Antalpha Platform Holding Co (NASDAQ: ANTA)

Antalpha Platform Holding Company provides financing technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain it is 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. The company has developed a technology platform Antalpha Prime which enables customers to apply for and manage their digital asset loans while allowing close monitoring of collateral positions. Antalpha Platform Holding Company empowers institutions and corporations to expand their Bitcoin mining business with immediate access to mining machines and sizable financing not readily available from conventional financial institutions.

Antalpha Platform Holding Company generates revenue primarily through technology financing fees charged on the supply chain loans it originates and technology platform fees earned for servicing margin loans provided by its financing partner Northstar. The company's revenue consists of technology financing fees from supply chain loans technology platform fees from margin loan servicing and other revenue related to pilot loans. For the year ended December 31 2025 revenues from technology financing fees increased 48 percent year on year to reach $57.1 million revenues from technology platform fees increased 117 percent year on year to reach $19.0 million and total revenues increased 68 percent year on year to reach $79.7 million. The company facilitates supply chain financing in the form of USD denominated loans typically settled in USDT to finance the purchase of mining machines or payment for expenditures related to mining operations.

The company operates through the following segments: Supply Chain Loans and Margin Loans.

• Supply Chain Loans. These loans help customers finance the purchase of on rack mining machines from Bitmain which are held at facilities Bitmain leases from third party data center operators. These machines can commence operations rapidly and information about the total cost of ownership is available prior to purchase. Proceeds from these loans are settled with Bitmain through Northstar and the loans are typically secured by the purchased machines. The loan principal is due at maturity and customers may repay the loan early without penalty. The company earns a technology financing fee over the term of mining machine loans for the technology and services provided in association with the machine loans it originates. Hashrate Loans. These loans help customers finance expenditures on mining related services including hosting services post sale maintenance and repair and other service costs. Proceeds on these loans are usually paid to Bitcoin mining operation vendors such as data center operators that provide such mining related services. These loans are collateralized by the Bitcoins mined on specified machines. Hashrate loans bundled with mining machine loans usually have the same maturity term as the mining machine loans while standalone hashrate loans have open terms which enable the company to ask for repayment with advance notice. The company helps customers who take out bundled hashrate loans settle operational bills such as hosting fee payments with data center operators using the proceeds from the bundled hashrate loan. The company earns a technology financing fee over the term of hashrate loans for the technology and services provided in association with the hashrate loans it originates.

• Margin Loans. Through the Antalpha Prime platform the company helps its customers connect with and obtain margin loans from its financing partner Northstar who funds and bears default risks on these loans. These margin loans which are denominated in USD and typically settled in USDT are collateralized by Bitcoin or Ethereum pledged to Northstar by the borrowers. Margin loans typically have an LTV at origination of between 50 percent to 70 percent and open loan terms. The company acts as a service provider to its directly contracted customers and earns a technology platform fee on margin loans over the term of the loan. For margin loans the company currently charges an annualized technology platform fee rate between 1.0 percent to 1.9 percent on the loan principal outstanding for acting as a service provider.

Antalpha Platform Holding Company is a leading digital asset financing platform with a strategic focus on the Bitcoin mining industry. The company has established unique strategic relationships with Bitmain and Northstar. As a business that set out to facilitate Bitcoin mining it initially built its relationship with Bitmain the world's largest Bitcoin mining machine supplier through its network of Bitcoin miners. The company works closely with Bitmain across various levels of their organization from sales to operations to executive management acting as an integral part of their sales and origination process. The company has entered into a memorandum of understanding with Bitmain under which Bitmain will continue to utilize Antalpha as its financing partner they have agreed to refer customers to each other and Bitmain has agreed to provide the company with a right of first refusal to serve its customers seeking financing so long as competitive financing terms are offered. The company's funding partner Northstar has historically provided almost all of the funding for the loans the company originated. Northstar also offers financing solutions which currently consist of margin loans to the company's customers through Antalpha Prime for which the company earns a technology platform fee.

Antalpha Platform Holding Company has developed a valuable customer base of institutional and corporate participants in the Bitcoin mining industry. The total number of customers increased to 84 institutions and corporations for the year ended December 31 2025 representing an increase of 12 percent year over year. Of these customers 47 had supply chain financing with the company while 42 took out margin loans from the financing partner through Antalpha Prime. The company has been successful in expanding its customer base beyond Asia into EMEA and the Americas. As of December 31 2025 83 percent 11 percent and 6 percent of the company's total outstanding loans were from borrowers located in Asia EMEA and the Americas respectively.