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Antalpha went public last month to little fanfare, and now that Bitmain’s primary financing partner is out in the open, its financials are too. We take a look at Antalpha’s loan book and its revenue and compare to another publicly traded company that services crypto loans.

Our takeaway: Antalpha is leaving money on the table, but there’s probably a good reason for that — one that points back to Bitmain.

It’s about a 5 minute read. But before we dig in…

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Antalpha's loan book doesn't add up

Antalpha’s public debut laid bare the financial and operational innards of Bitmain’s chief financing partner. And upon closer inspection, Antalpha might be leaving money on the table to better service the interests of Bitmain’s bitcoin mining empire and the interests of its vassal companies. 

The company, which provides bitcoin-backed loans and bitcoin miner financing to Bitmain customers, recoups a much lower return on its lending book than other Bitcoin financiers. If we compare Antalpha to Galaxy Digital’s lending business, for instance, Antalpha earns roughly 2/3s of the income as Galaxy for every dollar it lends. 

To understand why, we have to evaluate how Antalpha fits into the intertwined – if somewhat blearily defined – universe of companies in Bitmain’s orbit. 

Editor's note: Unless otherwise stipulated or linked back, the information in this article is drawn from Antalpha's IPO prospectus.

Antalpha vs. Galaxy Digital 

So how does Antalpha’s lending business stack up against one of the largest lenders in the crypto space? TLDR: not great.

Antalpha offers three different types of loans. Its so-called “supply chain loans” consist of ASIC miner financing and what is calls “hashrate loans,” which miners can take out to finance CAPEX costs in addition to machine purchase including hosting fees, repair, and other services. It also offers standard bitcoin-backed loans. 

The company draws revenue from its financing business in two ways: from interest on its supply chain loans and platform fees it extracts from clients who use its platform for managing bitcoin-backed loans. 

Antalpha hauled in $13.6 million in Q1 2025. $10.1 million of this revenue flowed from interest on its supply chain loans, while $3.5 million came from platform fees for its bitcoin-backed loans. In its IPO prospectus, Antalpha reports that a typical mining machine loan carries 8-10% interest and a hashrate loan 6-8%. In 2024, the average interest rate on Antalpha’s supply chain loans was 8.5%. 

Per the same prospectus, Antalpha had $139 million and $439 million loans outstanding respectively for its ASIC miner and hashrate loans in Q1 – $578 million in total. The company doesn’t offer an average loan book size for the quarter, but if we take its supply chain loan book value at the end of 2024 and average it with Q1’s end value, we get $503 million. 

If we annualize Antalpha's Q1 supply chain loan revenue, it nets out to a 8% return on that $503 million. Not quite 2024’s 8.5% average, but pretty daggum close. 

You’re probably wondering about the bitcoin-backed loans. Well, Antalpha doesn’t carry these on its balance sheet (more on why later), but it did list $1.19 billion bitcoin-backed loans outstanding at the end of Q1, which is coincidentally the same as the average between this figure and the outstanding bitcoin-backed loans at the end of 2024. Antalpha earned $3.5 million from the platform fees to manage these loans in Q1, so annualized, the company can conceivably earn roughly 1.18% on this lending.

Now let’s compare that to Galaxy Digital’s lending book using the company’s Q1 2025 earnings. Galaxy actually provides an average loan book value for Q1 (which this humble analyst greatly appreciates), $874 million. This loan book is a blend of cash and crypto loans, and Galaxy raked in $27.4 million from all its lending in Q1 2025. Annualized, this nets out to a 12.5% return on this capital; if we look at revenue on the interest it earns solely from its cash lending, we get a return of 10.7%. 

So to summarize, Galaxy is conceivably earning 4-4.5% more on its lending book than Antalpha. If we compare the net interest margin (the difference between what a lender earns from its loans and its cost of funding) for either company, the contrast is even starker.

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