BitMine stock falls after CEO change and board appointments
Antalpha Platform Holding Ltd reported a robust 62% increase in total revenue for the third quarter of 2025, reaching $21.1 million. This growth, driven by a doubling of tech platform fees on margin loans, was well-received by the market, with the stock rising 4.63% in premarket trading to $11.3. The company’s strategic expansion into the U.S. and new product initiatives further bolstered investor confidence.
Key Takeaways
- Total revenue increased by 62% year-over-year to $21.1 million.
- Tech platform fees on margin loans doubled, contributing significantly to revenue.
- Stock rose 4.63% in premarket trading, reflecting positive market sentiment.
- Expansion into the U.S. market and new product launches are underway.
- Operating expenses increased by 69% year-over-year.
Company Performance
Antalpha’s Q3 2025 performance showcased significant growth, with total revenue reaching $21.1 million, marking a 62% increase from the same period last year. This growth was primarily driven by a 51% increase in tech financing fees on supply chain loans and a doubling of tech platform fees on margin loans. The company facilitated $2.4 billion in total loans, a 60% year-over-year increase, reflecting its expanding footprint in the crypto financing sector.
Financial Highlights
- Revenue: $21.1 million, up 62% year-over-year
- Tech financing fee on supply chain loans: $15.6 million, up 51% YoY
- Tech platform fee on margin loans: $5.5 million, doubled YoY
- Adjusted EBITDA margin: 40% (19% excluding non-recurring items)
- Operating expenses: $9 million, up 69% YoY
Market Reaction
Following the earnings announcement, Antalpha’s stock rose 4.63% in premarket trading to $11.3. The stock’s movement, from a prior close of $10.8, suggests a positive reception to the company’s growth and strategic initiatives. The stock remains volatile, with a 52-week range between $10.19 and $27.72, indicating room for recovery and growth.
Outlook & Guidance
Looking ahead, Antalpha projects Q4 revenue of $26-$28 million, representing a 94-109% year-over-year increase. The company is focusing on globalization and expanding its RWA hub, with plans to grow Aurelion to a $10 billion Digital Asset Treasury. These initiatives are expected to drive future growth and enhance the company’s market position.
Executive Commentary
Herman Yu, a key executive at Antalpha, highlighted the scalability of the company’s fintech platform, stating, "We are scaling with respectable profit margin, reflecting the scalability of our traditional fintech platform." This sentiment underscores the company’s confidence in its growth trajectory and strategic direction.
Risks and Challenges
- Rising operating expenses, which increased by 69% year-over-year, could pressure margins.
- The early-stage expansion into the U.S. market may take time to yield significant results.
- The lack of immediate revenue from recent acquisitions, such as Aurelion, could impact short-term financial performance.
Q&A
During the earnings call, analysts focused on the company’s expansion plans and revenue potential from new initiatives. Questions centered on the timeline for U.S. market growth and the expected impact of the Aurelion acquisition on future earnings. The company’s responses highlighted a strategic focus on long-term growth and innovation.
Full transcript - Antalpha Platform Holding Ltd (ANTA) Q3 2025:
Operator: Good day, and thank you for standing by. Welcome to NLPaaS Third Quarter 2025 Earnings Conference Call. Today’s call is being recorded. All participants are now in a listen-only mode. After management prepare remarks, there will be a question-and-answer session. I would now like to turn the call over to Mr. Chris Mammoni, Managing Director of the BlueShield Group and Representative for NLPaaS Investor Relations Team. Mr. Mammoni, please go ahead.
Chris Mammoni, Managing Director, Investor Relations, BlueShield Group: Thank you, Operator. Please note that our remarks today will include forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. For discussion of these risks, please refer to Antalpha filings with the SEC. We do not undertake any obligation to update forward-looking statements except as required by law. Management may make remarks on the product and tax differentiation between an ETF and listed stock based on their understanding. The company is not providing tax or investment advice. Please consult your CPA and other licensed professionals for such advice. This call also contains reference to unaudited non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our press release and SEC filings. Now, I’ll turn the call over to Herman Yu, Head of Strategy for Antalpha. Herman, please go ahead.
