Antalpha Platform (ANTA) Registration Filing summary

Company overview and business model

• Provides financing, technology, and risk management solutions to the digital asset industry, focusing on supply chain financing for Bitcoin mining, with loans secured by Bitcoin and mining machines.

• Developed Antalpha Prime, a technology platform for loan management and collateral monitoring, serving institutional and corporate clients globally.

• Strategic partnerships with Bitmain (largest Bitcoin mining machine supplier) and Northstar (primary funding partner), enabling an asset-light model.

• Expanded customer base to include non-traditional mining participants such as family offices and corporations.

• Operates primarily in Singapore, with subsidiaries in Hong Kong for back-office support.

Financial performance and metrics

• Total loans outstanding grew from $564.8M in 2023 to $1.63B in 2024, a 188% increase.

• Revenue increased 321% year-over-year to $47.5M in 2024; net income was $4.4M in 2024, compared to a net loss of $6.6M in 2023.

• Technology financing fees rose 274% to $38.7M; technology platform fees rose 859% to $8.8M in 2024.

• Adjusted EBITDA improved from a loss of $7.4M in 2023 to a gain of $5.9M in 2024.

• As of March 31, 2025, total loans outstanding reached $1.77B, with Q1 2025 revenue of $13.6M and net income of $1.5M.

Use of proceeds and capital allocation

• Net proceeds of ~$39.8M (or $46.2M if underwriters exercise their option) expected, assuming a $12.00/share IPO price.

• Proceeds to be used for general corporate purposes, product development, sales and marketing, technology infrastructure, global expansion, loan operations, potential investments, and treasury management (including Bitcoin and gold in digital form).