Tether-backed Antalpha Loses $12.5M as Tokenized Gold Bet Falters

Antalpha's loan book shrunk by $696 million in Q2 as losses on tokenized gold holdings at its subsidiary, Aurelion, pushed the digital asset financing group into a $12.5 million loss.

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

Aurelion drove most of Antalpha's operating loss with around $22.3 million in fair-value losses tied to its XAUt and XAUE tokenized-gold holdings.