Herman Yu, Head of Strategy, Antalpha: Thank you, Chris, and good morning, everyone. Antalpha delivered another strong quarter in Q3. We executed across major strategic initiatives, and our revenue grew 62% year-over-year, accelerating from the first half. For the fourth quarter, Antalpha is expecting revenue to roughly double year-over-year. Both supply chain loans and margin loans contributed to this momentum, reflecting the broader adoption of collateralized loans in the crypto sector. Total loans facilitated on Antalpha Prime reached $2.4 billion, and BDC collateral supporting these loans reached $3.9 billion. Antalpha LTV on supply chain loans was at 59% at the end of the third quarter. Antalpha has multiple vectors driving our double-digit top-line growth due to the sheer size and new businesses evolving from the crypto market, which is set to gain wider adoption. With the passing of the Genius Act, other policy tailwinds, and the U.S.
Leading the crypto industry, a tsunami of real-world assets, or RWAs, are set to enter the massive crypto market for new customers. During an October 14 interview on CNBC, BlackRock CEO Larry Fink said the financial industry is at the beginning of the tokenization of all assets. One must think about the opportunity cost of not participating in the crypto market as a business or an investor at this stage of development. The crypto market has a market capitalization hovering between $3.5 trillion-$4 trillion. To put in perspective, this is about the size of Japan’s or the U.K.’s annual GDP. Antalpha is quite unique in that we are benefiting from the development of the crypto market by financing the Bitcoin mining infrastructure and its adjacent industries. In a way, our business is tied to the economics of compute, energy, and collateral-based financing, which are familiar to traditional finance.
Turning to new growth curves. With the large growing crypto market, NLPaaS is presented with new lending scenarios. For example, in early October, we provided a $206 million bridge loan to Nakamoto to serve their digital asset treasury, also known as DATT. DATTs generate value by continuously financing with leverage and purchase their DATT asset to outperform their respective crypto index on a per-share basis. DATT financing is emerging as a new segment for crypto lending. NLPaaS’s priority growth strategies are globalization and NLPaaS RWA hub. On the prior, we are making progress in our entry into the U.S., building up our team and infrastructure. We will provide more updates when we reach new milestones. On the latter, in collaboration with Tether, we launched NLPaaS RWA hub at the end of September to provide institutions with broader access to Tether Gold to improve financial stability on their crypto holding.
Globalization and RWA hub are two very sizable opportunities. These are strategic priorities for us that will require investments, and we believe in time will develop into significant new growth curves for NLPaaS. Let me talk a little bit about the importance of tokenized gold in the crypto economy. In September, Morgan Stanley CIO Mike Wilson stated that he favors a 60/20/20 portfolio strategy that includes 20% in gold over the old investment adage of 60/40 between equity and bond. Wilson’s rationale is that gold is both an inflation hedge and a safe haven when real rates fall. According to CoinMarketCap, the size of USDT plus USDC is approximately $250 billion, and tokenized gold today is about $2 billion market. Gold market cap is about 80% of the size of U.S. treasuries at $23.5 trillion.
Assuming gold to treasuries on-chain will be at the same ratio as real-world assets, tokenized gold stands to grow 100-fold when people see it as a safe haven for stablecoin. At the other end of the spectrum, where NLPaaS customers sit, we have seen Bitcoin’s value rise significantly over the past decade, and in between, Bitcoin has been volatile. For example, since the beginning of 2023, Bitcoin has sold off more than 20% on seven separate occasions. Thus, holding tokenized gold in one’s collateral pool would allow institutional borrowers of crypto loans to better meet cash flow needs in sudden market shocks and crypto winners. Turning to Tether Gold DATT. As a tech lending platform, we are seeing tremendous opportunities for crypto collateralized loans. Our lending scenarios can further broaden if we increase the supply of funding.
Incubating a Tether Gold DATT not only helps NLPaaS secure more funding, it can also increase the resiliency of our balance sheet against macro conditions. On October 10, we completed the acquisition of Prestige Wealth, which will be renamed Aurelion. The NASDAQ ticker is AURE. This is a pivotal milestone in NLPaaS’s treasury strategy. Through this transaction, NLPaaS invested $43 million in Aurelion and anchored its $100 million PIPE, allowing Aurelion to be the first listed Tether Gold RWA-focused company on the NASDAQ. Based on Aurelion’s last Friday’s closing price of $0.40 per share, NLPaaS’s position in Aurelion is valued at approximately $48 million. NLPaaS holds a 32% equity interest and 73% voting right in Aurelion. Tether also invested in Aurelion’s PIPE for $15 million. What makes a DATT more appealing than an ETF, you may ask?
