0001213900-26-043573 | 20-F | XBRL Viewer | Antalpha Platform Holding Co

6,320,852

4,921,861

3,140,134

7,995,775

4,258,497

2,650,206

Unrealized gain on XAUt and XAUt collateral receivables due from related party

18,861,273

9,093,066

6,295,924

(10,399,549)

Other costs

^[1]

1,297,753

1,383,123

506,827

Segment net (loss)/income

15,015,555

3,181,081

(7,622,347)

Other segment items

Other (expense)/income, net

5,725,873

1,780,127

(280,335)

Fair value gain/(loss) on crypto assets held, net

(23,651)

(745,128)

(7,998)

Fair value changes on crypto assets receivables/payables, net

6,052,965

744,361

7,167

2,336,408

566,970

(1,318,073)

24,434,334

$ 4,393,471

$ (6,585,440)

AA [Member]

Segment revenue

Revenue

79,678,739

Segment expense

Funding cost

40,587,080

6,320,852

7,822,298

Unrealized gain on XAUt and XAUt collateral receivables due from related party

17,836,615

Other costs

^[1]

1,297,753

Segment net (loss)/income

5,814,141

Other segment items

Other (expense)/income, net

6,313,329

Fair value gain/(loss) on crypto assets held, net

(23,673)

Fair value changes on crypto assets receivables/payables, net

5,957,403

2,336,408

15,724,792

Segment revenue

Segment expense

173,477

Unrealized gain on XAUt and XAUt collateral receivables due from related party

1,024,658

(10,399,549)

Other costs

^[1]

Segment net (loss)/income

9,201,414

Other segment items

Other (expense)/income, net

(587,456)

Fair value gain/(loss) on crypto assets held, net

Fair value changes on crypto assets receivables/payables, net

95,562

Prepaid Expenses and Other Current Assets [Abstract]

$ 8,709,542

[1]	Primarily consists of crypto asset custodial and wallet service fees (Cobo).

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

(in USD)	December 31, 2024		December 31, 2025
Prepaid wallet service fee ⁽ⁱ⁾		764,717		2,137,204
Wallet service usage fee receivables ⁽ⁱⁱ⁾		781,291		376,520
Prepaid IT related expenses		341,045		359,482
Office sub-lease receivables ⁽ⁱⁱⁱ⁾		1,445,941		2,678,923
Office rent deposit		659,195		674,878
Insurance expenses		7,904		248,647
Other		265,707		150,544
Total prepaid expense and other current assets		4,265,800		6,626,198

(i)

Prepaid wallet service fee represent credits for technical services provided by Cobo. The measurement of prepaid service credit is disclosed in Note 16.

(ii)

The balances represent receivables arising from wallet service fee reimbursement from third parties (Note 6).

(iii)

The balances represent receivables arising from office sub-lease expense reimbursement from third parties.

Income Taxes - Schedule of Income (Loss)/ Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Income (Loss)/ Income Before Income Taxes [Line Items]
Total (loss)/income before income taxes	$ 26,770,742	$ 4,960,441	$ (7,903,513)
Singapore [Member]
Schedule of Income (Loss)/ Income Before Income Taxes [Line Items]
Total (loss)/income before income taxes	13,449,704	2,996,740	(7,434,114)
Non-Singapore [Member]
Schedule of Income (Loss)/ Income Before Income Taxes [Line Items]
Total (loss)/income before income taxes	$ 13,321,038	$ 1,963,701	$ (469,399)

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization and Nature of Operations [Abstract]

Fair Value Measurements - Schedule of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets
Crypto assets held	$ 11,640,525	$ 60,027,818
Crypto asset collateral receivable from related party	1,256,845,932	737,007,086
USDC	979,135	925,170
Total assets	1,269,465,592	797,960,074
Liabilities
Amounts due to related parties—crypto assets liabilities	5,970
Crypto asset collateral payable to customers	498,097,122	782,796,571
Crypto assets collateral payable to related party	659,615,535
Total liabilities	$ 1,157,718,627	$ 782,796,571

Reorganization

12 Months Ended

Dec. 31, 2025

Reorganization [Abstract]

Reorganization

2. Reorganization

In connection with the Company’s preparation for an initial public offering, a group reorganization was completed in November 2024 (the “2024 Reorganization”). As part of the reorganization, Antalpha Business operated by entities under common control (collectively referred to as the “Parent Group”) was transferred to the Company. The reorganization included the transfer of equity interests in the operating subsidiaries, the assignment of platform-related rights and loan portfolios, and the reclassification of historical net parent investment into additional paid-in capital.

As of December 31, 2025, the Company’s major subsidiaries are as follows:

Subsidiary Name	Formation Date	Domicile Registered	Ownership
Antalpha Platform Technologies Limited	January 18, 2023	British Virgin Islands		100	%
Antalpha Technologies Pte. Ltd.	February 8, 2021	Singapore		100	%
Antalpha Digital Pte. Ltd.	September 28, 2021	Singapore		100	%
Antalpha Prime (HK) Limited	August 6, 2023	Hong Kong		100	%
Antalpha Capital (HK) Limited	July 20, 2023	Hong Kong		100	%
Aurelion Inc.*	October 25, 2018	Cayman Islands		32	%

On October 10, 2025, the Company completed the acquisition of Aurelion Inc. and its subsidiaries (collectively, the “Aurelion Entities”). Although the Company holds a 32% equity interest in the Aurelion Entities, these entities have been consolidated into the Company’s financial statements since October 10, 2025, as the Company has obtained control over their operations.

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2025

Organization and Nature of Operations

1. Organization and Nature of Operations

Antalpha Platform Holding Company, collectively with its subsidiaries referred to as “Antalpha” or the “Company”, was incorporated under the laws of the Cayman Islands in August 2023. The Company is headquartered in Singapore and serves customers in Asia, the Americas and Europe, Middle East, and Africa (“EMEA”).

Antalpha commenced operation in 2022 and provides financing, technology and risk management solutions to institutional and corporate customers in the crypto asset industry. These operations are collectively referred to as the “Antalpha Business”. The Company operates through Antalpha Prime platform in the following areas:

●

Supply chain financing: the Company provides supply chain financing to enterprises secured by Bitcoin and Bitcoin mining machines. Antalpha offers mining machine loans and hashrate loans to pay for the acquisition of mining machines and mining operation expenditures.

●

Technology and services: the Company assists customers to seek other financing solutions, including crypto margin loans and certain supply chain loans, from its funding partner Northstar. The Company acts as an agent and utilizes its technology and services capabilities to service its customers by providing loan servicing and management, anti-money laundering and other platform services during the term of the loan, and charges a platform fee for such services.

On May 14, 2025, the Company completed its initial public offering. In this offering, the Company issued 4,427,500 ordinary shares (the “Ordinary Shares”) at a price of US$12.80 per share. The Company received gross proceeds in the amount of US$56.7 million before deducting any underwriting discounts or expenses. The Ordinary Shares began trading on May 14, 2025 on the Nasdaq Global Market under the ticker symbol “ANTA”.

On October 10, 2025, the Company invested approximately US$43 million as lead investor and acquired controlling voting rights in Aurelion Inc. (formerly known as “Prestige Wealth Inc.”), (NASDAQ: AURE) through participation in a committed private investment in public equity (“PIPE”), alongside accredited investors including Tether Investments, S.A. de C.V. (“Tether”) and Kiara Capital Holding Limited (“Kiara Capital”), invested by the Company’s management. The Company acquired 119,444,446 units of Class B ordinary shares of Aurelion Inc., representing approximately 32% of the equity interest. Due to the super-voting rights (1:20) attached to the Class B ordinary shares, the Company obtained approximately 69% of the total voting power upon acquisition and, accordingly, obtained a controlling interest.

