Antalpha Platform (NASDAQ:ANTA) reported higher first-quarter revenue and net income, while management said a large borrower repayment reduced the company’s loan book but reinforced its credit-risk approach.
Chief Financial Officer Paul Gong said the quarter reflected “solid execution and business development” against a “dynamic and challenging market backdrop for the crypto ecosystem.” Total revenue rose 52% year over year to $20.7 million in the first quarter of 2026, while net income attributable to Antalpha increased to $2.7 million from $1.5 million a year earlier.
Loan Book Shrinks After Major Repayment
Antalpha’s total value of loans was $1.6 billion as of March 31, down 3% year over year. Gong said the change reflected more cautious new loan deployment amid weaker Bitcoin prices, the one-time repayment by two large borrowers led by Canaan, and a modest sequential reduction in the remaining portfolio.
Canaan funded its repayment through publicly disclosed Bitcoin asset sales and equity transactions, Gong said. He described the repayment as a positive outcome for Antalpha’s credit model, noting that borrowers repaid with no principal loss.
The company said Bitcoin prices declined approximately 40% from their October 2025 peak, creating a more cautious environment for new loan deployment and borrower activity. Gong said Antalpha maintained active dialogue with clients, stress-tested positions and continued to rely on overcollateralization. Bitcoin mined by clients is deposited directly into Antalpha wallets, allowing collateral to build continuously, he said.
TVL per client increased 36% year over year, which Gong attributed to larger average loan sizes and deeper client relationships. Hash rate loans financed about 44.2 exahash of hash rate capacity as of March 31, representing roughly 3.3% of global hash rate, down from 81.3 exahash at Dec. 31, 2025. Gong said the decline was mainly tied to Canaan’s repayment because its facilities were predominantly hash rate-backed loans.
Revenue Rises, Expenses Increase
Antalpha reported that technology financing fees on supply chain loans rose 49% year over year, driven by strength in the hash rate loan portfolio. Technology platform fees on margin loans increased 62% to $5.7 million, reflecting what Gong called healthy take rates and continued use of margin loan facilities.
Total operating expenses, excluding unrealized gains on crypto assets, were $25 million, up 102% year over year. That included $10.4 million in funding costs, approximately $3.3 million in one-time restructuring charges and about $1.3 million in non-cash equity-based compensation. Excluding the restructuring and equity compensation items, non-GAAP operating expenses were $20.4 million.
GAAP operating income was $6.6 million, representing a 32% operating margin. Gong said that result primarily reflected a $10.9 million unrealized fair value gain from XAUT holdings. Non-GAAP operating income was $11.2 million, representing a 54% margin.
Adjusted EBITDA was $13.3 million, or a 64% margin, compared with an 18% margin in the prior-year period. Gong said adjusted EBITDA included approximately $12.9 million in unrealized gains on XAUT holdings. Excluding XAUT-related gains, adjusted EBITDA was approximately $0.4 million, with a margin of about 2%.
Aurelion and XAUT Strategy
Gong separated the results of Antalpha Prime, the company’s core lending platform, from Aurelion, which began being consolidated in the fourth quarter of 2025. Antalpha Prime generated standalone revenue of $20.7 million, up 52% year over year, and standalone adjusted EBITDA of $4.4 million, up from $2.5 million in the prior-year quarter.
Standalone GAAP operating loss for Antalpha Prime was $2.3 million, including restructuring charges and non-cash equity compensation. Excluding those charges, Gong said standalone operating income was about $1.9 million, compared with $1.5 million a year earlier.
Aurelion contributed the remaining $9.3 million of consolidated operating income, driven entirely by XAUT fair value gains, Gong said. As of March 31, Aurelion’s net asset value was $116.4 million, or $3.16 per share, reflecting 33,318 units of XAUT valued at $4,667 per unit, net of $41.2 million in debt.
Antalpha also advanced its tokenized gold strategy. Gong said the company held 39,371 units of XAUT as of March 31 and recognized $12.9 million in unrealized fair value gains in the quarter. In April, Antalpha committed 6,052 units of XAUT to the XAUE yield protocol, while Aurelion separately committed 10,000 units. In response to an analyst question, Gong said expected yield is currently estimated at roughly 1% to 2%.
Web3 AI Agent Launched in Beta
In May, Antalpha launched Nina, a Web3 AI agent, in public beta. Gong said Nina is built on the company’s in-house Model Context Protocol framework and is intended to make AI and Web3 easier for users to engage with.
During the question-and-answer session, Gong said Web3 user experience remains fragmented, with users often needing to move across multiple wallets, protocols, data sources and analytical tools. Nina is designed to provide a natural language interface for accessing Web3 information and services, he said.
Gong said monetization is not the immediate priority. The company’s first focus is to improve Nina’s functionality and understand user needs before discussing revenue opportunities.
Second-Quarter Outlook
For the second quarter of 2026, Antalpha expects revenue of $11 million to $13 million, excluding the impact of the Canaan repayment. Gong said the expected year-over-year decline of 7% to 22% is mainly due to the reduced interest-bearing loan base after the one-time repayment received in early 2026.
The company expects net fee margin and operating margin to remain broadly stable quarter over quarter. Gong said new loan deployment was limited from February through April because of market conditions, but Antalpha remains engaged with existing and prospective clients.
Asked about potential regulatory clarity for digital assets, Gong said he does not currently expect a significant direct impact on Antalpha because the company operates at an infrastructure level by providing financing to miners. However, he said clearer regulation could help the broader ecosystem and benefit Antalpha at a broader level.
About Antalpha Platform (NASDAQ:ANTA)
Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions.