Aurelion is leveraged gold, and it can generate yield by lending unsecured gold to NLPaaS. A $100 million PIPE bought Aurelion $134 million in Tether Gold. Other benefits may include more favorable tax treatment. Most gold ETFs are set up as a grantor trust whose taxable status as collectibles is taxed at 28% on long-term capital gain, whereas long-term gain on equity is usually taxed at 20%. Aurelion has a focused mandate to raise funds repeatedly to buy gold with an internal goal to become a $10 billion DATT over time. By increasing funding supply, NLPaaS can grow to be many times our current size. NLPaaS Prime Emmanuel Platform can be fine-tuned to perform risk management well beyond financing Bitcoin mining, such as financing DATT, Ethereum, and XAT collateralized loans, and also can be fine-tuned for adjacent industries such as inference compute, thereby significantly expanding NLPaaS’s talent.
With that, I will now turn over to our Chief Financial Officer, Paul Lang, to discuss our financial results in more detail.
Paul Lang, Chief Financial Officer, Antalpha: Thank you, Herman, and hello everyone. Antalpha delivered a strong quarter of financial performance in Q3, highlighted by solid revenue growth, margin expansion, and strong operational execution. Let me quickly walk you through the key financial highlights, which are all on a year-over-year comparison basis. Total revenue reached $21.1 million, up 62% year-over-year, making our third consecutive quarter of acceleration. Tech financing fee on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth. We financed 77.1 exahash of hash rate capacity at the end of Q3. The mining sector remained active, and our financing solutions help clients scale capacity in a disciplined and capital-efficient way. Tech platform fee on margin loans also performed very strong, roughly doubling year-over-year to $5.5 million. Margin loans tend to do better when we have a period of relatively higher Bitcoin prices, as we saw in Q3.
Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year, driven by a new client rings and increased loan amount from existing clients. The continual expansion of TVL, or total value of loan, demonstrates the stiffness of our client relationships and the scalability of our technology platform. The number of institutional clients increased 28% year-over-year in Q3, and TVL per customer on a 12-month rolling basis increased 55% year-over-year, as we focus on larger, high-quality clients. Turning to funding costs. Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago. Net interest margin on margin loans improved 44 basis points to 1.63%. We also look at our top-line growth on the total net interest margin basis, combining revenue recognized on both gross and net basis.
Our total net interest margin grew 64% year-over-year in Q3, which is an indication of Antalpha’s improved branding recognition and bargaining power. Turning to other operating expense. Operating expenses excluding funding costs were approximately $9 million, up 69% year-over-year. Technology and development expenses increased $0.6 million, or 52% year-over-year, primarily due to the increase of stock-based compensation and labor costs, including added headcounts in risk management and Prime Platform development. Sales and marketing expenses increased $1.5 million, or 137% year-over-year, primarily due to an increase in labor costs, stock-based compensation, and marketing events related to conference sponsorship and RWA hub development. General and administrative expenses increased $1.4 million, or 54% year-over-year, primarily due to the increase of labor costs, stock compensation, professional fees, and office lease. Profitability improved in the fourth quarter.
We’ve adjusted EBITDA margin reached 40% in Q3, which includes $3.4 million in unrealized gain on Tether Gold holdings and $1.1 million in non-operating income. Excluding these non-recurring items, adjusted EBITDA margin would have been 19% in Q3, compared to 14% a year ago. Looking ahead, assuming stable market conditions, we expect fourth quarter revenue to range between $26 million and $28 million, representing another consecutive quarter of acceleration to between 94%-109% growth year-over-year. In summary, the third quarter demonstrated that Antalpha model continues to scale profitability. We are leveraging our platform to drive sustainable revenue growth, expand margins, and strengthen our balance sheet, all while positioning the company for a long-term global expansion. I will return to Herman to conclude the call.
Herman Yu, Head of Strategy, Antalpha: Let me quickly recap today’s call. Q3 was another strong quarter for Antalpha. Our revenue growth continues to accelerate from the last two quarters. We are scaling with respectable profit margin, reflecting the scalability of our traditional fintech platform. New customer adds were strong. Average loan per customer significantly increased. The large-burgeoning crypto market is providing us with new lending scenarios, and our strong risk management capability, along with Antalpha Prime, is equipped to meet these new lending scenarios. Despite the accelerating growth of our core Bitcoin mining financing business, we are investing to develop a second growth curve in globalization and Antalpha RWA hub. Antalpha anchored Aurelion’s $100 million PIPE to enable it to purchase $134 million in Tether Gold.