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Loan term	three
Loan bears interest	6.00%
Gains or losses on crypto assets (in Dollars)		$ 0
Short-Term Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings		5.45%
Long-Term Loan Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings		5.45%
Minimum [Member] \| Short-Term Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings	5.45%
Minimum [Member] \| Long-Term Loan Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings	5.45%
Maximum [Member] \| Short-Term Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings	5.67%
Maximum [Member] \| Long-Term Loan Payables [Member]
Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]
Rates borne by the borrowings	5.67%

Related Party Transactions - Schedule of Related Parties and Their Relationships (Details)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Northstar Digital Holding Limited and its affiliates (“Northstar”) [Member]

Northstar Digital Holding Limited and its affiliates (“Northstar”) [Member] | Relationship prior to the 2024 Reorganization [Member]

Significant influence over the Company despite no equity interest

Related parties under common control

Northstar Digital Holding Limited and its affiliates (“Northstar”) [Member] | Relationship after the 2024 Reorganization [Member]

Related parties under common control

Bitmain Technologies Limited (“Bitmain”) [Member]

Significant influence over the Company despite no equity interest

Bitmain Technologies Limited (“Bitmain”) [Member] | Relationship prior to the 2024 Reorganization [Member]

No longer a related party

An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)

Bitmain Technologies Limited (“Bitmain”) [Member] | Relationship after the 2024 Reorganization [Member]

An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)

Chanhua Pte. Ltd. (“Chanhua”) [Member]

No longer a related party

Chanhua Pte. Ltd. (“Chanhua”) [Member] | Relationship prior to the 2024 Reorganization [Member]

No longer a related party

An entity controlled by the Company’s UBO

Chanhua Pte. Ltd. (“Chanhua”) [Member] | Relationship after the 2024 Reorganization [Member]

An entity controlled by the Company’s UBO

Antpool Technologies Pte. Ltd. (“Antpool”) [Member]

No longer a related party

Antpool Technologies Pte. Ltd. (“Antpool”) [Member] | Relationship prior to the 2024 Reorganization [Member]

No longer a related party

An entity controlled by the Company’s UBO

Antpool Technologies Pte. Ltd. (“Antpool”) [Member] | Relationship after the 2024 Reorganization [Member]

An entity controlled by the Company’s UBO

Mr. Moore Jin Xin [Member]

No longer a related party

Mr. Moore Jin Xin [Member] | Relationship prior to the 2024 Reorganization [Member]

CEO, director and shareholder of the Company

Mr. Moore Jin Xin [Member] | Relationship after the 2024 Reorganization [Member]

CEO, director and shareholder of the Company

Cango Inc. and its affiliates (“Cango”) [Member]

CEO, director and shareholder of the Company

Cango Inc. and its affiliates (“Cango”) [Member] | Relationship prior to the 2024 Reorganization [Member]

Related party due to significant influence*

^[1]

Cango Inc. and its affiliates (“Cango”) [Member] | Relationship after the 2024 Reorganization [Member]

^[1]

Related party due to significant influence*

[1]

Cango Inc. and its affiliates (collectively, “Cango”) are considered related parties of the Company, notwithstanding that there is no equity interest held between the two entities (vice versa). Mr. Moore Jin Xin, the Company’s Chief Executive Officer and Director, serves as the Chairman of Cango in an executive capacity and is actively involved in its day-to-day decision-making. Accordingly, Mr. Moore Jin Xin is in a position to exercise significant influence over both entities, giving rise to a related party relationship between the Company and Cango.

Summary of Significant Accounting Policies - Schedule of Property and equipment, net (Details)	Dec. 31, 2025
Computer Equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures [Member]
Schedule of Property and Equipment, Net [Line Items]
Estimated useful lives	7 years

Crypto Assets Held - Schedule of the Crypto Assets Company consist (Details)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

$ 11,640,525

$ 60,027,818

$ 11,664,323

$ 60,772,721

Bitcoin [Member]

497

$ 256,946

$ 45,718,280

$ 254,990

$ 46,469,779

USDT [Member]

11,364,488

14,305,267

$ 11,351,306

$ 14,275,226

$ 11,367,092

$ 14,277,369

Ethereum [Member]

$ 26,877

$ 30,457

Other crypto assets [Member]

$ 37,877

$ 22,622

^[1]

$ 5,396

$ 3,855

$ 4,364

$ 2,951

[1]	Not meaningful.

Property and Equipment, Net (Details) - USD ($)	12 Months Ended
Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment, Net [Abstract]
Depreciation expenses	$ 143,794	$ 29,513	$ 14,655

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party [Abstract]
Overdue loan receivables

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Share-Based Compensation Expense [Line Items]
Total share-based compensation expenses	$ 4,766,783	$ 129,446
Technology and development [Member]
Schedule of Share-Based Compensation Expense [Line Items]
Total share-based compensation expenses	159,832	1,610
Sales and marketing [Member]
Schedule of Share-Based Compensation Expense [Line Items]
Total share-based compensation expenses	192,280	15,663
General and administrative [Member]
Schedule of Share-Based Compensation Expense [Line Items]
Total share-based compensation expenses	$ 4,414,671	$ 112,173

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Loan Payables

Loan payables consist of the following:

(in USD)	December 31, 2024		December 31, 2025
Short-term loan payables		175,972,800		262,266,751
Long-term loan payables, current portion		103,472,536		45,268,300
Total loan payables, current		279,445,336		307,535,051
Long-term loan payables, non-current portion		128,166,851		680,191,285
Term loan payables		—		40,590,795
Total loan payables, non current		128,166,851		720,782,080
Total loan payables		407,612,187		1,028,317,131

Schedule of Crypto Assets Collateral Receivable from Related Party

The Company recognizes such pledged assets under “crypto assets collateral receivable from related party” on the combined and consolidated balance sheets, as follows:

(in USD)	December 31, 2024		December 31, 2025
Short-term collateral receivables		465,326,145		414,081,147
Long-term collateral receivables, current		200,640,843		15,795,812
Total collateral receivables, current		665,966,988		429,876,959
Long-term collateral receivables, non-current		71,040,098		754,895,423
Collateral receivables - Term loan		—		72,073,550
Total collateral receivables, non-current		71,040,098		826,968,973
Total collateral receivables		737,007,086		1,256,845,932

Schedule of Fair Value of Crypto Assets

The crypto assets of the Company consist of the following:

	December 31, 2024						December 31, 2025
	Units		Fair value (USD)		Cost basis (USD)		Units		Fair value (USD)		Cost basis (USD)
Bitcoin		497		45,718,280		46,469,779		3		256,946		254,990
USDT		14,305,267		14,275,226		14,277,369		11,364,488		11,351,306		11,367,092
Ethereum		9		30,457		22,622		9		26,877		37,877
Other crypto assets		*		3,855		2,951		*		5,396		4,364
Total crypto assets held				60,027,818		60,772,721				11,640,525		11,664,323

*	Not meaningful.

Related Party [Member]

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]

Schedule of Fair Value of Crypto Assets

	December 31, 2024				December 31, 2025
	Units		Fair Value USD		Units		Fair Value USD
Bitcoin		8,019		737,007,086		12,883		1,131,333,447
Ethereum		—		—		9,115		27,180,630
XAUt		—		—		6,052		26,258,305
XAUt - Term loan		—		—		16,613		72,073,550
Total				737,007,086				1,256,845,932

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Crypto Assets Held

12 Months Ended

Dec. 31, 2025

Crypto Assets Held [Abstract]

Crypto assets held

7. Crypto assets held

The Company may receive crypto assets from its customers as a form of payment on its technology financing fee or technology platform fee, and may use such crypto assets to settle payables to its funding partner. The Company maintains its crypto assets at a third-party licensed custodian for storing and transferring its crypto assets as needed. The crypto assets of the Company consist of the following:

	December 31, 2024						December 31, 2025
	Units		Fair value (USD)		Cost basis (USD)		Units		Fair value (USD)		Cost basis (USD)
Bitcoin		497		45,718,280		46,469,779		3		256,946		254,990
USDT		14,305,267		14,275,226		14,277,369		11,364,488		11,351,306		11,367,092
Ethereum		9		30,457		22,622		9		26,877		37,877
Other crypto assets		*		3,855		2,951		*		5,396		4,364
Total crypto assets held				60,027,818		60,772,721				11,640,525		11,664,323

*	Not meaningful.

The cumulative realized losses occurred during the year ended December 31, 2023, 2024 and 2025 was US$589, US$225, and US$(147) respectively.

