Antalpha Platform Holding Co (ANTA) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Antalpha second quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

I would now like to turn the conference over to Chris Mammone, Managing Director of The Blueshirt Group and representative of his Investor Relation team. Mr. Mammone, please go ahead.

Thanks, Maggie. Please note that our remarks today will include forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. For discussion of these risks, please refer to Antalpha's filings with the SEC. We do not undertake any obligation to update forward-looking statements except as required by law.

This call also contains references to unaudited non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our press release and SEC filings.

Now I'd like to turn the call over to Herman for his remarks. Herman, please go ahead.

Good afternoon, everyone, and thank you for joining our second quarter 2025 earnings call.

Q2 was a solid step forward in Antalpha's growth journey. We became a publicly traded company, grew revenue by close to 50% year over year, and introduced new lending products. We are well positioned in the infrastructure layer of mining and the broader crypto market. The strength of Antalpha's Prime's platform is reflected in our solid financial results and positive outlook.

Let me briefly highlight the operating takeaways for Q2, and then Paul will cover the financial highlights.

Future revenue was up 49% year over year to $17 million which is an acceleration from the 41% growth reported in Q1. Sequentially, revenue was up 25%, meeting the high end of our guidance. Our adjusted EBITDA more than doubled to $3.8 million and EBITDA margin expanded to 22%, up from 13% a year ago. Reflecting the operating leverage of Antalpha's Prime's platform.

In Q2, both the total number of institutional clients and average loan per client were up over 40% year over year. These strong results reflect customer stickiness and their desire to do more business with us over time, combined with robust net new client wins. Positive feedback from our clients indicate that they like the risk management system on Antalpha Prime. And that we provide friendly solutions to solve their mining issues after their purchase. In our nearly three years of operation, Antalpha has created a flywheel for our revenue to grow double digits and profits to grow triple digits on an annual basis.

With the launch of Bitcoin ETFs last year and policy tailwinds for the crypto market, we believe we are in the early innings of Bitcoin adoption and accumulation; and there's a long way ahead for Bitcoin mining.

With the rapid growth of Bitcoin activity, the need for crypto-collateralized financing is accelerating. Bitcoin mining is a CapEx in operating expenditure intensive business. If you look at other similar industries, the amount of external financing is substantial. For example, GM financed 38.6% of GM retail auto sales in 2024. Similarly, according to the National Association of Realtors, last November, 74% of all home purchases in the US were financed. Bitcoin investors have a term for themselves. They're known as HODLers, short for “hold on for dear life.” They prefer to finance machine acquisitions and electricity costs so that they can fully benefit from Bitcoin appreciation.

Let me elaborate on how we are growing our total available markets. Our TAM is already substantial with global hashrate growing and our penetration low at 8.8%, yet we see many opportunities for increasing lending, and we're working on these initiatives.

First, we are expanding our TAM through margin lending against crypto collateral. Our Bitcoin margin loans reached a TVL of $1.2 billion at the end of Q2. During Q2, we expanded this service by working with Northstar to offer margin loans against Ethereum, which has a market cap of about $470 billion. Our clients have told us they invest in Ethereum and would like to use such crypto assets to secure financing. This addition would increase our lending scenario. In Q2, we test piloted Ethereum collateralized loans for two customers and reached a TVL of $53 million.

Next, we are developing financial products for adjacent financing products for adjacent closely related markets. We see opportunities in inference compute and potentially other infrastructure-related services.

AI inference compute and Bitcoin mining operate in a similar environment, so financing AI compute infrastructure is natural for us. We can leverage many advantages of our current mining compute operations, including our strong network of vendors. The AI business is still in an early stage. NVIDIA inference machines are up and running in the US, and we will soon be able to make this available for our customers to test pilot.

Lastly, we're adding new clients by making it easy for public companies to enter Bitcoin mining. Antalpha has simplified Bitcoin mining operations to where a new entrant can add such business to their operations without previously having any mining know-how. By leveraging our industry expertise and our financing solutions as well as our network of service providers. This allows us to generate new business while our new lending clients return to healthy and profitable growth, a classic win-win scenario.

