Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
18.8%Operating margin4
30.7%Net margin4
67.9%Revenue growth, 20254
20.4%Return on equity4
-$4.2MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Technology Financing Fee brought in 54% of the revenue Antalpha Platform Holding Company broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Technology Financing Fee | $10.4M | $38.7M | $43.1M |
| Technology Platform Fee | $914.1K | $8.8M | $19.0M |
| Technology Financing Fee Related Party | $14.1M | ||
| Others | $3.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs66¢$52.9M
- Income tax3¢$2.3M
- Profit31¢$24.4M
Out of $79.7M in revenue.4
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $79.7M | $47.5M | $11.3M |
| Funding cost - related party | $40.6M | $24.6M | $6.3M |
| Technology and development | $6.3M | $4.9M | $3.1M |
| Sales and marketing | $8.0M | $4.3M | $2.7M |
| General and administrative | $18.9M | $9.1M | $6.3M |
| Fair value gain on crypto assets | -$5.2M | ||
| Fair value gain on crypto assets - related party | -$5.2M | ||
| Other cost | $1.3M | $1.4M | $506.8K |
| Total operating expenses | $64.7M | $44.3M | $18.9M |
| Operating (loss)/income | $15.0M | $3.2M | -$7.6M |
| Other (loss)/income, net | $5.7M | $1.8M | -$280.3K |
| Fair value (loss) on crypto assets held, net | -$23.7K | -$745.1K | -$8.0K |
| Fair value gain on crypto receivables/payables, net | $5.4M | ||
| Fair value changes on crypto assets receivables/payables,net - related party | $676.1K | $744.4K | $7.2K |
| (Loss)/Income before income tax | $26.8M | $5.0M | -$7.9M |
| Income tax (benefit)/expense | $2.3M | $567.0K | -$1.3M |
| Net (loss)/income | $24.4M | $4.4M | -$6.6M |
| Foreign currency translation adjustment | $60.0K | ||
| Comprehensive (loss)/income | $24.5M | $4.4M | -$6.6M |
| Net income attributable to non-controlling interests | $5.9M | ||
| Net (loss)/income attributable to Antalpha | $18.5M | $4.4M | -$6.6M |
| Total comprehensive income attributable to non-controlling interests | $6.0M | ||
| Total comprehensive (loss)/income attributable to Antalpha | $18.5M | $4.4M | -$6.6M |
| Basic (in Shares) | 22.1M shares | 19.2M shares | 19.2M shares |
| Diluted (in Shares) | 24.8M shares | 19.4M shares | 19.2M shares |
| Basic (in Dollars per share) | $0.84 | $0.23 | -$0.34 |
| Diluted (in Dollars per share) | $0.75 | $0.23 | -$0.34 |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Cash and cash equivalents | $7.9M | $5.9M |
| USDC | $979.1K | $925.2K |
| Crypto assets held | $11.6M | $60.0M |
| XAUt | $72.5M | |
| Accounts receivable | $8.0M | $4.1M |
| Loan receivables, net, current | $330.6M | $300.7M |
| Prepaid expenses and other current assets | $6.6M | $4.3M |
| Crypto assets collateral receivable from related party, current | $429.9M | $666.0M |
| Total current assets | $874.2M | $1.0B |
| Deferred tax assets | $422.9K | $1.2M |
| Deferred offering costs | $480.6K | $1.7M |
| Loan receivables due from related party, net, non-current | $556.9M | |
| Loan receivables, net, non-current | $113.3M | $128.2M |
| Crypto assets collateral receivable from related party, non-current | $827.0M | $71.0M |
| Property and equipment, net | $437.7K | $199.1K |
| Right-of-use assetsoperating leases | $2.0M | $2.4M |
| Goodwill | $21.7M | |
| Intangible assets | $259.2K | |
| Investments | $10.3M | $5.8M |
| Total non-current assets | $1.5B | $210.6M |
| Total assets | $2.4B | $1.3B |
| Operating lease liabilities, current | $668.0K | $1.5M |
| Accrued expenses and other current liabilities | $11.0M | $7.5M |
| Crypto assets collateral payable to customers, current | $429.1M | $693.9M |
| Total current liabilities | $753.7M | $990.2M |
| Crypto assets collateral payable to related party, non-current | $659.6M | |