The following table summarizes crypto assets activities for the year ended December 31, 2024 and 2025:

(in USD)	Bitcoin			USDT			ETH & Others			Total
Balance as of January 1, 2024		1,176,690			4,334,566			248,599			5,759,855
Crypto assets received as revenue		—			46,808,313			—			46,808,313
Crypto assets paid as costs and expenses		(4,393	)		(22,618,470	)		(10,922	)		(22,633,785	)
Loans borrowed from related party		—			579,960,843			—			579,960,843
Loans repaid to related party		—			(575,345,884	)		—			(575,345,884	)
Loans provided to customer		—			(614,343,955	)		—			(614,343,955	)
Loans repaid by customer		—			605,472,804			—			605,472,804
Collateral received from customer		1,176,240,978			—			—			1,176,240,978
Collateral returned to customer		(762,374,581	)		—			—			(762,374,581	)
Collateral pledged to related party		(1,197,477,498	)		—			—			(1,197,477,498	)
Collateral returned from related party		829,400,586			—			—			829,400,586
Acquisition of investment		—			(4,993,550	)		—			(4,993,550	)
Deemed repayment to the Parent Group		—			(5,266,264	)		—			(5,266,264	)
Deposit/(withdrawal) of custodial crypto assets, net		(235,472	)		(136,818	)		(1,442	)		(373,732	)
BTC loan payment collected from related party⁽ⁱ⁾		—			335,362,834			—			335,362,834
BTC loan payment remitted to customer⁽ⁱ⁾		—			(326,916,796	)		—			(326,916,796	)
BTC loan repayment collected from customer⁽ⁱ⁾		—			117,964,950			—			117,964,950
BTC loan repayment returned to related party⁽ⁱ⁾		—			(120,792,421	)		—			(120,792,421	)
BTC loan collateral collected from customer⁽ⁱ⁾		132,084,182			—			—			132,084,182
BTC loan collateral remitted to related party⁽ⁱ⁾		(132,084,182	)		—			—			(132,084,182	)
BTC loan collateral collected from related party⁽ⁱ⁾		477,374,745			7,635,956			—			485,010,701
BTC loan collateral returned to customer⁽ⁱ⁾		(477,374,745	)		(7,635,956	)		—			(485,010,701	)
BTC loan interest collected from customer⁽ⁱ⁾		—			15,641,145			—			15,641,145
BTC loan interest remitted to related party⁽ⁱ⁾		—			(15,641,145	)		—			(15,641,145	)
Fund inflows between customers and related party through shared accounts⁽ⁱⁱ⁾		5,967,527			28,569,980			—			34,537,507
Fund outflows between customers and related party through shared accounts⁽ⁱⁱ⁾		(5,967,527	)		(31,314,943	)		—			(37,282,470	)
Proceeds of amount due to related party⁽ⁱⁱⁱ⁾		1,156			54,383			—			55,539
Repayment of amount due to related party⁽ⁱⁱⁱ⁾		(257,687	)		(2,522,203	)		(210,662	)		(2,990,552	)
Unrealized fair value (gain)/loss on crypto assets		(751,499	)		(2,143	)		8,739			(744,903	)
Balance as of December 31, 2024		45,718,280			14,275,226			34,312			60,027,818
Crypto assets received as revenue		—			48,207,213			—			48,207,213
Crypto assets paid as cost and expenses		—			(33,179,554	)		—			(33,179,554	)
Crypto assets received as other income		1,457,397			5,073,387			3,327			6,534,111
Crypto assets paid as other expense		(96,574	)		(56,429	)		(14,746	)		(167,749	)
Loans borrowed from related party		—			1,133,182,866			—			1,133,182,866
Loans repaid to related party		—			(508,068,759	)		—			(508,068,759	)
Loans provided to related party		—			(278,419,042	)		—			(278,419,042	)
Loans provided to customers		—			(887,879,223	)		—			(887,879,223	)
Loans repaid by customers		—			593,182,363			—			593,182,363
Collateral received from related party		279,888,518			—						279,888,518
Collateral received from customers		1,780,758,378			111,503,998			8,789,640			1,901,052,016
Collateral returned to customers		(1,688,071,446	)		(109,163,405	)		(8,789,597	)		(1,806,024,448	)
Collateral pledged to related party		(2,103,891,348	)		—			—			(2,103,891,348	)
Collateral returned from related party		1,685,386,710			—			—			1,685,386,710
Deposit (withdrawal)/deposit of custodial crypto assets, net		(912,018	)		(1,005,909	)		1,886			(1,916,041	)
Margin loan payment collected from related party⁽ⁱ⁾		—			536,399,831			—			536,399,831
Margin loan payment remitted to customer⁽ⁱ⁾		—			(521,201,516	)		—			(521,201,516	)
Margin loan repayment collected from customer⁽ⁱ⁾		—			463,850,261			—			463,850,261
Margin loan repayment returned to related party⁽ⁱ⁾		—			(485,637,648	)		—			(485,637,648	)
Margin loan collateral collected from customer⁽ⁱ⁾		568,972,170			15,026,561			—			583,998,731
Margin loan collateral remitted to related party⁽ⁱ⁾		(568,972,170	)		—			—			(568,972,170	)
Margin loan collateral collected from related party⁽ⁱ⁾		1,011,354,658			—			—			1,011,354,658
Margin loan collateral returned to customer⁽ⁱ⁾		(1,011,477,928	)		(15,024,186	)		—			(1,026,502,114	)
Margin loan interest collected from customer⁽ⁱ⁾		—			58,015,708			—			58,015,708
Margin loan interest remitted to related party⁽ⁱ⁾		—			(58,015,708	)		—			(58,015,708	)
Proceeds of amount due to related party⁽ⁱⁱⁱ⁾		140,457			4,343,097			26,883			4,510,437
Repayment of amount due to related party⁽ⁱⁱⁱ⁾		—			(1,737,302	)		(9,142	)		(1,746,444	)
Conversion of proprietary crypto assets to fiat currency		(94	)		(9,262,898	)		(322	)		(9,263,314	)
USDT payment to related party for Purchasing XAUT		—			(104,073,507	)		—			(104,073,507	)
Proceeds from capital injection		—			41,031,667			—			41,031,667
Unrealized fair value loss/(gain) on crypto assets		1,956			(15,786	)		(9,968	)		(23,798	)
Balance as of December 31, 2025		256,946			11,351,306			32,273			11,640,525

(i)

Subsequent to the Reorganization, the Company established a dedicated clearing account, with strengthened detection capabilities, to facilitate the Margin loan transactions where the Company serves the role of an agent. These transactions related to margin loans reflect the collection and remittance of funds to the customer and related party at inception and repayment of the loan.

(ii)

Prior to the Reorganization, the Company and related party shared the use of certain accounts. As a result, certain fund flows between related parties and customers, which were unrelated to the Company’s business activities, were routed through the Company’s shared accounts. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and Margin loan interest receipts and remittances.

(iii)

Prior to the Reorganization, during the initial setup of the Antalpha Prime platform, the Company received temporary crypto fund support from related party, which was subsequently settled in the ordinary course of operations. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and margin loan interest receipts and remittances.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements [Abstract]

Fair value measurements

18. Fair value measurements

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis:

(in USD)	December 31, 2024		December 31, 2025
Assets
Crypto assets held		60,027,818		11,640,525
Crypto asset collateral receivable from related party		737,007,086		1,256,845,932
USDC		925,170		979,135
Total assets		797,960,074		1,269,465,592
Liabilities
Amounts due to related parties—crypto assets liabilities		—		5,970
Crypto asset collateral payable to customers		782,796,571		498,097,122
Crypto assets collateral payable to related party		—		659,615,535
Total liabilities		782,796,571		1,157,718,627

Assets and liabilities not measured at fair value on a recurring basis

In addition to measuring assets and liabilities at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including operating lease rights-of-use assets and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

For acquisition of long term investment accounted for under the measurement alternative, the Company re-measures the investment to fair value when there are observable price changes in orderly transactions for identical or similar investment in the same issuer. The non-recurring fair value measurement to the carrying amount of an investment usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Company. The valuation methodology involved requires management to use observable transaction price at the transaction date and other unobservable inputs (Level 3) such as expected volatility and probability of exit events as it relates to liquidation and redemption preferences. Estimating the fair value of investee without observable market prices is highly judgmental due to the subjectivity of unobservable (Level 3) inputs used in the valuation methodologies to determine fair value.