An early success case study for us is Cango, ticker symbol, CANG. Cango initiated a strategic transition into the Bitcoin sector to improve business performance when their core business was faced with sluggish industry growth. After purchasing 50 extra hash of mining capacity, Cango is now generating significant revenue and free cash flow, albeit in digital form. In their July published reports, revenue surpassed an annualized run rate of $800 million assuming the current Bitcoin price. Their market cap is up more than 3X in the past year, currently at around $860 million. Cango is very happy with these results and has invited our CEO to join their board. Moore will work with the team to devise a new path in mining infrastructure with the cash flow that Cango generates from Bitcoin mining.

Cango is just one example of the public companies adding Bitcoin mining to their business. Bitcoin mining is a good way to enter Bitcoin for a public company because you are not acquiring Bitcoin at any specific time, but over a period of time. Mining costs adjust downwards when Bitcoin prices drop. We're quite excited about newly listed entrants into the Bitcoin mining industry.

Now let me turn our attention to digital gold. The market sentiment for crypto and gold are both favorable. In Q2, both Bitcoin and gold rallied significantly, driven by heightened demand for institutional safe haven assets.

Bitcoin was up nearly 30% sequentially in Q2 and approximately 90% since halving last year and over 4 times since the beginning of 2023. Demand has driven -- has been driven by growing regulatory clarity in the US, inflows into Bitcoin ETFs, and listed company treasury strategies.

Meanwhile, gold surged 26% in the first half, underpinned by persistent geopolitical tensions, inflationary concerns, and central banks diversification away from the US dollar. In Q2 alone, gold hit multiple all-time highs, supported by safe haven demand and portfolio rebalancing toward precious metals.

In the same period, we saw multiple instances where Bitcoin and gold moved in opposite directions in reaction to headline news and broader global developments. This sort of behavior is welcome because it confirms the wisdom of our strategy, to hold digital gold as a balance to crypto volatility, just as investors hold bonds to balance an equity portfolio.

We have purchased $20 million of Tether Gold or XAUt, and plan to increase our gold holding over time. As we diversify our collateral position, we believe our clients will find interest in increasing the resiliency of their crypto denominated treasury holdings. For example, our clients have suggested that we expand our lending to XAUt collateralized loans or provide yield to XAUt holders, to name a few.

The latter is an interesting idea… when you deposit gold in Switzerland, you pay a custody fee. Depositing digital gold with a custody service provider also requires an annualized custody fee, around 50 basis points, I’m told. That leads us to think… what if we can offer digital gold depositors a yield instead of a tax on storage. This could be a game changer, especially for a lending platform like Antalpha. Gold has a market cap of $23.5 trillion. That's about 80% of treasury bills market. Assuming 80% of the market cap of USDT plus USDC suggests the market size for digital gold could reach $200 billion.

Before I conclude on my prepared remarks, I'd like to give a warm welcome to Derar Islim, our new Chief Operating Officer. Derar previously served as the CEO of Genesis and later as its ex-acting CEO. He brings deep experience in the crypto lending space, particularly in the US and EMEA. With our recent IPO, our participation at Bitcoin conferences in the US and the addition of seasoned industry leaders like Derar, we are building a foundation for international expansion into the US and into EMEA.

Now let me turn the call over to our CFO Paul Liang, who will share the details of our financial performance for Q2.

Thank you, Herman. And hello to everyone joining us today on the call. I will walk you through Antalpha's financial highlights for the second quarter of 2025.

We reported total revenue of $17 million, representing 49% year over year growth. We achieved the high end of our guidance, reflecting strong demand across our core lending products.

Supply chain loan revenue reached $12.9 million, up 39% year over year. Driven primarily by growth of hashrate financing. As of the end of Q2, we financed 75.6 extra hash, representing 8.8% of global hashrate capacity—more than doubling our share from 3.7% a year ago.

Margin loan revenue totaled $4.1 million, up 91% year over year. During the quarter, we test pilot Ethereum collateralized loans with two customers, which we believe will expand our TAM as well as our profit margin. Tech fees or margin loans are recognized on a net basis. We have gotten positive feedback for all these new offerings.

Total loan value or TVL reached $2 billion up 58% year over year, with supply chain loan TVL increasing 75% to $714 million. Margin loan TVL increased 50% to $1.3 billion, buoyed by strong Bitcoin price momentum.

In terms of profitability, our business model continues to demonstrate strong operating leverage.

In analyzing our loan performance, we are using the term net interest margin or NIM, which reflects the concept of yield earned after funding costs.

