Antalpha Q4 Revenue Jumps 110% to $28M, Loans Reach $2.8B
Antalpha reported fourth-quarter revenue of $28 million, up 110% year-over-year, and full-year revenue of $80 million, up 68%, while adjusted EBITDA surged 802% to $18.4 million with a 66% margin. The loan book expanded 59% to $2.8 billion with $3.7 billion in Bitcoin pledged and healthy 57% LTV.
1. Strong Fourth-Quarter Results
Antalpha generated fourth-quarter revenue of $28 million, a 110% increase year-over-year, and full-year revenue of $80 million, up 68%. Adjusted EBITDA reached $18.4 million for Q4, rising 802% with a 66% margin, while full-year adjusted EBITDA climbed 460% to $33.2 million at a 42% margin, despite a 23% Bitcoin price decline.
2. Expanding Loan Portfolio
The total value of loans on Antalpha Prime reached $2.8 billion at year-end, up 59% year-over-year, with $3.7 billion of Bitcoin pledged. Supply-chain loans maintained a disciplined 57% loan-to-value ratio, while loan balance per client rose 43% and new client additions increased 12%, supporting 81.3 EH/s of client-generated hash rate (7.3% of global).
3. Tokenized Gold Integration and Aurelion
Following the Oct. 10 acquisition of Aurelion—where Antalpha secured 73% voting rights—the company consolidated its results, noting Aurelion’s adjusted EBITDA of $9.4 million driven by $10.4 million in unrealized Tether Gold gains. Antalpha purchased $134 million in Tether Gold, lifting total unrealized gains to $16.6 million, and is exploring XAUt-collateralized loan products.
4. First-Quarter 2026 Outlook
Antalpha guided first-quarter 2026 revenue of $20 million to $23 million, implying 47% to 69% growth year-over-year, assuming stable market conditions. Management emphasized continued disciplined underwriting and collateral management to support financing growth and resilience.