Antalpha (NASDAQ:ANTA) posted an explosive fourth quarter on Tuesday, capitalizing on a sharp rise in institutional demand for Bitcoin-backed financing and a timely strategic bet on tokenized gold.
The digital asset technology firm reported fourth-quarter revenue of $28 million, a staggering 110% increase year-over-year.
The growth propelled full-year 2025 revenue to $79.7 million, up 68% compared to 2024.
Net income for the quarter reached $9.3 million, contributing to a total annual profit of $18.5 million.
The quarter’s outsized performance was significantly influenced by a $134 million purchase of Tether Gold (XAUt).
This move yielded a $10.4 million unrealized gain, which helped drive adjusted EBITDA to $18.4 million for the three-month period.
Operational metrics also suggest that Antalpha is rapidly becoming a central node in the institutional crypto-lending market.
The company reported $3.7 billion in total Bitcoin collateral held on its platform, with total Total Value Locked (TVL) facilitated reaching $2.6 billion—a 59% jump from the prior year.
A key driver of the company’s diversification is its supply-chain finance segment, which reached $1 billion in TVL.
By bridging traditional trade finance with blockchain-based collateral, Antalpha has carved out a niche that remains less volatile than pure retail crypto trading.
Additionally, its margin-loan TVL stood at $1.58 billion at year-end, reflecting strong demand for leverage among institutional miners and hedge funds.
The quarter also saw the continued integration of Aurelion, the digital asset firm Antalpha acquired on October 10, 2025.
Management noted that the acquisition has already begun to enhance the company’s treasury management and institutional onboarding capabilities.
Looking ahead to the first quarter of 2026, Antalpha provided revenue guidance of $20 million to $23 million.