Assets and liabilities not measured and recorded at fair value

As of December 31, 2024 and 2025, the fair value of cash and cash equivalents, accounts receivable, USDC, loan receivables, other receivables, amount due from/(due to) related parties accrued expenses and other liabilities approximated their carrying values due to their short-term nature.

The carrying amounts of operating lease liabilities approximate their fair values as they are subject to interest rates close to the market rate of interests for similar arrangements with financial institution.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Related party transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2025

23. Related party transactions

The following sets forth the related parties and their relationships with the Company:

		December 31, 2024
Company Name	December 31, 2023	Relationship prior to the 2024 Reorganization	Relationship after the 2024 Reorganization	December 31, 2025
Northstar Digital Holding Limited and its affiliates (“Northstar”)	Related parties under common control	Related parties under common control	Significant influence over the Company despite no equity interest	Significant influence over the Company despite no equity interest

Bitmain Technologies Limited (“Bitmain”)	An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)	An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)	No longer a related party	No longer a related party

Chanhua Pte. Ltd. (“Chanhua”)	An entity controlled by the Company’s UBO	An entity controlled by the Company’s UBO	No longer a related party	No longer a related party

Antpool Technologies Pte. Ltd. (“Antpool”)	An entity controlled by the Company’s UBO	An entity controlled by the Company’s UBO	No longer a related party	No longer a related party

Mr. Moore Jin Xin	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company

Cango Inc. and its affiliates (“Cango”)	—	—	Related party due to significant influence*	Related party due to significant influence*

Related party transactions as follows:

		Year Ended December 31,			Year Ended December 31,			Year Ended December 31,
	Related party	2023			2024			2025
Revenue	Cango	—			—			14,059,776
Funding cost	Northstar		6,302,251			24,617,365			40,587,080
Monitoring service fee	Northstar		182,000			273,750			167,432
Labor-related expenses	Chanhua		7,459,219			—			—
Wallet service usage fee	Northstar, Bitmain and Antpool		67,609			604,304			3,026,631
Sub-leased office space expenses allocation	Bitmain, Antpool and Chanhua		923,408			—			—
General management fee	Northstar		—			90,078			34,741
Collateral received from related party	Cango		—			—			279,888,518
Loans provided to related party	Cango		—			—			(278,419,042	)
Loans borrowed from related party	Northstar		354,352,639			657,672,216			1,183,144,951
Loans repaid to related party	Northstar		(18,272,799	)		(594,045,884	)		(562,440,049	)
Collateral pledged to related party	Northstar		(414,952,584	)		(1,197,477,498	)		(2,103,891,348	)
Collateral returned from related party	Northstar		51,283,183			829,400,586			1,685,386,710
Crypto assets paid as costs and expenses	Northstar		6,485,191			22,633,785			33,179,554
Deposit/(withdrawal) of custodial crypto assets, net	Northstar		646,333			(373,732	)		(1,916,061	)
Margin loan payment collected from related party	Northstar		—			335,362,834			536,399,831
Margin loan repayment returned to related party	Northstar		—			(120,792,421	)		(485,637,648	)
Margin loan collateral remitted to related party	Northstar		—			(132,084,182	)		(568,972,170	)
Margin loan collateral collected from related party	Northstar		—			485,010,701			1,011,354,658
Margin loan interest remitted to related party	Northstar		—			(15,641,145	)		(58,017,328	)
Fund inflows between customers and related party through shared accounts	Northstar		2,744,963			34,537,507			—
Fund outflows between customers and related party through shared accounts	Northstar		—			(37,282,470	)		—
Proceeds of amount due to related party	Northstar		5,515,524			55,539			4,510,437
Prepayment of amount due to related party	Northstar		(3,162,870	)		(2,990,552	)		(1,746,444	)
USDT payment to related party for Purchasing XAUT	Northstar		—			—			(104,073,507	)
XAUT received from related party	Northstar		—			—			114,803,981
Collateral pledged to related party - XAUT	Northstar		—			—			(92,289,229	)

Balance due from/due to related parties

As of December 31, 2025 and 2024, assets and liabilities due from and due to related parties were as follows:

	December 31,			December 31,
(in USD)	2024			2025
Amounts due from related parties
Crypto asset collateral receivables due from Northstar ⁽ⁱ⁾		721,424,627			1,256,845,932
Loan receivables due from Cango		—			556,920,339
Northstar		2,123,933			2,597,282
Cango ⁽ⁱⁱ⁾		—			3,533,857
		2,123,933			6,131,139
Amounts due to related parties
Crypto assets held on behalf of Northstar (iii)		(545	)		5,970
Northstar ^(iv)		5,837,804			811,053
Northstar ^(v)		1,983,579			4,559,540
		7,820,838			5,376,563
Crypto assets collateral payable to Cango		—			659,615,535
Loan payables due to Northstar ^(vi)		407,612,187			1,028,317,131

(i)	The balances represent the collateral pledged by the Company in exchange of funding borrowed from financing partner Northstar, which were under common control before the 2024 Reorganization (Note 10).

(ii)	The balances represent the Company’s accounts receivable from Cango as of December 31, 2025, all belong to technology financing fee.

(iii)

The balances represent the liability of the Company arising from arrangement to hold crypto assets on behalf of Northstar.

(iv)	The balance represent payables due to Northstar related to Bitcoin loan transactions.

For the years ended December 31, 2023, 2024 and 2025, fair value gain/(loss) on crypto-denominated liabilities due to related parties, including balances described in (iii) and (iv), amounted to US$7,167, US$744,361 and US$693,169, respectively.

(v)	The balance represents the funding cost due to the financing partner.

(vi)	The balances represent the balance of the Company’s borrowing from Northstar. The interest rates borne by such borrowings range from 5.45% to 5.67% per annum (Note 10).

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of the Crypto Assets Company consist

Crypto Assets Held (Tables)

12 Months Ended

Dec. 31, 2025

Crypto Assets Held [Abstract]

The crypto assets of the Company consist of the following:

	December 31, 2024						December 31, 2025
	Units		Fair value (USD)		Cost basis (USD)		Units		Fair value (USD)		Cost basis (USD)
Bitcoin		497		45,718,280		46,469,779		3		256,946		254,990
USDT		14,305,267		14,275,226		14,277,369		11,364,488		11,351,306		11,367,092
Ethereum		9		30,457		22,622		9		26,877		37,877
Other crypto assets		*		3,855		2,951		*		5,396		4,364
Total crypto assets held				60,027,818		60,772,721				11,640,525		11,664,323

*	Not meaningful.

Schedule of the Following Table Summarizes Crypto Assets Activities

The following table summarizes crypto assets activities for the year ended December 31, 2024 and 2025:

(in USD)	Bitcoin			USDT			ETH & Others			Total
Balance as of January 1, 2024		1,176,690			4,334,566			248,599			5,759,855
Crypto assets received as revenue		—			46,808,313			—			46,808,313
Crypto assets paid as costs and expenses		(4,393	)		(22,618,470	)		(10,922	)		(22,633,785	)
Loans borrowed from related party		—			579,960,843			—			579,960,843
Loans repaid to related party		—			(575,345,884	)		—			(575,345,884	)
Loans provided to customer		—			(614,343,955	)		—			(614,343,955	)
Loans repaid by customer		—			605,472,804			—			605,472,804
Collateral received from customer		1,176,240,978			—			—			1,176,240,978
Collateral returned to customer		(762,374,581	)		—			—			(762,374,581	)
Collateral pledged to related party		(1,197,477,498	)		—			—			(1,197,477,498	)
Collateral returned from related party		829,400,586			—			—			829,400,586
Acquisition of investment		—			(4,993,550	)		—			(4,993,550	)
Deemed repayment to the Parent Group		—			(5,266,264	)		—			(5,266,264	)
Deposit/(withdrawal) of custodial crypto assets, net		(235,472	)		(136,818	)		(1,442	)		(373,732	)
BTC loan payment collected from related party⁽ⁱ⁾		—			335,362,834			—			335,362,834
BTC loan payment remitted to customer⁽ⁱ⁾		—			(326,916,796	)		—			(326,916,796	)
BTC loan repayment collected from customer⁽ⁱ⁾		—			117,964,950			—			117,964,950
BTC loan repayment returned to related party⁽ⁱ⁾		—			(120,792,421	)		—			(120,792,421	)
BTC loan collateral collected from customer⁽ⁱ⁾		132,084,182			—			—			132,084,182
BTC loan collateral remitted to related party⁽ⁱ⁾		(132,084,182	)		—			—			(132,084,182	)
BTC loan collateral collected from related party⁽ⁱ⁾		477,374,745			7,635,956			—			485,010,701
BTC loan collateral returned to customer⁽ⁱ⁾		(477,374,745	)		(7,635,956	)		—			(485,010,701	)
BTC loan interest collected from customer⁽ⁱ⁾		—			15,641,145			—			15,641,145
BTC loan interest remitted to related party⁽ⁱ⁾		—			(15,641,145	)		—			(15,641,145	)
Fund inflows between customers and related party through shared accounts⁽ⁱⁱ⁾		5,967,527			28,569,980			—			34,537,507
Fund outflows between customers and related party through shared accounts⁽ⁱⁱ⁾		(5,967,527	)		(31,314,943	)		—			(37,282,470	)
Proceeds of amount due to related party⁽ⁱⁱⁱ⁾		1,156			54,383			—			55,539
Repayment of amount due to related party⁽ⁱⁱⁱ⁾		(257,687	)		(2,522,203	)		(210,662	)		(2,990,552	)
Unrealized fair value (gain)/loss on crypto assets		(751,499	)		(2,143	)		8,739			(744,903	)
Balance as of December 31, 2024		45,718,280			14,275,226			34,312			60,027,818
Crypto assets received as revenue		—			48,207,213			—			48,207,213
Crypto assets paid as cost and expenses		—			(33,179,554	)		—			(33,179,554	)
Crypto assets received as other income		1,457,397			5,073,387			3,327			6,534,111
Crypto assets paid as other expense		(96,574	)		(56,429	)		(14,746	)		(167,749	)
Loans borrowed from related party		—			1,133,182,866			—			1,133,182,866
Loans repaid to related party		—			(508,068,759	)		—			(508,068,759	)
Loans provided to related party		—			(278,419,042	)		—			(278,419,042	)
Loans provided to customers		—			(887,879,223	)		—			(887,879,223	)
Loans repaid by customers		—			593,182,363			—			593,182,363
Collateral received from related party		279,888,518			—						279,888,518
Collateral received from customers		1,780,758,378			111,503,998			8,789,640			1,901,052,016
Collateral returned to customers		(1,688,071,446	)		(109,163,405	)		(8,789,597	)		(1,806,024,448	)
Collateral pledged to related party		(2,103,891,348	)		—			—			(2,103,891,348	)
Collateral returned from related party		1,685,386,710			—			—			1,685,386,710
Deposit (withdrawal)/deposit of custodial crypto assets, net		(912,018	)		(1,005,909	)		1,886			(1,916,041	)
Margin loan payment collected from related party⁽ⁱ⁾		—			536,399,831			—			536,399,831
Margin loan payment remitted to customer⁽ⁱ⁾		—			(521,201,516	)		—			(521,201,516	)
Margin loan repayment collected from customer⁽ⁱ⁾		—			463,850,261			—			463,850,261
Margin loan repayment returned to related party⁽ⁱ⁾		—			(485,637,648	)		—			(485,637,648	)
Margin loan collateral collected from customer⁽ⁱ⁾		568,972,170			15,026,561			—			583,998,731
Margin loan collateral remitted to related party⁽ⁱ⁾		(568,972,170	)		—			—			(568,972,170	)
Margin loan collateral collected from related party⁽ⁱ⁾		1,011,354,658			—			—			1,011,354,658
Margin loan collateral returned to customer⁽ⁱ⁾		(1,011,477,928	)		(15,024,186	)		—			(1,026,502,114	)
Margin loan interest collected from customer⁽ⁱ⁾		—			58,015,708			—			58,015,708
Margin loan interest remitted to related party⁽ⁱ⁾		—			(58,015,708	)		—			(58,015,708	)
Proceeds of amount due to related party⁽ⁱⁱⁱ⁾		140,457			4,343,097			26,883			4,510,437
Repayment of amount due to related party⁽ⁱⁱⁱ⁾		—			(1,737,302	)		(9,142	)		(1,746,444	)
Conversion of proprietary crypto assets to fiat currency		(94	)		(9,262,898	)		(322	)		(9,263,314	)
USDT payment to related party for Purchasing XAUT		—			(104,073,507	)		—			(104,073,507	)
Proceeds from capital injection		—			41,031,667			—			41,031,667
Unrealized fair value loss/(gain) on crypto assets		1,956			(15,786	)		(9,968	)		(23,798	)
Balance as of December 31, 2025		256,946			11,351,306			32,273			11,640,525

Insider Trading Policies and Procedures	Apr. 18, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill from Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill from Business Combination [Abstract]

Schedule of Purchase Consideration

The following table presents the allocation of the purchase consideration:

(in USD)
Cash and cash equivalents	5,024
USDT	84,020,800
Prepaid expenses and other assets, net	17,286,000
Amounts due to related parties	(1,664	)
Other payables and accrued liabilities	(3,336,587	)
Total identifiable assets and liabilities acquired	97,973,573
Less: Non-controlling interest	76,599,451
Goodwill	21,652,968
Total purchase consideration	43,027,090

Schedule of Financial Position, Results of Operations, or Liquidity

The following table presents Aurelion’s contribution to the Company’s revenue and net income since acquisition:

(in USD)	Acquisition date through December 31, 2025
Revenue		—
Net income		8,709,542
Less: Net income attributable to non-controlling interests		5,944,262
Net income attributable to the Company		2,765,280

This information should not be used as a predictive measure of the Company’s future financial position, results of operations, or liquidity.

(in USD)	Year ended December 31, 2024			Year ended December 31, 2025
Revenue		47,965,630			81,464,308
Net (loss)/income		(2,696,076	)		2,212,484
Less: Net (loss) attributable to non-controlling interests		(4,838,616	)		(9,222,150	)
Net income attributable to the Company		2,142,540			11,434,634

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Summary of Significant Accounting Policies [Abstract]

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

Basis of presentation

Basis of presentation

These combined and consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The combined and consolidated financial statements and accompanying notes have been prepared as though the Antalpha Group had been operating as a stand-alone business for all periods presented. The Company adopted the management approach to identify the operations of the Antalpha Business. In using management’s approach, considerations over how the business operates were utilized to identify historical operations that should be presented within the carve-out financial statements. This approach was taken due to the organizational structure of certain legal entities comprising the Antalpha Business.

All assets, liabilities, revenue, and expenses directly attributable to the operations have been reflected in these combined and consolidated financial statements on a historical cost basis, as recorded in the separate financial statements of each subsidiary of the Company, as well as certain entities in the Parent Group that were not transferred to the Company in the 2024 Reorganization. All revenues, costs, assets, and liabilities directly associated with the Antalpha Business are included in the accompanying combined and consolidated financial statements. Revenue and funding cost associated with Antalpha Business are specifically identifiable in the accounting records maintained by the Parent Group. In addition, the expenses of the Antalpha Business include certain allocations of employee and administrative expenses from the Parent Group as further discussed below.

Certain functions of the Parent Group have historically provided oversight for both the Antalpha Business and other businesses or entities within the Parent Group. These functions and related expenses include, but are not limited to, salaries and wages associated with executives and staff involved in corporate-level oversight, costs for facility maintenance, operational support, sales and marketing activities, and other common administrative support such as finance, legal, information technology, and human resources functions. The combined and consolidated financial statements of the Company include allocations of certain expenses from the Parent Group that are related to these functions historically provided by the Parent Group. The majority of these expenses have been allocated to the Company based on direct usage where identifiable, with the remainder allocated on a basis considered to be a reasonable reflection of the historical utilization levels of these services. As a result, the allocated expenses included in the combined and consolidated financial statements of Antalpha Group may not necessarily reflect the conditions that would have existed or the results of operations had the Company operated as an unaffiliated entity, and therefore, may not be indicative of future expenses that the Company will incur.