| Crypto assets collateral payable to customers, non-current | $69.0M | $88.9M |
| Operating lease liabilities, non-current | $1.6M | $953.8K |
| Total non-current liabilities | $1.5B | $218.1M |
| Total liabilities | $2.2B | $1.2B |
| As of December 31, 2024: 50,000,000 ordinary shares authorized at US$0.001 par value; 19,250,000 ordinary shares issued and outstanding. As of December 31, 2025: 59,375,000 Class A Ordinary Shares and 3,125,000 Class B Ordinary Shares authorized, each at US$0.001 par value; 23,980,257 Class A Ordinary Shares issued and outstanding and no Class B Ordinary Shares issued and outstanding | $24.0K | $19.2K |
| Treasury share | -$32.7K | |
| Accumulated (losses)/income | $16.3M | -$2.2M |
| Additional paid-in capital | $103.4M | $48.6M |
| Accumulated other comprehensive income | $19.0K | |
| Total shareholders equity | $119.7M | $46.4M |
| Non-controlling interests | $82.6M | |
| Total liabilities and shareholders equity | $2.4B | $1.3B |
| Ordinary share authorized (in Shares) | 50.0M shares | |
| Ordinary share par value (in Dollars per share) | $0.00 | |
| Ordinary share issued (in Shares) | 19.2M shares | |
| Ordinary share outstanding (in Shares) | 19.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss)/income | $24.4M | $4.4M | -$6.6M |
| Depreciation of property and equipment | $143.8K | $29.5K | $14.7K |
| Amortization of right-of use assets | $805.3K | $800.7K | $502.4K |
| Amortization of intangible assets | $51.9K | ||
| Write off of plant and equipment | $4.4K | ||
| Bad debt written off - other receivable | $69.9K | ||
| Allowance for expected credit losses | $324.9K | ||
| Deferred income taxes | $795.9K | $464.0K | -$1.3M |
| Share-based compensation | $4.8M | $129.4K | |
| Unrealized loss/(gain) on foreign exchange | -$51.8K | $111.7K | $412.6K |
| Fair value loss/(gain) on crypto assets and liabilities | -$6.0M | $767 | $831 |
| Fair value gain on crypto assets | -$10.4M | ||
| Crypto assets received as revenue | -$48.2M | -$46.8M | -$7.5M |
| Crypto assets received as revenue - USDC | -$979.1K | ||
| Crypto assets paid as costs and expenses | $33.2M | $22.6M | $6.5M |
| Crypto assets received as other income | -$6.5M | ||
| Crypto assets paid as other expense | $167.7K | ||
| Accounts receivable | -$3.9M | -$834.7K | -$3.8M |
| Amount due from related parties | -$4.3M | -$1.2M | -$594.5K |
| Prepaid expenses and other current assets | $232.6K | -$1.7M | $60.7K |
| Accrued expenses and other current liabilities | $1.5M | $5.3M | $1.0M |
| Amount due to related parties | $740.6K | $6.7M | $439.4K |
| Conversion of proprietary crypto assets to fiat currency - USDC | $925.2K | ||
| Conversion of proprietary crypto assets to fiat currency | $9.3M | ||
| Operating lease obligations | -$815.3K | -$1.8M | -$1.4M |
| Net cash used in operating activities | -$3.8M | -$11.7M | -$12.2M |
| Loans provided to customers | -$11.2K | -$77.7M | -$34.9M |
| Loans repaid by customers | $846.6K | $1.7M | |
| Acquisition of fixed assets | -$380.1K | -$160.1K | -$61.5K |
| Acquisition of intangible assets | -$311.1K | ||
| Acquisition of long term investment | -$7.0M | ||
| Net cash used in investing activities | -$6.9M | -$76.2M | -$35.0M |
| Issuance of common shares to shareholders | $4.4K | $19.2K | |
| Loans borrowed from related party | $77.7M | $34.9M | |
| Loans repaid to related party | -$54.4M | -$18.7M | |
| Deemed capital contribution | $5.2M | $12.5M | |
| Funding from Parent Group upon completion of 2024 Reorganization | $30.0M | ||
| Net proceeds from initial public offering (IPO) | $53.2M | ||
| Payments for deferred offering costs | -$850.0K | ||
| Purchase of treasury shares | -$32.7K | ||
| Proceeds from exercise of share options | $154 | ||
| Net proceeds from private placement | $13.8M | ||
| Net cash provided by financing activities | $12.6M | $93.4M | $47.5M |
