Antalpha’s facilitated loan book declined 34% year over year to $1.35 billion in the second quarter, with a $696 million drop in total value locked. Revenue fell 28% to $12.2 million while net income swung to a $12.5 million loss, largely driven by $22.3 million in losses at its subsidiary Aurelion on tokenized gold holdings (XAUt and XAUE). Antalpha forecasts third-quarter revenue of $10 million to $12 million. Tether, a major shareholder, holds 8.1% of Antalpha and 21.5% of Aurelion.
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