With increasing brand recognition in the industry and positive word of mouth on our service from our clients, the NIM for both machine loans and hashrate loans expanded year over year. With machine loans up 47 basis points and hashrate loans up 24 basis points.

In addition to increasing tech fee rate, our funding costs dropped to 5.2%, some 20 basis points from a year ago, supported by discipline, capital sourcing, and improved credit terms.

Net interest margin on supply chain loans as a whole, however, was some 60 basis points year over year due to an increased mix of hashrate loans which outperformed in Q2, and reached approximately three quarter of our supply chain loans. The tech fee rate on Hashrate loan is lower than mining machine loans, which draw from one common capital pool.

Our NIM on margin loans increased to 1.3%, an improvement of 10 bps from a year ago, driven by pricing leverage and the recognition of the increasing value of Antalpha Prime brings to our loan partners.

Excluding funding causes and $2.6 million in stock-based compensation, operating expenses were $6.2 million in Q2, up 40% year over year. This was primarily driven by an increase in marketing activities, as well as higher general and administrative expenses. For example, in May, we participated in Bitcoin 2025 Las Vegas, which gave us substantial visibility, as we prepare to enter the US market. Compared with last year, G&A expenses increased in Q2 as we incurred professional fees and added more public-company expenses to our -- experience to our G&A team.

Non-GAAP net income was $3.3 million compared to $1.1 million in the same period of last year.

Adjusted EBITDA was $3.8 million, up 147% year over year, with EBITDA margin expanding to 22% compared to 13% in Q2 last year.

Turning to Q3 financial outlook. Assuming Bitcoin remains at $110,000 level, we expect Q3 revenue to be between $21 million to $22 million, representing 62% to 69% year over year growth.

Adjusted EBITDA margin was 22% in Q2, and we expect Q3 adjusted EBITDA margin to be in similar range between 20% to 24%.

This concludes our prepared remarks, and we are now ready to begin Q&A session.

Operators, please prompt for the first question.

(Operator Instructions)

[Dillon Heslin, Roth Capital Partners].

First, to start, I was wondering if you guys could go into a bit more color on some of the new product offerings like GPUs, any sort of timeline on when you'd be looking at that and how your go to market strategy and economics on GPUs might differ from your current product offerings.

Okay. Yeah, so for our AI compute, we're still testing the product. We haven't got into the stage of pilot testing. We think, ultimately, the terms are going to be similar to mining, we're going to require LTV, we're going to require a tech fee, and then, we're probably going to have something similar to a two year cause usually that's a minimum where an investor of compute want to take out a loan. Where we are right now is setting up the machines itself and be able to run it and be able to capture the total cost and everything.

Secondly, we're working with a partner to create a site in which if you are an investor of these compute machines, you're able to be able to sell this compute to a developer and so forth. So the idea is we're getting into NVIDIA inference compute for two reasons, right? One thing is you can do mining for POW, the other one is, you can send, resell this compute to a developer. So we're looking at both options. I think when those two are available, then it gives ROI to the investors and then that's where we'll probably, do more of these loans.

Great, thank you, and as a follow up, how quickly do you think you can roll out Ethereum backed product, and do you think that can apply to other top cryptos like Solana or some of the others in the market?

I think we're going to take one step at a time. I think that the key thing with these marginals is being able to be stable and so forth. So we're going to test Ethereum and then we'll see how it goes. I think you have the right line of thought to say, hey, if Ethereum works, do we then expand? I think we want to take it one step at a time and see how we work with Ethereum. As you know, Ethereum is a big market; there’s a lot of believers. There's a lot of opportunity for it because of all the application development and so forth. So we'll take this first step and then sure enough, later on, if our investors accumulate a lot of Solana and they need to use that as collateral or they have other things, then I think at that point we'll make that judgment.

Great, thank you.

Yeah, I think all these major tokens, including digital gold and so forth, these are things that, I think is our upside -- are opportunities to continue to explore.

Thank you.

[Edward Engel], Compass Point.

Hi guys, thanks for taking my question. I just kinda wanted to touch on how you guys are feeling about Bitcoin price levels today and I guess how aggressive you're allowed to be with your loan book. Are you feeling good about where things are today or are you expecting some sort of pullback and I guess if not does that let you be a bit more aggressive with the loan book, as we kind of look in the second half of the year. Thanks.