Our internal mandate to grow Aurelion to a $10 billion Tether Gold DATT over time to increase collateral resiliency and provide funding to new lending scenarios will significantly enlarge our talent. With that, let me turn the mic back to the operator.
Operator: Thank you. We will now begin the question and answer session. To ask a question on the phone, please press 11 and wait for a name to be announced. To cancel a request, please press 11 again. One moment for the first question. Our first question comes from the line of Darren Afsahi from Roth. Please go ahead.
Darren Afsahi, Analyst, Roth: Hi guys. Good morning. Good evening. Thanks for taking my questions and congrats on the progress. Just a couple, if I may. In terms of the guide, sort of the growth acceleration, is that fully coming from organic sources? Said in other ways, is that kind of your core business, or are there any assumptions of layering on anything from Aurelion into your financials? I guess as kind of a second part to that question, you mentioned a lot of different kind of growth avenues. One of them was DATTs. I guess on the growth vectors, your strength in your core business, can you just maybe speak to geographic presence? I know you talked on the IPO Roadshow about penetrating the U.S. Is that kind of assumed in that, or is it still organically most other parts of the world?
What the impact of any kind of DATT financing as well as RWA would be helpful to understand. Thanks.
Herman Yu, Head of Strategy, Antalpha: Can you repeat your first question?
Darren Afsahi, Analyst, Roth: Yeah. The first question was really about, is the fourth quarter guidance assuming any benefit from Aurelion, or is that organically all NLPaaS?
Herman Yu, Head of Strategy, Antalpha: Okay. Got it. First of all, we do not derive revenue from Aurelion. It is the other way around, right? When Aurelion raises capital, it has gold, and then the idea is there are balance sheets, right? Through technology, we lend gold from them, and that strengthens our balance sheet, and we pay them a fee for that following of gold. Okay? It does not increase our revenue. Point number one. Point number two is our growth guidance into Q4. Guidance into Q4 is the current pipeline that we have. We are experimenting other loan scenarios we talked about previously. I do not think any of those are material to our current numbers. I think most of it would be what we have historically, the Bitcoin mining. Point number one. Point number two is in terms of regional expansion, as we said in the prepared call, we are hiring.
We are building the infrastructure in the U.S. Currently, the amount of revenue that we’re guiding, it may or may not have revenue from the U.S. Even if it does, we don’t think initially it’s going to be material. I think a lot of that’s going to come next year when our overall infrastructure is more prepared.
Darren Afsahi, Analyst, Roth: Got it. If I could just squeeze one more in, I think you talked in the release about pricing power in the business. Maybe if you could just expand a little bit more on that. Thank you.
Herman Yu, Head of Strategy, Antalpha: Yeah. I mean, typically when you look at the Fed decreasing interest rate since last September, I think they made three adjustments. You would expect that our fees, tech fees, would be lower and so forth. We’ve been pretty good at holding up to that tech fee. At the same time, when you look at the cost of financing that we have, as Paul mentioned, that went down a little bit. Overall, I think it is the branding power that we have since taking public, that being listed in the U.S., I think that helps. The scale that we’ve become, that helps. I think all of that taken together, it’s making our margins better than last year.
Darren Afsahi, Analyst, Roth: Appreciate it, Herman.
Herman Yu, Head of Strategy, Antalpha: Great. Thank you.
Operator: Thank you for the questions. One moment for the next question. Our next question comes from the line of Harold Gorwich from BYU Securities. Please go ahead.
Harold Gorwich, Analyst, BYU Securities: Hey, good morning, gentlemen. Thanks for your time today on the call. I just wanted to ask about the net interest margin at 1.63%, I think, in here in the quarter. What would you say is maybe the proper range on that? Is it limited? Can it get to the 2% level? Because I review other lenders on doing research. It appears you’re the low-cost producer. You’re clearly some of the lowest rates from what I see. My next question is, Herman, you mentioned the average loan per customer is off. Can you generally give us what that level is, or is that something you don’t want to disclose? Thank you.