Cash and cash equivalents of the Antalpha Business are reflected in the combined and consolidated balance sheets. Payables to and receivables from the Parent Group, primarily related to the Antalpha Business, are often settled through movement to the intercompany accounts between subsidiaries of the Company and other entities under the Parent Group. Other than certain specific balances related to unsettled payables or receivables, the intercompany balances between the Antalpha Group and other entities under the Parent Group were accounted for as NPI. As part of the 2024 Reorganization, historical NPI was reclassified into APIC to align with the revised financial statement presentation.

Loan payables of the Antalpha Business are individually identified to reflect its borrowing from certain entities within the Parent Group. The collateral associated with these loans is reflected in the combined and consolidated balance sheets.

Related party transactions between the Company and Parent Group were considered to be effectively settled upon the completion of the 2024 Reorganization in November 2024. The net effect of the settlement of these transactions was reflected in additional paid-in capital in the combined and consolidated balance sheets.

The net equity of the Operating Entities acquired by the Company through the 2024 Reorganization are reflected on a combined and consolidated basis, up to the completion of the 2024 Reorganization and on a consolidated basis, after the completion of the 2024 Reorganization.

Consolidation

Consolidation

Subsequent to the 2024 Reorganization, the Company’s financial information has been prepared on a consolidated basis, for which the consolidation policies are described below.

Subsidiaries are all entities over which the Company has control. The Company controls an entity where the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealized gains on transactions between the Company and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.

The Company operates on a fiscal year that ends on December 31.

Business combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. Any excess of the purchase price over the fair value of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets acquired exceeds the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired. The Company performs its annual goodwill impairment test during the fourth quarter. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

Non-controlling interests

Non-controlling interests (“NCI”) represent the portion of the equity of a subsidiary not attributable, directly or indirectly, to the Company. For the Aurelion acquisition in October 2025, the NCI was initially measured at its fair value at the acquisition date. Net income or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to the NCI based on their respective ownership interests.

Risk and uncertainties

The main operations of the Company are in Singapore. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company’s results may be adversely affected by changes in political, regulatory and social conditions in Singapore. The Company believes that it is following existing laws and regulations including its organization and structure disclosed in Note 1 and 2, such experience may not be indicative of future results.

Use of estimates

The preparation of the combined and consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions in the financial statements and notes thereto. Significant estimates and assumptions include the determination of the recognition, measurement, and valuation of current and deferred income taxes; the valuation of privately-held investment, including impairment, allowance for expected credit losses for accounts receivable and loan receivables, the extension option of operating lease, determination of fair value of share-based compensation awards, the purchase price allocation for business combinations, including the identification and valuation of intangible assets and the resulting goodwill and the subsequent assessment of impairment.

Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the combined and consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.

Functional and presentation currency

Items included in the combined and consolidated financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the “functional currency”). For certain subsidiaries acquired in October 2025, the functional currency is the Hong Kong dollar (“HKD”) or the Singapore dollar (“SGD”), as applicable. The Company presents its combined and consolidated financial statements in USD.

Transactions and balances

Foreign currency transactions during the reporting period are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognized in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Company initially recognizes such non-monetary assets or liabilities.

Transactions and balances

Foreign currency translation

For subsidiaries whose functional currency is not the USD, their financial statements are translated into USD for consolidation purposes. Assets and liabilities are translated at the exchange rates on each balance sheet date, while equity accounts are translated at historical exchange rates. Revenues, expenses, gains, and losses are translated using the average exchange rates during each of the periods. The resulting translation adjustments are reported as foreign currency translation adjustments within other comprehensive income (loss) and shown as a separate component of shareholders’ equity.

Fair value measurements

Accounting guidance defines fair value as the price would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

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Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

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Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

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Level 3: Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, USDC, XAUt receivable host contract, loan receivables, other receivables, amount due from / (due to) related parties, operating lease liabilities, and accrued expenses and other liabilities. As of December 31, 2024 and 2025, the carrying values of these financial instruments approximated their fair value.

The Company determines the fair value of crypto assets held (except for USDC and XAUt receivable host contract) and the embedded derivative component of XAUt on a recurring basis in accordance with ASC 820 Fair Value Measurement, based on quoted prices on the principal market, Level 1 inputs, based on all information that is reasonably available.

The Company determines the acquisition of long term investment on a non recurring basis based on unobservable inputs (Level 3).

Cash and cash equivalents

Cash and cash equivalents include cash and interest-bearing highly liquid investments held at financial institutions, cash on hand that is not restricted to withdrawal or use with an initial maturity of three months or less.

USDC

USDC is a type of crypto asset that is backed by reserve assets in the traditional financial system, such as cash, cash equivalents, or securities.

USDC is a stablecoin redeemable on a one-to-one basis for U.S. dollars, and, thus, is accounted for as a financial instrument in the combined and consolidated balance sheets.

Crypto assets held

Crypto assets held are accounted for as intangible assets with indefinite useful lives, initially recorded at cost and subsequently remeasured at fair value on a first-in, first-out basis at the end of each reporting period, with changes in fair value recognized in net income. Fair value is measured using quoted crypto asset prices in the principal market at the time of measurement. Fair value gains and losses on crypto assets held are recognized in fair value gain/(loss) on crypto assets held, net on the combined and consolidated statements of operations. The Company uses a licensed third-party custodian.

XAUt

XAUt tokens are digital assets issued by Tether Gold representing a contractual right to an undivided specific interest in physical gold. The Company accounts for XAUt tokens as hybrid financial instruments under ASC 815, Derivatives and Hedging. These instruments are bifurcated into two components:

Receivable Host Contract: The host contract is characterized as a non-derivative financial host representing a prepaid receivable from the issuer. It is initially measured at its allocated cost and subsequently carried at amortized cost. The host contract is subject to the expected credit losses (“ECL”) model under ASC 326, which requires the Company to maintain an allowance for expected credit losses based on the issuer’s credit risk.

Embedded Derivative: The feature providing the right to receive the value of one fine troy ounce of gold is identified as an embedded derivative because its value fluctuates based on the underlying price of gold. This embedded derivative is bifurcated from the host contract as its economic characteristics and risks are not clearly and closely related to the financial host. It is measured at fair value on a recurring basis, with changes in fair value recognized in operating income within the combined and consolidated statements of operations.

Allowance for expected credit losses

Accounts receivable represents the contractual right to receive cash or crypto assets, either on demand or on fixed or determinable dates, and is recognized as an asset on the combined and consolidated balance sheets. Accounts receivable consists of the earned but uncollected amount on our technology platform fees and technology financing fees.

Accounts receivable is recorded at the transaction price, representing the consideration the Company expects to be entitled to in exchange for satisfying performance obligations. For obligations satisfied over time, receivables are recognized as revenue is earned, typically monthly.

Loan receivables

Loan receivables represent loans made to institutions and corporates, usually settled in USDT and denominated in USD. These loans are collateralized by crypto assets, mainly Bitcoin, and Bitcoin mining machines. Loan receivables are initially measured at the amount of consideration exchanged and subsequently measured at amortized cost and adjusted for potential allowance for expected credit losses.

Mining machine loans along with their bundled hashrate loans, are typically collateralized by the mining machines the Company finances and the Bitcoin generated from specified mining machines. Mining machine loans have a term of two years, and bundled hashrate loans have the same maturity date as the machine loans to which they are bundled. Both the Company and its customers have the right to initiate full repayment of outstanding machine loans and bundled hashrate loans, provided that the initiating party gives a written notice to the other party 60 days before. Such notice shall be provided at least 30 days after the later of (i) the effective date of the machine loan or (ii) the effective date of the latest bundled hashrate loan.

Prepayments must cover all outstanding amounts, and no prepayment penalty or fee applies. Standalone hashrate loans are typically collateralized by the Bitcoin generated from specified mining machines and are provided on an open term basis. Both parties can terminate the loan with a 30-day notice, provided that Borrower shall not give such notice prior to the day falling 90 days from the relevant loan effective date. which provides the Company more flexibility on its liquidity management. Loans issued by the Company carry fixed technology financing fee rates.

