# EDGAR Filing Document

**Accession Number:** 0002044255
**File Stem:** 0001171843-25-003946
**Filing Date:** 2025-6
**Character Count:** 16707
**Document Hash:** 347a606c32431d4b48737da15ff12ac3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-003946.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001171843-25-003946

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250617

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Antalpha Platform Holding Co
- **CENTRAL INDEX KEY:** 0002044255
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42637
- **FILM NUMBER:** 251053465

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9 TEMASEK BOULEVARD
- **STREET 2:** SUNTEC TOWER 2
- **CITY:** #13-02/03
- **PROVINCE COUNTRY:** U0
- **ZIP:** 038989
- **BUSINESS PHONE:** 65 6513 8815

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9 TEMASEK BOULEVARD
- **STREET 2:** SUNTEC TOWER 2
- **CITY:** #13-02/03
- **PROVINCE COUNTRY:** U0
- **ZIP:** 038989

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of June 2025**

Commission File Number: **001-42637**

**Antalpha Platform Holding Company**

(Translation of registrant's name into English)

**9 TEMASEK BOULEVARD, SUNTEC TOWER 2, #13-02/03 SINGAPORE**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [ ]

------

On June 17, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

[Exhibit 99.1. Press release dated June 17, 2025](exh_991.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | <u>**&nbsp;&nbsp;&nbsp;&nbsp;Antalpha Platform Holding Company&nbsp;&nbsp;&nbsp;&nbsp;**</u> |
|  | (Registrant) |
| Date: June 17, 2025 | <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Paul Liang&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Paul Liang |
|  | CFO |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Antalpha Reports First Quarter 2025 Results**

SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) -- - Antalpha Platform Holding Company ("Antalpha" or the "Company") (NASDAQ: ANTA), a leading fintech platform serving the Bitcoin mining ecosystem, today announced its unaudited financial results for the first quarter ended March 31, 2025.

"Antalpha is off to a great start in 2025 with first quarter revenue growing 41% and net income growing 423% year over year. The scalability of Antalpha Prime's fintech platform has enabled us to grow profitability faster than revenue. On top of our strong core business, the Company is exploring new areas of digital asset lending, including enabling our partners to provide Ethereum-collateralized loans and our clients to finance GPUs for AI inference computing," said Paul Liang, chief financial officer of Antalpha.

**First Quarter 2025 Financial and Operational Highlights**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | |
| (US dollars in millions, unaudited) | **2024** | **2025** | ***% Change*** |
| **Total Revenue** | $9.65 | $13.60 | *41 %* |
| **Net Income** | $0.28 | $1.46 | *423 %* |
| **Adjusted EBITDA (non-GAAP)** | $0.51 | $2.49 | *392 %* |
| **Adjusted EBITDA Margin (non-GAAP)\*** | 5% | 18% |  |
|  | **As of March 31,** | **As of March 31,** |  |
| (US dollars in billions, unaudited) | **2024** | **2025** | ***% Change*** |
| &nbsp;&nbsp;**Supply Chain Loans Outstanding** | $0.48 | $0.58 | *22 %* |
| &nbsp;&nbsp;**Bitcoin Loans Outstanding** | $0.60 | $1.19 | *98 %* |
| **Total Loans Outstanding** | $1.08 | $1.77 | *64 %* |

---

\* For more information regarding adjusted EBITDA and adjusted EBITDA margin, see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

**Business Highlights**

* Antalpha has purchased approximately US$20 million in XAUt to date, as part of its digital gold treasury strategy. This creates a strategic hedge against macroeconomic volatility and further strengthen the resilience of the collateral pool of the Company. The Company is unique in the deployment of a gold treasury strategy, in that it is synergistic to its core business. Acquiring digital gold will not only improve Antalpha's risk management, it will also pave the way for expansion into new businesses.

* The Company raised US$56.7 million gross proceeds, from the issuance of 4.4 million shares through its IPO on NASDAQ on May 14, 2025. As a strategic investor, Tether purchased 1.9 million shares, representing 8.1% of the Company's ordinary shares immediately after the IPO, from the IPO offering.

**First Quarter 2025 Financial Results**

**Total revenue** was US$13.6 million, increasing 41% year over year.

* **Tech platform fee** (on Bitcoin loans) was US$3.5 million, increasing 286% year over year.

* **Tech financing fee** (on supply chain loans) was US$10.1 million, increasing 15% year over year.

**Operating expenses** totaled US$12.4 million, increasing 30% year over year.

* **Funding cost** was $6.6 million, increasing 18% year over year.

* **Non-funding operating expenses** were US$5.8 million, increasing 47% year over year, primarily due to an increase in labor expenses, professional services and share-based compensation.

**Operating income** was US$1.2 million, compared to US$0.1 million for the same period last year, reflecting the scalability of the Antalpha Prime platform.

**Net income** was $1.5 million, increasing 423% year-over-year. **Non-GAAP net income** was US$1.8 million, increasing 554% year-over-year. **Adjusted EBITDA** (non-GAAP) was $2.5 million, increasing 392% year-over-year. For more information regarding non-GAAP net income and adjusted EBITDA, see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

**Financial Guidance**

For the second quarter of 2025, Antalpha expects revenues to be between US$16 million and US$17 million, representing a growth rate of 40% to 50% year over year, assuming Bitcoin price remains at the $100,000 level.

