Ethereum

    Tether-backed Antalpha’s loan TVL declined $696 million

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    Antalpha’s facilitated loan book shrank by $696 million in the second quarter as losses on tokenized gold holdings at its subsidiary, Aurelion, pushed the digital asset financing group into the red.

    According to the firm’s filing with the US Securities and Exchange Commission (SEC), its total loan book fell 34% to $1.35 billion as of June 30, from $2.05 billion a year earlier and $1.71 billion at the end of March.

    As a result, the company’s revenue fell 28% to $12.2 million, while net income attributable to Antalpha swung to a $12.5 million loss from a $700,000 profit.

    Meanwhile, the lending contraction spread across both sides of Antalpha’s business. The firm said its supply-chain loan TVL fell 46% to $384 million, while margin-loan TVL dropped 27% to $969 million.

    Indeed, Galaxy Digital had pointed out that the broader crypto lending market had contracted for a third straight quarter to $56.16 billion. This is 40.13% lower than the 2025 third quarter record high of $78.69 billion.

    Infographic comparing Antalpha loan TVL falling from $2.049 billion to $1.353 billion with the $22.3 million XAUt and XAUE loss composition.Infographic comparing Antalpha loan TVL falling from $2.049 billion to $1.353 billion with the $22.3 million XAUt and XAUE loss composition.

    Antalpha attributed its market decline to lower financing activity and more selective capital deployment rather than credit deterioration, saying it has recorded no principal loss since inception.

    Meanwhile, the firm suggests the revenue slowdown may extend into the third quarter.

    Antalpha expects third-quarter revenue of $10 million to $12 million, below the $12.2 million reported in the second quarter, despite assuming continued solid demand for crypto-collateralized financing and broadly unchanged market conditions.