| Effect of exchange rate changes on cash and cash equivalents | -$12.5K | ||
| Net increase in cash and cash equivalents | $1.9M | $5.5M | $229.6K |
| Cash paid for income tax | $6.1K | $287 | |
| Crypto assets received as revenue | $48.2M | $46.8M | $7.5M |
| Crypto assets received as revenue - USDC | $979.1K | ||
| Crypto assets paid as costs and expenses | -$33.2M | -$22.6M | -$6.5M |
| Crypto assets received as other income | $6.5M | ||
| Crypto assets paid as other expense | -$167.7K | ||
| Deposit/(withdrawal) of custodial crypto assets, net | -$1.9M | -$373.7K | $646.3K |
| Loans provided to related party | -$278.4M | ||
| Loans provided to customers | -$887.9M | -$614.3M | -$309.8M |
| Loans provided to customers USDC | -$9.6M | ||
| Loans repaid by customers | $593.2M | $605.5M | $17.8M |
| Loans repaid by customers USDC | $428.5K | ||
| Collateral received from related party | $279.9M | ||
| Collateral received from customers | $1.9B | $1.2B | $415.0M |
| Collateral returned to customers | -$1.8B | -$762.4M | -$51.3M |
| Acquisition of investment | -$5.0M | -$3.0M | |
| Loans borrowed from related party | $1.2B | $580.0M | $309.8M |
| Loans borrowed from related party USDC | $9.6M | ||
| Loans repaid to related party | -$508.1M | -$575.3M | -$17.8M |
| Loans repaid to related party USDC | -$428.5K | ||
| Collateral pledged to related party | -$2.1B | -$1.2B | -$415.0M |
| Collateral returned from related party | $1.7B | $829.4M | $51.3M |
| Margin loan payment collected from related party | $536.4M | $335.4M | |
| Margin loan payment remitted to customer | -$521.2M | -$326.9M | |
| Margin loan repayment collected from customer | $463.9M | $118.0M | |
| Margin loan repayment returned to related party | -$485.6M | -$120.8M | |
| Margin loan collateral collected from customer | $584.0M | $132.1M | |
| Margin loan collateral remitted to related party | -$569.0M | -$132.1M | |
| Margin loan collateral collected from related party | $1.0B | $485.0M | |
| Margin loan collateral returned to customer | -$1.0B | -$485.0M | |
| Margin loan interest collected from customer | $58.0M | $15.6M | |
| Margin loan interest collected from customer - USDC | $1.6K | ||
| Margin loan interest remitted to related party | -$58.0M | -$15.6M | |
| Margin loan interest remitted to related party - USDC | -$1.6K | ||
| Fund inflows between customers and related party through shared accounts | $34.5M | $2.7M | |
| Fund outflows between customers and related party through shared accounts | -$37.3M | ||
| Proceeds of amount due to related party | $4.5M | $55.5K | $5.5M |
| Repayment of amount due to related party | -$1.7M | -$3.0M | -$3.2M |
| Deemed capital contribution - USDC | -$100.0K | $1.0M | |
| Conversion of proprietary crypto assets to fiat currency - USDC | -$925.2K | ||
| Conversion of proprietary crypto assets to fiat currency | -$9.3M | ||
| USDT payment to related party for Purchasing XAUt | -$104.1M | ||
| XAUt received from related party | $114.8M | ||
| Collateral pledged to related party - XAUt | -$92.3M | ||
| Proceeds from capital injection | $41.0M |
Compare Antalpha Platform Holding Company with another company
Timeline
Recent filings
- Aug 20, 20266-K
- Aug 11, 2026EFFECT
- Jul 29, 2026F-3/A AMENDMENT NO. 1 TO FORM F-3
- Jul 28, 20266-K
- Jul 2, 2026F-3 REGISTRATION STATEMENT
- Jun 16, 2026SCHEDULE 13D/A
- May 19, 20266-K
- May 18, 20266-K
- Apr 30, 20266-K
- Apr 27, 20266-K
- Apr 20, 2026SCHEDULE 13D
- Apr 15, 20266-K
- Apr 14, 202620-F ANNUAL REPORT
- Mar 18, 20263
- Mar 18, 20263
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.antalpha.com1
- WikidataQ140361256
- SEC EDGARCIK 2044255
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3Company websiteAntalpha Platform Holding Company logo
- 4
- 5