The Company recognizes an allowance for receivables based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience, the aging of its receivable balance, the fair value of any collateral held, and any collateral increase expected. In addition, the Company incorporates forward-looking adjustments based on macroeconomic conditions. These adjustments are derived using a regression model that correlates macroeconomic indicators, such as U.S. GDP growth, with probability of default and loss severity. The resulting forward-looking multiplier is applied to the base loss estimate to reflect expected changes in the economic environment.

The Company closely monitors the loan-to-value (“LTV”) ratio on its loan orders to ensure adequate collateralization. Under hashrate loans, a customer extends additional financing to cover for its operating expenditure on a lagging basis, and each disbursement must satisfy contractually defined LTV requirements, typically 60%-80%. The collateral account is funded daily with the Bitcoin mined during that period. If the LTV on a hashrate loan exceeds the contractually defined LTV requirements, the Company can suspend future lending. This would result in the Company suspending the financing of further operating expenditures, and while suspended, the hashrate loan customer remains obligated to maintain the mining hashrate, i.e., 100% of the Bitcoin mined daily would be added to the customer’s collateral deposit, reducing the LTV. If the customer can no longer continue mining Bitcoin, the Company has the right to close out the loan and sell the existing collateral to pay off the outstanding loan balance. For mining machine loans, the Company typically finances 50% of the mining machines, and the mining machines themselves represents the collateral for the loan, i.e., loan has initial LTV of 50%. All machine loan customers also take out hashrate loans, a.k.a. bundled hashrate loans. Bundled hashrate loans are executed in one loan agreement with the mining machine loans and both loans share the same collateral pool, i.e., the Bitcoin generated from the mining and the mining machine itself. Bundled hashrate loans are also subject to the same independent LTV requirements as standalone hashrate loans.

The Company’s Credit Committee regularly conducts a comprehensive review of loan orders, including assessing the market value of the collateral securing each loan. The Company aims to avoid having an LTV rise above 100%. In situations where an LTV approaches 100%, the Company considers expected incremental mining rewards and market conditions as part of its comprehensive review in determining whether additional allowance is necessary. As of each balance sheet date, management believes that the loans on its combined and consolidated balance sheets were adequately collateralized, and no individual loan had an LTV above 100%.

Due to the collateral requirements the Company applies to such loans, the Company’s process for collateral maintenance, and collateral held by the Company, the Company’s credit exposure is significantly limited and the allowance, write-offs or recovery balances against loan receivables for the years ended December 31, 2023 and 2024 were immaterial. During the year ended December 31, 2025, following a significant expansion in the Company’s loan business, management determined that an allowance for expected credit losses against its loan receivables and accounts receivable was necessary based on its CECL assessment, which incorporates historical loss data, current collateral levels, and forward-looking macroeconomic conditions. The provision for credit losses is recognized in the combined and consolidated statements of operations.

For the XAUt receivable host contract, the Company evaluates credit losses by applying an approach analogous to the “collateral-maintenance” practical expedient under ASC 326. The economic substance of XAUt is a unit-for-unit obligation where the issuer (Tether Gold) is contractually mandated to maintain a 1:1 physical gold reserve for every token issued. As each unit of the financial host is backed by one troy ounce of physical gold held in dedicated Gold Reserves, and the issuer has demonstrated consistent compliance with this mandate (as verified by recurring third-party assurance reports), management has a reasonable expectation that the issuer will continue to fulfill its collateral-maintenance obligations. Accordingly, the Company has determined that the expected credit loss on the XAUt financial host contract is zero.

Crypto assets collateral receivable from related party

The Company enters into loan arrangements with funding partner Northstar that require the Company to pledge certain crypto assets as collateral and maintain a certain level of collateral ratio. Collateral pledged to the funding partner is shown under “crypto assets collateral receivable from related party” in the combined and consolidated balance sheets. Crypto assets pledged as collateral are initially measured at fair value on the date they are received. Subsequently, the fair value of the pledged collateral is reassessed periodically, with any changes in fair value recognized in the Company’s financial statements.

The Company rehypothecates Bitcoin pledged by its customers to the funding partner, and the secured Bitcoin are transferred to an address designated by the funding partner. Under the loan agreements, the funding partner is required to grant the Company monitoring access to the transferred collateral held at the designated address, and the funding partner is not permitted to transfer the collateral to another address without the Company’s prior written consent, which provides the Company transparency and oversight over the collateralized assets. Upon the Company’s full repayment of its obligations, the funding partner is obligated to return the same quantity and type of crypto assets originally posted as collateral. Any fair value gains or losses arising from changes in the value of crypto asset collateral receivable from the funding partner that are repledged from customer-provided collateral are offset by corresponding fair value gains or losses on crypto asset collateral payable to customers and temporarily parked crypto assets held balances in the Company’s crypto accounts, resulting in a net effect of zero.

Besides the above rehypothecation arrangements, the Company also pledges proprietary XAUt assets to its funding partner to get fundings. For these collateral receivables there is no corresponding offset on the liability side. As a result, fair value changes on these assets are reflected in “fair value gain/(loss) on crypto-receivables, net” in the Company’s combined and consolidated statements of operations. For AURE’ XAUt collateral receivables due from related party, the fair value changes are recorded in “Fair value gain on crypto assets”.

As of December 31, 2024 and December 31, 2025, the Company has not defaulted on any of its borrowings.

Crypto assets collateral payable to customers

The Company enters into lending arrangements with its customers that require the customers to pledge crypto assets as collateral. The Company records such obligation to return collateral to the customers as “crypto assets collateral payable to customers” on the combined and consolidated balance sheets. Crypto assets collateral payable to customers are initially recorded at cost if the Company has the right to sell, pledge, or rehypothecate the collateral, and are subsequently remeasured at fair value at the end of each reporting period. Any fair value gains or losses arising from changes in the value of crypto asset collateral payable to customers are offset by corresponding fair value gains or losses on crypto asset collateral receivables from the funding partner and temporarily parked crypto assets held balances in the Company’s crypto accounts, resulting in a net effect of zero.

The Company generally requires the customer to deposit Bitcoin as the primary form of collateral on its loans. However, in certain instances where a customer withdraws Bitcoin to settle outstanding obligations, the remaining balance, if in small residual amount, may come back to the Company as USDT. Such residual balance would be included in the collateral balance reflected in the financial statements.

The loan agreements with the customers stipulate that collateral shall be returned in the same type of asset originally provided by the Company assuming no defaults. The Company is not obligated to return collateral equal to the fair value of the borrowings if the customer defaults on its loans. Instead, the Company has the right to liquidate the collateral to cover outstanding obligations.

Off-balance sheet collateral arrangements

The Company takes security over mining machines as collateral on mining machine loans, where the Company does not have the right to use the collateral. As such, the Company does not recognize the physical assets on the combined and consolidated balance sheets, because the collateral does not meet the recognition criteria.

Leases

The Company determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease.

Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and non-current operating lease liabilities, in the Company’s combined and consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to April 1, 2020 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

Investment

The Company accounts for long-term investments in equity securities at cost on the combined and consolidated balance sheets. The Company records an investment at cost when it is a privately held company without readily determinable fair value, the Company holds less than 20% ownership in the entities, and the Company does not have significant influence. Such investments are adjusted for observable transactions based on similar investments in the issuer (measurement alternative) or impairment loss.

Deferred offering costs

Pursuant to ASC 340, Other Assets and Deferred Costs, deferred offering costs consist of incremental costs, such as legal, accounting, and other professional fees, directly attributable to an offering of equity securities. These costs are initially capitalized and subsequently charged against the gross proceeds of the offering as a reduction of additional paid-in capital upon the completion of the offering. If an offering is terminated or aborted, the deferred offering costs are expensed immediately.

Capitalized offering costs related to ongoing or future equity programs, including at-the-market offering programs, are maintained on the combined and consolidated balance sheets as long as the Company remains committed to the offering and it is probable that the program will be completed.

