# EDGAR Filing Document

**Accession Number:** 0002044255
**File Stem:** 0001171843-25-005347
**Filing Date:** 2025-8
**Character Count:** 19436
**Document Hash:** 64d3b07393b92c3f37a27bfe3c12b936
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005347.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001171843-25-005347

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250812

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**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:** 251208890

**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 August 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 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 August 12, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

[(c) Exhibit 99.1. Press release dated August 12, 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: August 12, 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 Second Quarter 2025 Financial Results**

SINGAPORE, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company"), a leading institutional digital asset financing platform, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025.

"Q2 marks another strong quarter that exceeded our growth expectations. Antalpha delivered record revenue, expanded profitability and continued diversifying our loan portfolio and product offerings. Q2 revenue growth accelerated to 49% on a year-over-year basis and, based on our current outlook, we expect to further increase year-over-year revenue growth rate in Q3. We have built a flywheel for expanding our loan book, revenue growth and profit expansion by prioritizing risk management, valuing our customers and being innovative in new product offerings," said Paul Liang, chief financial officer of Antalpha. "In Q2, we have also taken solid steps to advance our U.S. expansion by bringing on key leadership and build a more resilient treasury strategy with Tether Gold. We are excited about the growth opportunities ahead."

**Second Quarter 2025 Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  |
| (US dollars in millions, unaudited) | **2024** | **2025** | ***YOY*** |
| **Total Revenue** | $11.42 | $17.01 | *49%* |
| **Net income** | $1.15 | $0.67 | *(41)%* |
| **Net Income (non-GAAP)\*** | $1.15 | $3.27 | *184%* |
| **Adjusted EBITDA (non-GAAP)\*** | $1.54 | $3.80 | *147%* |
| **Adjusted EBITDA Margin (non-GAAP)\*** | 13% | 22% | *900 bps* |
|  | **As of June 30,** | **As of June 30,** |  |
| (US dollars in millions, unaudited) | **2024** | **2025** | ***YOY*** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Supply Chain TVL** | $407 | $714 | *75%* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Margin Loan TVL\*\*** | $893 | $1335 | *50%* |
| **Total Value Loan (TVL) Facilitated** | $1300 | $2049 | *58%* |

---

\* Please see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures" for further information on non-GAAP numbers.

\*\* Margin loans are facilitated by the Company as an agent; thus, their balances are not recorded on the Company's Condensed Combined and Consolidated Balance Sheets.

**Business and Strategic Highlights**

* TVL reached a record high of $2.05 billion, reflecting 58% year-over-year growth;

* Hashrate loans financed 75.6 EH of hashrate capacity, representing approximately 8.8% of global hashrate at quarter end, as compared to approximately 3.7% a year ago;

* Test piloted Ethereum margin loans totaling $53 million in TVL;

* Acquired $20 million in XAUt (Tether Gold) as a test pilot for a digital-gold treasury strategy; and

* Hired new Chief Operating Officer Derar Islim to lead global expansion and scale operations.

**Second Quarter 2025 Financial Results**

* Revenue of $17.0 million grew 49% year-over-year;

* Tech financing fees (on supply chain loans) were US$12.9 million, increasing 39% year-over-year;

* Tech platform fees (on margin loans) were US$4.1 million, increasing 91% year-over-year;

* Net interest margin ("NIM") for both machine loans and hashrate loans expanded year-over-year, with machine loans up 47 bps and hashrate loans up 24 bps;

* Funding cost declined to 5.2%, compared to 5.4% in the second quarter 2024;

* NIM on supply chain loans was down 60 bps year-over-year, due to the increased proportion of hashrate loans, which reached 76% of supply chain loans;

* NIM on margin loans rose to 1.3%, an improvement from 1.2% in the prior quarter.

* Operating expenses were $17.5 million, up 70% year-over-year. Excluding funding cost and stock based compensation, operating expenses were $6.2 million, up 40% year-over-year. Funding cost and stock based compensation in the second quarter of 2025 were $8.7 million and $2.6 million, respectively.

* Non-GAAP net income was $3.3 million, compared to $1.1 million in the prior year period; and

* Adjusted EBITDA was $3.8 million, up 147% year-over-year, with adjusted EBITDA margin expanding to 22% from 13% a year ago.

**Outlook** Assuming stable market conditions and solid demand for crypto-collateralized financing, Antalpha expects third quarter 2025 revenue to range between $21 million and $22 million, reflecting 62% - 69% year-over-year growth. Third quarter 2025 adjusted EBITDA (non-GAAP) is expected to be in the range of 20% - 24%.

The above forecast 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 host a conference call today, August 12, 2025, at 5:00 p.m. Eastern Time to discuss the Company's financial results.

To attend, please register in advance at:

https://register-conf.media-server.com/register/BI4024476783524280b61190106fddc957

Upon registration, you will receive the dial-in number, passcode, and your unique access PIN, as well as an email with a calendar invite.

A live webcast can be assessed at https://edge.media-server.com/mmc/p/qci67g8u. A replay of the call will also be available on the Company's investor relations website at https://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 believes 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.

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

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

Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. The Company's 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.