That's a very good question. We are a risk management company, so we take risk management as a top priority. So, it's important for a lending institution to be lasting decades and decades. So it's important to realize that when you're looking at, being in the crypto market, you need to be able to look at cycles. There are going to be up cycles, they're going to be down cycles. So what that means is from a product offering, you got to be able to address both types of cycles and in between.

So if you look at how we're growing, and where the products are growing, for example, margin loans are doing very well. So when Bitcoin continues to grow, people want margin loans, it's more flexible, right? You meet your LTV, if LTV gets too low, you could take it out, your Bitcoin, if LTV gets too high, you got to then, be able to get that LTV down in a very short manner. So that kind of product does well and it's driving our growth, right? If you go back to '22, '23 where you we were before this whole Bitcoin, bull market where Bitcoin was not doing as well, in those periods, people tend to buy machines over financing, so you had more machine loans, right? And then that extends over two years. So we can have different products for different environments. And then for Hashrate loans, we're not as sensitive to the cycle because as Bitcoin is a net profitable business and at the end of every month after the investor is able to accumulate that Bitcoin mining for the whole month, we then help them pay the bill at the end of the month.

So it's always accredited to whatever collateral holding that they have. So this thing continues whether it's in, winner or a crypto, bull market, right? So I think it's having these kind of products, so as we're looking at Ethereum, as we're looking at other products and so forth, it would be able to make our overall business even more sound and as we enter digital gold, that would make our collateral, right, even more stable. So these are the things that we're looking at from a risk management perspective, as long as the collateral is there to support the loan, we're not as concerned, and I think our customers will follow our step in diversifying. So that's why we think, with Bitcoin, having done so well over the last two years at some point people are going to be on a defensive play. People want a more stable -- stability in their crypto. So going into digital gold, I think makes sense, right, before anything happens, they take that long position and so forth. So I think customer over time will see how we play and they're going to mimic what we do and then that creates more transaction activities.

Oh, that makes sense. And then, some two other quick ones, did you talk about the target LTV you have for Ethereum I guess is like different than the BTC loans?

It's in a similar range.

Okay, and then just one more for me, the -- looks like the, tech, financing fee, or sorry, not the tech, the tech platform fee, actually increased in the second quarter, to a new all-time high. I guess how are you thinking about, I guess your fee rates across the board, whether it's, the tech financing fee or the tech platform fee is there any more opportunity to increase those over time?

Yeah, I mean, I think it's a function of the market, right? So when the whole crypto market is good, there's more demand for these type of loans, and with our brand getting better known, the fact that we're now public under SEC scrutiny, people feel more comfortable with their crypto deposit, their collateral, so forth. I think all these things are positive for a brand and positive for us to be able to give us more value to the customer, so people are willing to pay more. So I think there's a potential upside, especially if we go into the US market, what we notice is that in the US market, people charge much more than, for example, in the Asian market. So I'm pretty excited about that opportunity.

Great, thanks, and now yeah, congrats on the quarter.

Kevin Dede, HC Wainwright.

Hi, Herman, I'm Paul. Thanks for taking my question. This is Michael Donovan on the line for Kevin. When looking at depreciation cycles -- Hello, when looking at depreciation cycles for infer hardware, how will you manage residual value risk and protect loan margins when financing inference compute equipment versus Bitcoin mining?

That's a very good question. So that's one of the reasons why we're taking the time to pilot test our machines. So, you're looking at several things, right? You're looking at, first of all, what is the return if you're doing PWO -- POW, mining, what is the return if you were to resell, compute to developers, right? At the same time, you're looking at your total cost of operation.

So, what's your breakeven point? So, to answer your question, we obviously make calculations on these type of things when we do it, but when we're actually running this operation, then we got to experiment. So, once we have the data point to support that, then that's how we will structure our loans. This is very similar when we first, started with BTC mining.

So I think what we have advantage in this area is that we understand because we've been in Bitcoin mining for so long, we have operations across 10 states. We understand at the municipality level, what's the cost of operation, what's the cost of electricity, how good is the internet connection lines, all the various factors to support the operation. So we make a good determination on which state, which site to do the thing, and then we got to have the compute running for a while to be able to have data to support. Can we really, you know, keep this cost at the level that we had originally planned? At the same time, we have to work with partners to say, well, our customers will come in to buy these machines. They're looking for ROI. How much can we sell these computes? So we got to have the partners so that we could redistribute the compute if we need to and then also try POW mining at the same time.

