Share count
25Mpeak FY2025
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ANTA, Antalpha Platform Holding Company
Capital Markets & Asset Management financial
Technology platform fees The Company facilitates third-party lending arrangements between customers and funding partners and provides platform access, risk monitoring, and servicing support.
The market price of bitcoin has historically been volatile and has declined significantly since January 1, 2026.
Revenue is recognized in accordance with ASC 606 for service-based arrangements and ASC 310 for interest income.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$80M
+67.9% YoY
Vital signs · TTM, with 3-yr average
Revenue $80M 3-yr avg $46M
Net margin 30.7% 3-yr avg −6.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Technology financing fee (54%) and Technology platform fee (24%), with 2 more lines behind.
- What moves the needle
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median 7%). It earns this on little capital, so return on equity has run near 15%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the volumes and the data franchise hold their pricing is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 4 lines, the largest Technology financing fee at 54%.
Revenue by product line, FY2025
- Technology financing fee54%$43M
- Technology platform fee24%$19M
- Technology financing fee - related party18%$14M
- Others4%$4M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $11M | $47M | $80M | $80M | RevenueRevenue |
| −67.6% | 6.7% | 18.8% | 18.8% | Operating marginOp. mgn |
| −58.4% | 9.3% | 30.7% | 30.7% | Net marginNet mgn |
| ($7M) | $4M | $24M | $24M | Net incomeNet inc. |
| — | 11% | 9% | 9% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($12M) | ($12M) | ($4M) | ($4M) | Owner earningsOwner earn. |
| — | 9% | 20% | 20% | Return on equityROE |
| — | 9% | 20% | 20% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $1.3B | $2.4B | $2.4B | Total assetsAssets |
| — | $6M | $8M | $8M | Cash & investmentsCash+inv |
| — | $46M | $120M | $120M | Shareholders’ equityEquity |
| Per share | ||||
| 19.3M | 19.4M | 24.8M | 19.3M | Shares out (diluted)Shares |
| $0.59 | $2.44 | $3.22 | $4.14 | Revenue / shareRev/sh |
| $-0.34 | $0.23 | $0.99 | $1.27 | EPS (diluted)EPS |
| $-0.64 | $-0.61 | $-0.17 | $-0.22 | Owner earnings / shareOE/sh |
| — | $2.39 | $4.83 | $6.22 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$80Mlow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 18.8%Solid fee marginOperating income $15M ÷ revenue $80MIndustry peers: median 22%
What this means
The heart of a exchange: how much of each fee dollar survives the cost of running the business. Revenue is a toll on trading volume plus the recurring market-data and listing fees the venue generates, protected by the network economics of a deep liquidity pool that rivals cannot easily replicate. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 30.7%WideNet income $24M ÷ revenue $80M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 20%StrongNet income $24M ÷ equity $120MIndustry peers: median 6%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$874M
- Cash & short-term investments$8M
- Receivables$8M
- Other current assets$858M
Current liabilities$754M
- Debt due within a year$16M
- Other current liabilities$738M
Current ratio1.16×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.16×stricter: inventory excluded
Cash ratio0.01×strictest: cash alone against what's due
Working capital$121Mthe cushion left after near-term bills
Debt due this year vs. cash$16M due · $8M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet
Cash runway1.9 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$98Mequity stripped of goodwill & intangibles
Net current asset value($1.3B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$16M$668K of it operating leases
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| WTWisdomTree Inc. | $494M | 29.1% | 16.6% | 18% |
| RPCRidgepost Capital Inc. | $297M | 21.9% | 6.6% | 5% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| ALTIAlTi Global Inc. | $255M | -21.8% | -46.9% | -27% |
| ABXAbacus Global Management Inc. | $235M | 37.0% | 14.9% | 6% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| ANTAAntalpha Platform Holding Company | $80M | 6.7% | 9.3% | 20% |
| VALUValue Line Inc. | $35M | 18.1% | 43.3% | 26% |
| Group median | — | 20.0% | 12.1% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Antalpha Platform Holding Company's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Antalpha Platform Holding Company is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−5%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Antalpha Platform Holding Company (ANTA), the owner's record," https://ownerscorecard.com/c/ANTA, data as of 2026-07-09.
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