The company has aggressively scaled its asset base to $2.4B while moderating its debt-to-equity ratio to 5.09 as of 2025Q4, down from a peak of 27.26 in 2023Q4.
| Total Current Assets | 1.47B | 1.04B | 371.81M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | -3.17M | 61.23M | 7.02M |
| Total Non-Current Assets | 941.68M | 210.61M | 360.22M |
| Property, Plant & Equipment | 0 | 2.63M | 2.63M |
| Fixed Asset Turnover | - | 18.01x | 4.29x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 21.65M | 0 | 0 |
| Long-Term Investments | 837.28M | 5.81M | 2.35M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 2.41B | 1.25B | 732.03M |
| Asset Turnover | 0.03x | 0.04x | 0.02x |
| Asset Growth % | 91.84% | 71.39% | - |
| Total Current Liabilities | 307.54M | 990.19M | 364.61M |
| Accounts Payable | 429.08M | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 307.54M | 279.45M | 153.84M |
| Deferred Revenue (Current) | - | - | - |
| Other Current Liabilities | -446.12M | 0 | 0 |
| Current Ratio | 4.76x | 1.05x | 1.02x |
| Quick Ratio | 4.76x | 1.05x | 1.02x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 1.9B | 218.06M | 354.71M |
| Long-Term Debt | 720.78M | 128.17M | 190.15M |
| Capital Lease Obligations | - | - | - |
| Deferred Tax Liabilities | - | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 2.2B | 1.21B | 719.32M |
| Total Debt | 1.03B | 410.09M | 346.47M |
| Net Debt | 1.02B | 404.17M | 346.03M |
| Debt / Equity | 5.09x | 8.84x | 27.26x |
| Debt / EBITDA | 64.30x | 102.23x | - |
| Net Debt / EBITDA | 63.81x | 100.76x | - |
| Interest Coverage | - | - | - |
| Total Equity | 202.32M | 46.38M | 12.71M |
| Equity Growth % | 336.18% | 264.92% | - |
| Book Value per Share | 8.76 | 2.01 | 0.55 |
| Total Shareholders' Equity | 119.68M | 46.38M | 12.71M |
| Common Stock | 23.98K | 19.25K | 19.25K |
| Retained Earnings | 16.3M | 0 | 0 |
| Treasury Stock | -32.7K | 0 | 0 |
| Accumulated OCI | 19.04K | -2.19M | -6.59M |
| Minority Interest | 82.64M | 0 | 0 |
Collateral valuation and liquidity
According to recent financial statements, Antalpha's total assets surged from $732.0 million in 2023Q4 to $2.4 billion by 2025Q4, signaling an aggressive scaling of its lending platform that appears to be outpacing the company's historical capital accumulation and internal equity growth rates.
The rapid expansion of the balance sheet suggests that the company is successfully capturing market share in the hashrate-backed lending niche. However, investors should monitor whether this growth is sustainable or if it reflects an over-extension of credit that could become problematic during periods of Bitcoin price volatility.
As reported in quarterly filings, the company's total debt reached $1.0 billion in 2025Q4, while the debt-to-equity ratio moderated to 5.09 from a peak of 27.26 in 2023Q4, indicating a shift toward a more balanced capital structure as the firm scales its operations.
The reduction in the debt-to-equity ratio suggests that management is successfully utilizing equity infusions to support its lending activities, thereby reducing reliance on external debt. This trend may imply a strengthening of the firm's long-term solvency, though the absolute debt level remains substantial relative to the company's equity base.
Based on the 2025Q4 balance sheet, Antalpha reported a significant cash position of $450.3 million, which represents a dramatic increase from the $439.1 thousand held in 2023Q4, providing a much-needed liquidity buffer against potential shocks in the volatile digital asset lending market.
The current ratio of 4.76 in 2025Q4 indicates a robust short-term liquidity position, which is a marked improvement from the near-parity levels observed in previous periods. This liquidity surge may suggest that the company is preparing for increased loan demand or seeking to mitigate risks associated with its concentrated collateral portfolio.
As indicated by the provided data, the absence of property, plant, and equipment on the balance sheet as of 2025Q4, despite the company's deep integration with mining hardware, suggests that the firm may be operating as an asset-light intermediary rather than a direct owner of mining infrastructure.
This structural choice may insulate the company from the direct depreciation risks associated with ASIC hardware, yet it warrants further investigation into the nature of the underlying collateral. Investors should consider whether the lack of tangible assets on the balance sheet masks potential credit risks inherent in the firm's loan book.
Quick answers to the most common questions about buying ANTA stock.
As of 2025, Antalpha Platform Holding Company (ANTA) had total assets of $2.41B including $1.47B in current assets.
Antalpha Platform Holding Company (ANTA) carries total debt of $1.03B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Antalpha Platform Holding Company (ANTA) has total shareholders' equity (book value) of $119.7M ($8.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Antalpha Platform Holding Company (ANTA) reported a current ratio of 4.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.