So to answer your question, it's not just one factor, it's all of this because customers are coming in to make an investment looking at ROI. We need to test this operation and before we can make that loan risk management decision, and that's exactly what we're doing.

That's helpful, Herman. One follow up question, how much of Antalpha's growth is from existing clients scaling up versus entirely new relationships and how do you expect that mix to evolve, particularly outside of Asia?

Yeah, I think in my preparing remarks we talked about new customers, 40% of it is new customers. So, you saw a number of customer growth this quarter compared to last quarter. We're seeing significant growth in the number of customers, but obviously from a revenue amount, from a low amount, new customers, they come in, it's middle of the quarter and so forth, so proportionally they're going to take up less.

So I think that's one point. We are extending outside of Asia. Our brand is getting a better, customer have done -- many of them have had a relationship with us, taking out loans for multi-years. So our good service ‘cause, especially when you're a minor, what you need is the handholding after, right? You're buying a machine, you're hoping a return, over the next few years.

So, whereas if you buy the machine yourself, then it's yours. Everything afterwards, you got to figure out how to operate it. We're trying to handhold our customers to go through all of that. So it's very important for sales, you get that service support. So I think it's all of this our brand, the fact that we're now listed, the fact that we're applying for a license in Singapore, the fact that, we're giving them good service, post sales, buying the machines and so forth. I think all of that is helping people in this industry, and that's why not in addition to out of outside of Asia, we're expanding in addition to, listed companies who have to do their disclosure and so forth, feel comfortable coming in and making this a significant part of their overall business.

Great, thank you, Herman.

Thank you, Michael.

Darren Aftahi, ROTH.

Hey guys, I apologize for jumping on late. It's a bunch of conference calls, but wanted to ask a few things, Herman, on the customer profile of the new customers of 40% you referenced, is there any way to kind of, I guess one, frame up what these customers look like and then two, when they start working with you, is this dipping their toe in the water? Are they jumping into the deep end, kind of give us a general sense for what pipeline with new customers, not necessarily your new customers, but the ones that are being on board and what they could look like, 6, 12, 18 months from now in terms of aggregate, kind of value.

And then, I'm curious with the Ethereum and digital gold when you guys talk about pilots, what are some of the KPIs you're sort of looking at in order to go from pilot to full kind of roll out?

And then, my last one was just this is more of a theoretical question, but you know there's a lot of talk now with so much adoption of Bitcoin and whether it's in the US or other parts of the world and these potentially being put into people's retirement accounts, etc. That maybe the four year cycle won't hold the same bell curve it has in the past, and maybe that doesn't happen immediately, but I guess the general question is you being a risk management platform is, what are your general thoughts about kind of peaks versus crypto winners and does your business become a little bit more maybe stable peak to trough as you kind of grow in the out years thanks.

Okay, let me, answer these questions in reverse order. I think, let me take the Bitcoin peak and trough, and, I send some concern with current pricing that price could be volatile. That's why we're in the business of Bitcoin mining and not helping people buy spot gold, right. So if you're buying spot, you're making a prediction that the current price makes sense that in the future it's going to continue to go up, right?

Whereas Bitcoin mining is, you're buying a machine, this thing does mining for several years and when prices are high, you're going to reap rewards with better prices, but your cost, especially electricity cost is going to be higher. When prices are low, your related costs are going to come down. So you're really more -- I always frame that like buying machine is more like a multi-year option of going into go kind of, cost average over time. So they're not as sensitive to as if you just say, hey, I have this much money, it's a one-time let's bet on this price.

That way you could be wrong, and you would bust. If you could be right, you could make a lot of money. Right, so, Bitcoin mining is kind of a de-risk way of being able to do that cost average over time. So that's why for us using the machine as collateral, using Bitcoin as collateral and so forth, we deploy similar risk management measurements. So that's why I think our business is probably better than transactional business, which probably does much higher when the price is high and then probably much lower when, price is low.

Okay. Second question is pilot gold, what are we going to do? Ultimately, I think, for us as a lending platform, obviously, if you have a large balance sheet, if you have a lot of gold, if you have, being able to have less volatility with your collateral, this business has ability to run much much longer, much much more stable, so that's what we're looking at. If you look at our, end of Q2, there's about $3 billion worth of BTC supporting our loan, right? If you look at the total facilitated loans, there's $3 billion to do that. We've had a great run in the last two years, and we think that we want the overall collateral to be more defensible.

