Antalpha Platform Holding Co
ir.antalpha.comWhat Do They Do?
Provides supply-chain loans and loan-management technology to institutional and corporate participants in Bitcoin mining and the digital asset industry.
20-F for FY2025, filed Apr 14, 2026Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for…View ↗
We empower institutions and corporations to expand their Bitcoin mining business with immediate access to mining machines and sizable…View ↗
Antalpha Prime is our technology platform, and we offer its technology and services to customers who pay us technology financing fees or…View ↗
How Do They Make Money?
Borrowers pay technology financing fees for supply-chain loans over the loan term, while customers using Northstar-funded margin loans pay Antalpha a platform fee over the loan term. Antalpha also earns interest on its proprietary margin loans.
20-F for FY2025, filed Apr 14, 2026Mining Machine Loans. These loans help our customers finance the purchase of on-rack mining machines from Bitmain, which are held at…View ↗
Hashrate Loans. These loans help our customers finance expenditures on mining-related services, including hosting services, post-sale…View ↗
Through the Antalpha Prime platform, the Company helps non-U.S. customers connect with and obtain crypto margin loans and certain supply…View ↗
The Company collects a technology financing fee as principal on its supply chain lending and a technology platform fee as an agent in…View ↗
-
20-F for FY2025, filed Apr 14, 2026
FY2025 revenue by product or service ↗
$79.7M
-
20-F for FY2025, filed Apr 14, 2026
$79.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Technology financing fee
Recurring
20-F for FY2025, filed Apr 14, 2026 |
54% |
Technology financing fee, FY2025
$43.1M Sources
|
Recurring |
|
Technology financing fee - related party
Recurring
20-F for FY2025, filed Apr 14, 2026 |
18% |
Technology financing fee - related party, FY2025
$14.1M Sources
|
Recurring |
|
Technology platform fee
Recurring
20-F for FY2025, filed Apr 14, 2026 |
24% |
Technology platform fee, FY2025
$19M Sources
|
Recurring |
|
Others
Recurring
|
4.4% |
Others, FY2025
$3.5M Sources
|
Recurring |
Who Are Their Customers?
Institutional and corporate participants in Bitcoin mining use Antalpha’s supply-chain financing; non-U.S. customers seeking margin loans connect through Antalpha Prime, where Antalpha contracts directly with them while Northstar funds the loans. Its platform also serves institutional customers in the crypto asset industry.
20-F for FY2025, filed Apr 14, 2026Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for…View ↗
Through the Antalpha Prime platform, the Company helps non-U.S. customers connect with and obtain crypto margin loans and certain supply…View ↗
Antalpha Prime (“AA”): primarily includes the Company’s core technology-driven financing solutions, including supply chain financing…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 31 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$4.2M.
20-F for FY2025, filed Apr 14, 2026
$15MView ↗
20-F for FY2025, filed Apr 14, 2026
$24.4MView ↗
20-F for FY2025, filed Apr 14, 2026
−$4.2MView ↗
How Are They Changing?
Growing.
Revenue grew 7.1x in 2 years, from $11.3M in FY2023 to $79.7M in FY2025, about 166% a year.
20-F for FY2025, filed Apr 14, 2026
Loading...