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. The Company offers Bitcoin mining supply chain loans 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** |
| **Condensed Combined and Consolidated Statements of Income** | **Condensed Combined and Consolidated Statements of Income** | **Condensed Combined and Consolidated Statements of Income** | **Condensed Combined and Consolidated Statements of Income** | **Condensed Combined and Consolidated Statements of Income** |
| (in USD, except for shares data, unaudited) | (in USD, except for shares data, unaudited) | (in USD, except for shares data, unaudited) | (in USD, except for shares data, unaudited) | (in USD, except for shares data, unaudited) |
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
| &nbsp;&nbsp;**Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology financing fee | 9293205 | 12945038 | 18028326 | 23025411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology platform fee | 2123594 | 4064717 | 3034999 | 7580831 |
| &nbsp;&nbsp;**Total revenue** | **11416799** | **17009755** | **21063325** | **30606242** |
| &nbsp;&nbsp;**Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding cost | 5877833 | 8691218 | 11461818 | 15257264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology and development | 1180447 | 1356386 | 2378826 | 2641746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 955462 | 1282575 | 1827575 | 2255391 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2050592 | 5710860 | 3733074 | 8856502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other cost | 237414 | 434402 | 474828 | 883312 |
| &nbsp;&nbsp;**Total operating expenses** | **10301748** | **17475441** | **19876121** | **29894215** |
| &nbsp;&nbsp;**Operating income/(loss)** | **1115051** | **(465686)** | **1187204** | **712027** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating income, net<sup>(i)</sup> | 235617 | 1401587 | 522917 | 2107875 |
| &nbsp;&nbsp;**Income before income tax** | **1350668** | **935901** | **1710121** | **2819902** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 201268 | 261350 | 282325 | 689498 |
| &nbsp;&nbsp;**Net income** | **1149400** | **674551** | **1427796** | **2130404** |
| &nbsp;&nbsp;**Comprehensive income** | **1149400** | **674551** | **1427796** | **2130404** |
| &nbsp;&nbsp;**Weighted average number of ordinary shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic\* | 19250000 | 21585385 | 19250000 | 20424144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted\* | 19250000 | 24209464 | 19250000 | 23025651 |
| &nbsp;&nbsp;**Earnings per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic\* | 0.06 | 0.03 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted\* | 0.06 | 0.03 | 0.07 | 0.09 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** | **Antalpha Platform Holding Company** |
| **Condensed Combined and Consolidated Balance Sheets** | **Condensed Combined and Consolidated Balance Sheets** | **Condensed Combined and Consolidated Balance Sheets** |
| (in USD, unaudited) | (in USD, unaudited) | (in USD, unaudited) |
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5926655 | 34549974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets held (including USDC) | 60952988 | 36116987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4091740 | 6786566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 2123933 | 4168029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables, current | 300701527 | 602159909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4265800 | 4660742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral receivable from related party, current | 665966988 | 1088014607 |
| &nbsp;&nbsp;**Total current assets** | **1044029631** | **1776456814** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 1218845 | 559403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivables, non-current | 128166851 | 111375847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral receivable from related party, non-current | 71040098 | 57343125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment | 5814162 | 5814162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets<sup>(i)</sup> | 4372642 | 1906050 |
| &nbsp;&nbsp;**Total non-current assets** | **210612598** | **176998587** |
| **Total assets** | **1254642229** | **1953455401** |
| **Liabilities and shareholders' equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties | 7820838 | 3845728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities<sup>(ii)</sup> | 9074568 | 6454060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables due to related party, current | 279445336 | 578090914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral payable to customers, current | 693852753 | 1103697014 |
| &nbsp;&nbsp;**Total current liabilities** | **990193495** | **1692087716** |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables due to related party, non-current | 128166851 | 121379447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crypto assets collateral payable to customers, non-current | 88943818 | 37535011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 953821 | 1005931 |
| &nbsp;&nbsp;**Total non-current liabilities** | **218064490** | **159920389** |
| **Total liabilities** | **1208257985** | **1852008105** |
| **Total shareholders' equity** | **46384244** | **101447296** |
| **Total liabilities and shareholders' equity** | **1254642229** | **1953455401** |

---

(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** | **Reconciliations of Non-GAAP Financial Measures** | **Reconciliations of Non-GAAP Financial Measures** | **Reconciliations of Non-GAAP Financial Measures** | **Reconciliations of Non-GAAP Financial Measures** |
| **to the Nearest Comparable GAAP measures** | **to the Nearest Comparable GAAP measures** | **to the Nearest Comparable GAAP measures** | **to the Nearest Comparable GAAP measures** | **to the Nearest Comparable GAAP measures** |
| (in USD, unaudited) | (in USD, unaudited) | (in USD, unaudited) | (in USD, unaudited) | (in USD, unaudited) |
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
| **Operating income/(loss)** | **1115051** | **(465686)** | **1187204** | **712027** |
| &nbsp;&nbsp;Add: Share-based compensation |  | 2591244 |  | 2955328 |
| **Operating income (non-GAAP)** | **1115051** | **2125558** | **1187204** | **3667355** |
| **Net income** | **1149400** | **674551** | **1427796** | **2130404** |
| &nbsp;&nbsp;Add: Share-based compensation |  | 2591244 |  | 2955328 |
| **Net income (non-GAAP)** | **1149400** | **3265795** | **1427796** | **5085732** |
| &nbsp;&nbsp;Add: Income tax expense | 201268 | 261350 | 282325 | 689498 |
| &nbsp;&nbsp;Add: depreciation and amortization expense | 187791 | 274681 | 334769 | 516827 |
| **Adjusted EBITDA (non-GAAP)** | **1538459** | **3801826** | **2044890** | **6292057** |
| **Adjusted EBITDA margin (non-GAAP)** | **13%** | **22%** | **10%** | **21%** |

---