The above forecast is based on the current market conditions and reflects Antalpha's current and preliminary view, which is subject to substantial uncertainties. The Company does not undertake any obligation to update any forward-looking statements, except as required by law.

**Conference Call Information**

Antalpha's management will hold an earnings conference call at 8:00 A.M. on June 17, 2025, U.S. Eastern Time.

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Q1 2025 Antalpha Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registration, you will be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you in a calendar invite.

For registration, please click:

https://register-conf.media-server.com/register/BI0bcb89f8f5d548dd9cbb0600510464f1

All participants must use the link provided above to complete the online registration process in advance of the conference call.

Additionally, a live and archived webcast of this conference call will be available at http://ir.antalpha.com.

**Non-GAAP Measures**

In addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates non-GAAP financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin.

The Company believes these adjustments eliminate the effects of certain non-cash and/or non-recurring items that the Company believes complements management's understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believe that non-GAAP measures may be helpful to investors because they provide consistency and comparability with past financial performance and with how management views its financial performance.

Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. Its funding cost is an operating item and a significant component of its business. As such, it is not excluded from adjusted EBITDA (non-GAAP). Adjusted EBITDA Margin represents the ratio between adjusted EBITDA and revenue.

Non-GAAP net income represents net income before share-based compensation expenses. Non-GAAP operating income represents operating income before share-based compensation expenses.

For more information on non-GAAP financial measures, please see "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

**About Antalpha**

Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital assets loans, as well as monitor collateral positions with near real-time data.

**Safe Harbor Statement**

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Antalpha's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha's filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**Condensed Consolidated Statements of Income**

(in USD, except for shares data, unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2025** |
| **Revenue** |  |  |
| &nbsp;&nbsp;Technology financing fee | 8735121 | 10080373 |
| &nbsp;&nbsp;Technology platform fee | 911405 | 3516114 |
| **Total revenue** | **9646526** | **13596487** |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;Funding cost | 5583985 | 6566046 |
| &nbsp;&nbsp;Technology and development | 1198379 | 1285360 |
| &nbsp;&nbsp;Sales and marketing | 872113 | 972816 |
| &nbsp;&nbsp;General and administrative | 1682482 | 3145642 |
| &nbsp;&nbsp;Other cost | 237414 | 448910 |
| **Total operating expenses** | **9574373** | **12418774** |
| **Operating income** | **72153** | **1177713** |
| &nbsp;&nbsp;Non-operating income<sup>(</sup><sup>i</sup><sup>)</sup> | 287300 | 706288 |
| **Income before income tax** | **359453** | **1884001** |
| &nbsp;&nbsp;Income tax expense | 81057 | 428148 |
| **Net income** | **278396** | **1455853** |
| **Weighted average number of ordinary shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic\* | 19250000 | 19250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted\* | 19250000 | 21826667 |
| **Earnings per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic\* | 0.01 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted\* | 0.01 | 0.07 |

---

\*Giving retroactive effect to the reverse stock split effected on April 18, 2025.

(i) Non-operating income includes other income and fair value change on crypto assets and liabilities.

 **Condensed Consolidated Balance Sheets**

(in USD, unaudited)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,**<br>**2024** | **As of March 31,**<br>**2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5926655 | 2438894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets held (including USDC) | 60952988 | 53831765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4091740 | 5332230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 2123933 | 3523014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables, current | 300701527 | 385451505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4265800 | 4310603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral receivable from related party, current | 665966988 | 600533009 |
| &nbsp;&nbsp;**Total current assets** | **1044029631** | **1055421020** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 1218845 | 923043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables, non-current | 128166851 | 192559409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral receivable from related party, non-current | 71040098 | 159170468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment | 5814162 | 5814162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets<sup>(i)</sup> | 4372642 | 3550039 |
| &nbsp;&nbsp;**Total non-current assets** | **210612598** | **362017121** |
| **Total assets** | **1254642229** | **1417438141** |
| **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties | 7820838 | 11335614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities<sup>(ii)</sup> | 9074568 | 7120268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables due to related party, current | 279445336 | 397600624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral payable to customers, current | 693852753 | 600562518 |
| &nbsp;&nbsp;**Total current liabilities** | **990193495** | **1016619024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables due to related party, non-current | 128166851 | 192559409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral payable to customers, non-current | 88943818 | 159170468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 953821 | 885059 |
| &nbsp;&nbsp;**Total non-current liabilities** | **218064490** | **352614936** |
| **Total liabilities** | **1208257985** | **1369233960** |
| **Total shareholders' equity** | **46384244** | **48204181** |
| **Total liabilities and shareholders' equity** | **1254642229** | **1417438141** |

---

(i) Other non-current assets include deferred offering costs, property and equipment and right-of-use assets.

(ii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities.

 **Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures**

(in USD, unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2025** |
| **Operating income** | **72153** | **1177713** |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Share-based compensation expenses |  | 364083 |
| **Operating income (non-GAAP)** | **72153** | **1541796** |
| **Net income** | **278396** | **1455853** |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Share-based compensation expenses |  | 364083 |
| **Net income (non-GAAP)** | **278396** | **1819936** |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Income tax expense | 81057 | 428148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: depreciation and amortization expense | 146978 | 242146 |
| **Adjusted EBITDA (non-GAAP)** | **506431** | **2490230** |
| Revenue | 9646526 | 13596487 |
| **Adjusted EBITDA margin (non-GAAP)** | **5%** | **18%** |

---