees based on the amount borrowed and loan duration. These fees provide most of its revenue, with loans for mining-related services, called hashrate loans, contributing the largest share. Customers use Antalpha Prime to apply for loans, manage transfers and monitor collateral.
Antalpha also earns platform fees from borrowers whose Bitcoin- or Ethereum-backed loans it services for Northstar. Northstar funds these loans and bears their default risk. Separately, Northstar has historically supplied almost all the funding for loans Antalpha originates, making its funding availability and cost central to Antalpha’s business.
All of Antalpha’s mining-machine loans serve Bitmain customers, and Antalpha participates in Bitmain’s sales process to originate them. Bitmain is an important referral source but has no binding obligation to continue that relationship. Revenue also leans on a small number of large customers. Demand for financing depends on mining returns, particularly Bitcoin prices and electricity costs; earnings depend on the gap between borrower fees and funding costs. Digital-asset rules can restrict collateral use and enforcement, while avoiding investment-company status may limit which assets and businesses Antalpha can pursue.
Antalpha also controls Aurelion Inc., whose business focuses on holding Tether Gold (XAUt), tokens intended to represent physical gold. That business has not generated revenue, but the value of these holdings exposes Antalpha’s financial results to gold-token price movements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Antalpha’s results hinge on Bitcoin-mining credit demand, its equipment-financing relationship with Bitmain, and continued funding from Northstar.
Cango’s ability to repay matters to Antalpha: the Bitcoin miner owed it approximately US$557.6 million in mining-related financing at year-end 2025. Cango earns almost all its revenue from mining-pool Bitcoin rewards, so watch those earnings and the value of its pledged Bitcoin and mining machines, which can trigger demands for more collateral or partial repayment.
Galaxy Digital competes for institutional borrowers who can also use Antalpha, offering miner financing and loans backed by crypto assets. Galaxy earns lending interest and loan-structuring fees, while Antalpha charges financing and platform fees; watch Galaxy’s miner-financing and crypto-backed loan business for competition over these customers.
Aurelion’s XAUt token gains and losses flow into Antalpha’s earnings because Antalpha controls and consolidates the company. Although Aurelion also earns broker referral fees for helping wealthy Hong Kong clients buy wealth-management products, its Antalpha segment reported no revenue in 2025, making changes in the value of its XAUt holdings the key item to watch.
BitFuFu and Antalpha both depend on demand for Bitcoin mining capacity: BitFuFu sells institutions and individuals mining services without requiring them to buy machines, while Antalpha finances mining equipment and operations and works with BitFuFu on mining-related services. Watch BitFuFu’s cloud-mining revenue, especially from major customers, for a read on demand for the capacity Antalpha helps finance.
Coinbase Global competes with Antalpha by supplying liquidity to institutional crypto customers, and crypto-market conditions affect both businesses. Coinbase provides institutional custody and trading and earns fees from consumer trades; its trading-fee revenue offers a view of market activity, while crypto prices affect Antalpha’s financing market and loan collateral.
NIP Group depends on Antalpha loans to pay mining-machine hosting bills and had approximately US$20.2 million outstanding at year-end 2025. The esports and digital-entertainment company entered Bitcoin mining in the second half of 2025 and pledged all its Bitcoin for these loans, so watch its ability to cover hosting costs and maintain sufficient collateral.
Galaxy Digital Inc. earningsGLXY
Galaxy Digital's report will show whether it is expanding loans to miners and institutional borrowers that Antalpha also serves, intensifying competition for those customers.
Look for whether Galaxy Digital's miner financing and crypto-backed lending expand, and whether interest income and loan-structuring fees move with that activity. Expansion with rising related income would show it is serving more of the borrowers Antalpha also targets; contraction would mean less competition only if demand from miners and other shared customers remains firm, and could otherwise signal weaker borrowing demand. The conclusion is whether Antalpha faces a stronger rival for borrowers or a cooling market for loans.
Fed Interest Rate Decision
Antalpha’s policy-rate exposure comes through the interest it pays Northstar on borrowings, which can rise faster than fees it earns from financing Bitcoin miners and servicing margin loans.
Expected4.0%Last release4.0%
If it comes in above expectations
If the rate is higher than expected, Antalpha’s Northstar funding costs may rise, squeezing the margin between those costs and fees from miner financing and margin-loan services.
If it comes in below expectations
If the rate is lower than expected, Antalpha’s Northstar funding costs may ease, but competition or weaker miner demand could limit its ability to maintain the fees it earns.
Coinbase Global, Inc. earningsCOIN
Coinbase Global's trading-fee revenue offers a read on crypto-market activity, a backdrop for the financing environment Antalpha operates in.
Read whether Coinbase Global's trading-fee revenue rises or falls as a signal of crypto-market activity, not as direct proof of miners' demand for financing. Rising revenue points to busier trading and a more active backdrop for Antalpha; falling revenue points to quieter trading, but any pressure on Antalpha's collateral also depends on the prices of assets such as Bitcoin. The conclusion is whether market activity is providing a supportive backdrop or making Antalpha's financing environment harder to read.
Antalpha Platform Holding Company earningsThis company
Antalpha's report will show whether fees from financing Bitcoin miners and servicing Northstar-funded margin loans are keeping pace with funding and credit costs.
Read technology financing fees from supply-chain loans alongside technology platform fees from margin loans, then compare them with funding costs and credit losses. Growing fees with contained costs and losses would show that more lending is producing income Antalpha can keep; slowing fees or rising costs and losses would show that loan growth is not reliably turning into profit. The conclusion is whether Antalpha is expanding the returns from its lending and services, not just its risk.
BitFuFu Inc. earningsFUFU
Bitfufu's report will show whether customers are sustaining demand for cloud-mining services, a signal for demand for the mining capacity Antalpha helps finance.
Look at Bitfufu's cloud-mining revenue and, if reported, how much major customers contribute. Steady growth, especially with major-customer demand holding up, would suggest buyers still want mining capacity and support the demand backdrop for Antalpha's borrowers; falling revenue or greater reliance on a few large customers would point to weaker or more concentrated demand. Bitfufu sells mining services without requiring customers to buy machines, so its results are not a direct measure of demand for Antalpha's loans. The conclusion is whether the signal for mining-capacity demand is firm or fading.
Cango Inc. earningsCANG
Cango's report will show whether the Bitcoin miner, a major borrower from Antalpha, has mining earnings and collateral to support repayment.
Read Cango's mining-pool Bitcoin rewards alongside the value of the Bitcoin and machines it has pledged as collateral. Stronger mining earnings with collateral holding its value would support its ability to repay; weaker earnings or falling collateral could prompt demands for more collateral or partial repayment and increase Antalpha's recovery risk. Cango owed Antalpha approximately US$557.6 million in mining-related financing at year-end 2025, so these are signals about a major loan exposure, not evidence that a default has occurred. The conclusion is whether support for repayment on this large exposure is strengthening or weakening.
