Antalpha Q2 Loss Widens on $22.3M Tokenized Gold Fair-Value Hit; Revenue Down 28%
ANTA sits 25% above its 52-week low of $3 on elevated volume (3.8× avg).
Summary
Antalpha reported a $12.5M Q2 net loss, swung by a $22.3M non-cash fair-value loss on tokenized gold, while core lending revenue fell 28% and Q3 guidance points to continued softness.
Key Events · Earnings and Guidance · ANTA
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Q2 Net Loss of $12.5M
Net loss attributable to Antalpha was $12.5M, versus net income of $0.7M in Q2 2025, driven by a $22.3M fair-value loss on XAUt and XAUE holdings at Aurelion.
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Revenue Down 28% YOY
Total revenue fell to $12.2M from $17.0M, with technology financing fees down 40% due to the Cango facility wind-down and lower supply-chain loan balances.
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Fair-Value Loss Is Non-Cash
The $22.3M fair-value loss on tokenized gold is a mark-to-market accounting entry, not a cash outflow or new dilution; it reflects crypto asset price movements, not operating performance.
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Antalpha Prime Remains Profitable
The flagship financing platform delivered operating profitability and maintained zero principal loss since inception, with net fee margin up ~10 bps YOY.
Analysis · ANTA · Crypto Assets
Antalpha's Q2 results show a sharp swing to a $12.5M net loss from a $0.7M profit a year ago, driven almost entirely by a $22.3M non-cash fair-value loss on Aurelion's tokenized gold holdings. Core lending revenue fell 28% as the Cango facility wound down and loan balances shrank, though Antalpha Prime remained operationally profitable with zero principal losses. The company guided Q3 revenue to $10M-$12M, implying continued softness. The fair-value loss is a mark-to-market accounting entry tied to crypto asset prices, not a cash outflow or new dilution, but it dominates reported results and obscures the underlying lending business performance.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ANTA was trading at $3.75 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $97.2M. The 52-week trading range was $3.00 to $13.82. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.