Herman Yu, Head of Strategy, Antalpha: Yeah. I’ll take the first one, and then Paul can take the second one on our average loan amount. The first one, I think you’re talking about two different items, right? One is the cost of funding. The 5.18% is our cost of funding. I think last time we talked about last quarter, I recall our cost of funding was 5.45%. We’ve lowered this through our negotiation. The net interest margin is the difference between what we charge and the cost of funding that we have. The net interest margin for both machine loans and then also for hash rate loans have been improving. That’s a pricing power that we talked about historically. With regards to further increase in net interest margin, I think just as we have built this over last year, I think we have the opportunity to make it bigger.
I think, for example, if we can come into the U.S., I think it probably gives us more opportunity. I think over time, as our brand scales, as people trust us more, and so forth, I think there’s an opportunity for that to be able to grow more. The other way you also want to look at it is net interest margin is on a per-product line basis. For example, net interest margin for machines are much higher than for hash rate loan because machines are less liquid. On a product level dimension, we are growing year over year. When you’re looking at the whole P&L, just got to factor in that there’s net interest margin by different product loans because they have different risk.
Harold Gorwich, Analyst, BYU Securities: Thank you, Herman. Yeah.
Herman Yu, Head of Strategy, Antalpha: Great.
Paul Lang, Chief Financial Officer, Antalpha: Yep. I think regarding the average loan amount, we do see an increase year over year, both in supply chain loan and also margin loan. Currently, the average loan amount per customer for supply chain loan is roughly $32 million. For margin loan, it is roughly $47 million. Both of them are growing at over 50% year over year. That is the roughly average size of the loan amount for the customers. On top of that, our clients or customer numbers also grow on a year-over-year basis.
Harold Gorwich, Analyst, BYU Securities: Okay. If I ask one follow-up, can you maybe give us the total number of customers at quarter end in each segment? Is that possible? Because you didn’t disclose that in your, yeah.
Paul Lang, Chief Financial Officer, Antalpha: Sure. Sure. Roughly, I think for supply chain loan, it’s close to 50. For margin loan, it’s a little bit above 40 at that level. In total, it’s the number.
Herman Yu, Head of Strategy, Antalpha: Yeah. I think the way to look at it is the net because I don’t think it makes sense to break out the customers by product line because one customer might have multiple products.
Harold Gorwich, Analyst, BYU Securities: Okay. I gotcha.
Herman Yu, Head of Strategy, Antalpha: You’re overlapping. My suggestion is you look at the whole. At the whole, we’re at approximately 80. Otherwise, you’ll be adding in there. How do you add it to the person?
Harold Gorwich, Analyst, BYU Securities: Understood.
Herman Yu, Head of Strategy, Antalpha: Yeah.
Harold Gorwich, Analyst, BYU Securities: Gotcha. All right. Thanks, guys. Good quarter. Thank you very much.
Herman Yu, Head of Strategy, Antalpha: Thank you.
Operator: Thank you for the questions. Our next questions will come from the line of Daniel Mulaney from HC Rainbright. Please go ahead.
Daniel Mulaney, Analyst, HC Rainbright: Hi. Thank you. Daniel Mulaney here for Kevin DD. Herman, I was just curious. Moving forward with many DATTs trading at a discounted NAV, could you see an influx of maybe new customers if they were to acquire financing from you guys and then later on buy back their own stock? Second part would just be any general thoughts or color on a big demand that you’re seeing in the last month or two. Thank you.
Herman Yu, Head of Strategy, Antalpha: First of all, when we make these type of loans, they’re all over-collateralized loans. We don’t look at how they’re trying to manage their treasury strategy, but we look at it more from our risk management perspective. I don’t have too much insight into each of these companies, how they’re managing their treasury strategies. I do think that as long as they do have their cryptos available to be secured, then that’s where we go in.
Daniel Mulaney, Analyst, HC Rainbright: Okay. Any more color on, I guess, rig demand more generally?
Herman Yu, Head of Strategy, Antalpha: Yeah. At the beginning of the year, we held off on a lot of these machine loans because the volatility of BTC prices, it has been pretty stable from the beginning of the year, over $100,000. When you look at the machine models, you have the S23 coming out, and then you had X21, XP that came out at the beginning of the year. Typically, when these things happen, the new models come out, you give it a few quarters, that is where our financing would take off. I would expect in the next quarter or two that machine loans would pick up on the assumption that BTC prices stay stable.
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