Antalpha’s loan book tumbles $696M as tokenized-gold burns $22M

Quick take: a pretty ugly quarter (but hold the panic)

Antalpha’s lending arm lost some steam in Q2 — its facilitated loan book shrank by $696 million, bringing total loans down about a third to roughly $1.35 billion as of June 30. Revenue slid too, down about 28% to $12.2 million, and the company moved from a small profit to a roughly $12.5 million net loss. So yeah, it was one of those quarters.

The group says this wasn’t the result of borrowers wrecking shop — rather, there was less borrowing demand and the firm got pickier about where it put capital. It also noted it hasn’t recorded any principal losses since it started lending. Still, readers should expect the slowdown to potentially continue: Antalpha guided Q3 revenue to between $10 million and $12 million, a notch below Q2.

The nitty-gritty: where the shrinkage hit and the gold sting

Drilling into the numbers, the pullback wasn’t uniform. Supply-chain loan TVL plunged nearly half to about $384 million, while margin loans dipped around 27% to roughly $969 million. Those shifts explain much of the overall decline in lending exposure.

But the real headline-grabber was the company’s tokenized-gold unit, Aurelion. Since Antalpha consolidated Aurelion in late 2025, Aurelion booked about $22.3 million in fair-value losses on its XAUt and XAUE holdings — most of that was unrealized (about $21.2 million), with roughly $1.1 million realized. Those gold-related markdowns accounted for the lion’s share of a roughly $25.1 million operating loss for the quarter.

Management is trying to keep the vibe calm: Antalpha says its core financing platform still generated operational profit on a non-GAAP basis, and leaders want to be selective about redeploying capital. The CFO emphasized disciplined operations and targeted investments, calling out the tokenized-gold business and a Web3 AI agent named Nina as focus areas. Aurelion’s CEO says they’re pivoting from just holding shiny tokens to building a tech-and-risk layer for on-chain gold that aims for recurring, tech-driven revenue.

One noteworthy ownership wrinkle: the issuer of XAUt is also a material shareholder in Antalpha and holds a significant stake in Aurelion. According to regulatory filings, related entities owned about 1.95 million Antalpha shares (around 8.1%) and roughly 21.5% of Aurelion Class A shares.

Bottom line: the quarter’s losses were driven mainly by markdowns on tokenized gold and less lending activity, not by a wave of defaults — management says the underlying lending business is still intact. That said, investors and onlookers should expect cautious capital deployment and modest revenue guidance for next quarter. Keep your popcorn ready; this one’s a slow-burn drama rather than a sudden cliff dive.