To do that, I think you need to have a blend of digital gold versus Bitcoin, just like if someone were to make an investment, sure enough, equities have higher growth. Sure enough, if you have like high tech or some of the other ones, they go really fast, but if you're looking at, a 10 year horizon. You want your portfolio to have less volatility, then you probably want to carry some bonds, right? So the bond and equity thing, I think it's analogous to digital assets when there's a lot of people looking at crypto, you want something to balance that. I think part of it is the overall holding, part of it is you want to have a channel for a flight to safety, right?

You see certain shocks in the last six months, and if you have a chance to fly to safety when there are these phenomenal global shocks and so forth, then people feel more comfortable in going there, so I think that's where we are with a digital gold looking at this. And plus, if you go to Asia, if you go to like, the Chinese culture, the South, East and many countries and so forth, people hold physical gold, they feel more comfortable. A big part of Asia was in war with they lived through wars in our lifetime. So therefore people feel more comfortable with holding gold.

But we think holding physical gold is not as good as, for example, holding, Tether gold, you have a great counterparty and this thing, you can actually take a Tether gold to the Swiss government and be able to redeem a bar. These kind of things that makes it much easier than than previously. If you buy a lot of gold, where are you going to store it? You have to pay for storage costs. So we're testing all of these out, we think there's a huge opportunity gold is $23.5 trillion, 80% of the T bill.

So if you just take, for example, 1% of that's over $200 billion right, just as when you look at USDT and USDC 1% of Treasury bill, right, I think Digital gold has the opportunity to $200 billion. So we're looking at number one, buying gold to stabilize our collateral, and secondly, where's the opportunity for people to hold more digital gold versus a physical gold and then make it more convenient, make it more safe, have them a peace of mind because it's something that they could, go after redeem the gold bar if they want to. Okay, so we're testing those things out and then as we have more information we'll share with you in future quarters.

Okay. Last question is customer mix. So our customers, well, if you look at, the last 2.5 years, we started out with just traditional miners, people who really know how to do mining who's been doing it before. We're making it easier because we're allowing them to select so many sites in the states and we have people to help them do operations so they don't have to physically be in the US, travel to the US, right? So as we start deploying that, what we find is that people who are just interested in Bitcoin mining can now participate.

So you have, the Cangos of the world with their public company, you have family offices, you have other people that, have not done so well with some of their core businesses that are coming in and say, hey, look, this is relatively light operation. You don't have to put a lot of people behind this thing and you can make this thingwork. So you can think of us getting that over 40% number of customer growth. Some of that is still traditional miners. We probably have many of the larger private miners in Asia.

Some of that coming in are probably smaller, but overall, our average loan per customer is close to $40 million. So we're still talking about sizable customers and we're just seeing them branching out, those that are traditionally, who knows BTC mining and more and more as a proportion, those that less -- knows less about mining but just interested in doing Bitcoin, and they want to have this cost average strategy rather than, buying at spot prices. So that's what we're seeing as a trend.

Thank you. That concludes the Q&A session. We will turn the call back to Herman for closing remarks. You may go ahead.

Thank you, operator. To conclude on Q2, as we move forward, we remain focus on risk management first, scaling globally and delivering long-term value to our shareholders. We are proud of the momentum that our team has built in the first half of 2025. Our year over year revenue growth rate has accelerated from 41% in Q1 to 49% in Q2, and we are forecasting the revenue growth rate to accelerate to in the 60% range on a year over year basis. As a fintech platform, 40% of our incremental revenue in Q2 flow to the bottom line, increasing our EBITDA margin from 13% to 22%.

With the current administration embarking on US, the crypto capital of the world, and building a strategic Bitcoin reserve, Antalpha, as a Bitcoin mining infrastructure play, stands to benefit from policy tailwinds. Looking ahead, we're excited about the early stage of mainstream adoption for Bitcoin, or entry into the US market and the potential opportunity to increase our TAM.

We also plan to deepen our treasury strategy and digital gold to increase resilience on our collateral. In the process, also to assist our clients to de-risk their crypto holdings. With global asset allocation increasingly shifting toward digital assets, digital gold will become an important part of digital asset holding, we believe, serving both as a hedge against inflation and stabilizing agent against macro volatility.

This concludes our call today. Have a great day.

Thank you again for joining our call. You may now disconnect.