Antalpha loan book drops $696M as Aurelion posts $22.3M loss

Antalpha reported a $696 million decline in its facilitated loan book to $1.35 billion for the quarter ended June 30, and its tokenized-gold unit Aurelion accounted for most of a $25.1 million operating loss.

The company’s SEC filing shows the total facilitated loan book fell 34% year over year from $2.05 billion and from $1.71 billion at March-end. Revenue for the quarter dropped 28% to $12.2 million. Net income attributable to Antalpha moved to a $12.5 million loss from a $700,000 profit a year earlier.

Aurelion recorded about $22.3 million in fair-value losses tied to holdings of XAUt and XAUE tokens. Approximately $21.2 million of that loss was unrealized at quarter end, while roughly $1.1 million was realized. Those adjustments were the principal driver of the group’s operating loss.

Lending activity declined across Antalpha’s business lines. The filing shows supply-chain loan total value locked fell 46% to $384 million, while margin-loan TVL dropped 27% to $969 million. The company attributed the reductions to lower financing demand and a more selective approach to deploying capital, and reported no principal losses since inception.

Antalpha consolidated Aurelion after taking control in October 2025; Aurelion trades under the ticker AURE. Aurelion’s leadership described a shift toward providing risk-control and technology services for on-chain gold to generate recurring, technology-driven revenue rather than only holding tokenized gold.

CFO Paul Liang wrote in the filing that the company will maintain disciplined operations and risk management, adding: “We will deploy capital selectively, enhance our financing platform, and advance high ROI complementary capabilities such as our tokenized gold platform and Web3 AI agent, Nina.”

The filing notes Antalpha’s core Antalpha Prime financing platform remained operationally profitable on a non-GAAP basis, and the company said consolidated results mask that performance.

Tether-related entities beneficially owned 1.95 million Antalpha shares, about 8.1% of the company, according to a June regulatory filing. Those entities also owned 21.5% of Aurelion Class A shares. XAUt is issued by Tether.

Antalpha included a third-quarter revenue forecast of $10 million to $12 million in the filing, below the $12.2 million reported in Q2. The filing also cited industry figures showing the crypto lending market contracted for a third straight quarter to roughly $56.16 billion, about 40% below a Q3 2025 peak of $78.69 billion.