Upon the completion of the Company’s initial public offering on May 14, 2025, deferred offering costs directly attributable to the IPO were charged against the gross proceeds of the offering as a reduction of additional paid-in capital. As of December 31, 2025, deferred offering costs of US$0.5 million remaining on the combined and consolidated balance sheets relate to incremental costs incurred in connection with the at-the-market offering program of Aurelion, a subsidiary of the Company. These costs are maintained on the balance sheet as the Company remains committed to the program and it is probable that the program will be completed.

Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the lesser of the estimated useful life of the asset or the remaining lease term. The estimated useful lives of the Company’s property and equipment are generally as follows:

Property and Equipment		Useful Life
Computer equipment		3 years
Furniture and fixtures		7 years

The Company evaluates impairments of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the asset is not recoverable, measurement of an impairment loss is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value.

Impairment for long-lived assets

The Company’s long-lived assets with finite lives, including property and equipment, net are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2024 and 2025, no impairment of long-lived assets was recognized.

Loan payables to related party and funding cost

The Company enters into loan arrangements with its funding partner on a secured basis, which are accounted for as “loan payables due to related party”. These loans are initially recognized at fair value, net of any directly attributable transaction costs, and subsequently measured at amortized cost using the effective interest method.

The Company primarily utilizes these borrowings to facilitate financing for its primary lending under a variable rate structure. Loan proceeds may be used for supply chain loans, and other purposes as mutually agreed upon from time to time. These borrowings have open-ended terms and are repayable at the option of the Company without penalty.

During the pre carve-out period, fund flows on its customer loans were facilitated through non-Antalpha accounts under the Parent Group, as the Company did not have its own accounts. Following the Company’s carve-out and commencement of independent operations, fund flows are now facilitated through the Antalpha Prime platform using Cobo technologies, with funds directed either to customers or to supply chain vendors, such as the mining machine supplier or hosting service providers.

These borrowings are denominated in USD and typically settled in USDT. The associated funding-cost fee is calculated as a percentage of the borrowed amount and is also typically settled in USDT while being denominated in USD. The funding cost is recognized on an accrued basis and included in funding cost in the combined and consolidated statements of operations.

On November 29, 2024, the Board of Directors adopted the 2024 Share Incentive Plan (the “2024 Incentive Plan”), which was subsequently amended and restated in July 2025. Share-based awards, which include service-based awards, performance-based awards, and awards with market-based vesting conditions, are measured at the grant date based on the fair value of the award.

The recognition method for compensation expenses is as follows:

(a)

service-based awards are expensed on a straight-line basis over the requisite service period;

(b)

performance-based awards that vest upon a liquidity event (e.g., an initial public offering) are recognized when the achievement of the performance target becomes probable; and

(c)

market-based awards, such as those with specified market capitalization targets, are recognized over the derived service period regardless of whether the market conditions are ultimately met, provided that the requisite service period is completed. The grant-date fair value of market-based awards incorporates the probability of reaching the specified targets.

The Company recognizes share-based compensation expenses net of actual forfeitures, over the requisite service period or when it becomes probable that performance conditions will be met.

The determination of the fair value of share-based compensation is performed with the assistance of an independent valuation specialist. The Company estimates the fair value of share options using the Binomial option pricing model for awards with service or performance conditions. For awards with market-based vesting conditions, the Company utilizes a Monte Carlo simulation model to determine the fair value of the share options by incorporating the probability of achieving the specified market capitalization targets into the valuation.

Key assumptions include the fair value of the Company’s ordinary shares (Class A or Class B, as applicable), expected volatility, expected term, risk-free interest rates, and expected dividend yield. The Company estimates its expected volatility by considering both its own historical share price volatility and the historical volatility of comparable publicly traded companies over a period equivalent to the expected term of the awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is 0.0% as the Company does not currently anticipate paying dividends on its ordinary shares.

Revenue recognition

The Company collects a technology financing fee as principal on its supply chain lending and a technology platform fee as an agent in providing third-party lending to its directly contracted customers. For these two streams of revenue, the Company adopted ASC 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective approach. Revenue is recognized when the promised services are transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company collects a technology financing fee as principal on its supply chain lending and a technology platform fee as an agent in providing third-party lending to its directly contracted customers. In 2025, the Company also generates other revenue from its proprietary margin loan business, where the Company acts as the principal and earns interest income on loans extended to customers. For this stream of revenue, the Company adopted ASC 310 Receivables (“ASC 310”) using effective interest rate method.

Technology financing fee

Technology financing fee

The Company acts as principal in its supply chain financing business. During the term of its loans, the Company provides technology and services to support collateral and loan portfolio management, crypto-asset fund transfer and risk management. Customers have access to the Antalpha Prime technology platform and service support over the term of the loans. The Company applies the following five-step model to determine revenue recognition on its technology financing fees:

Identify the Contract with Customers: the Company enters into supply chain financing agreements with customers, outlining financing terms and associated obligations, such as the loan principal, fee rate, repayment schedule and collateral requirements. Supply chain loans including the following: mining machine loan, hashrate loan and bundled hashrate loan. Hashrate loan enables the customer to make payments on operating expenditures related to Bitcoin mining. All of our machine loan customers also take out hashrate loans, known as bundled hashrate loans.

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Mining machine loans have a term of two years and bundled hashrate loans have the same maturity date when bundled with machine loans. Both parties have the right to initiate full repayment on the loans with a 60-day notice. Prepayments must cover all outstanding amounts, and no prepayment penalty or fee apply. Mining machines are secured during the term of the machine loans, and Bitcoin generated from such machines (minus new hashrate loans) adds to the collateral on the loan portfolio. If a customer defaults on a loan, the Company has the right to liquidate the collateral on the loans to recover outstanding balances.

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Standalone hashrate loans are provided for the payment of mining operating expenditures based on the hashrate output of specified machines, independent of the machine purchase. Standalone hashrate loans are collateralized by Bitcoin generated from specified mining machines net of additional hashrate loans extended at each period. Both parties can terminate the loan with a 30-day notice after 90 days from the loan effective date.

Identify Performance Obligations: the Company provides the following technology access and services to its technology financing fee customers:

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Access to Antalpha Prime for Risk Monitoring and MPC Technology Services: Customers are provided access to the Antalpha Prime technology platform to monitor and manage their collateral risk and make fund transfers using MPC technologies. Antalpha Prime enables customers to access loan portfolio information, collateral value and loan-to-value (LTV) ratio in near real time;

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Ongoing Transaction Management and Compliance Monitoring: The Company conducts Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) procedures on its vendors on behalf of its customers, and performs Know Your Client (KYC) and Know Your Transaction (KYT) monitoring in line with its AML policy, and supports its customers to meet their AML requirements; and

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Loan Servicing and Account Service Support: The Company provides service support during application of the loan and throughout the term of the loan, including documentation preparation and support for loan approval, issuance of digital asset addresses and implementation of risk management to ensure secure and timely fund transfers. Customer also has access to best-in-class service support to attend to various matters, such as fund-transfer facilitation, inquiry on recommended vendors relating to mining machine operation, billing questions, etc.

These services above are highly integrated and interdependent, and, thus, are treated as a single performance obligation over the term of the loan.

Determine the Transaction Price: Technology financing fees are calculated as a fixed percentage of the loan principal, reflecting the Company’s commitment to provide fully integrated technology and service support, rather than merely extending credit. Technology financing fees are denominated in USD and are typically settled in USDT.

Allocate the Transaction Price: Given that the Company provides an integrated financing solution, the entire transaction price is allocated to a single performance obligation.

Recognize Revenue As Performance Obligations are Satisfied: Revenue is recognized over time on a straight-line basis throughout the loan duration, as customers simultaneously receive and consume the benefits of the Company’s performance obligations during the loan term. The revenue is recorded on a gross basis, as the Company acts as the principal, retaining pricing discretion and assuming credit risk for the aforementioned performance obligations.

Technology platform fee

Through the Antalpha Prime platform, the Company helps non-U.S. customers connect with and obtain crypto margin loans and certain supply chain loans from its funding partner, Northstar, who funds and bears default risks on these loans. Per the loan agreements, these loans are denominated in USD, but can be funded and repaid in crypto assets so long as the value is equivalent to the principal USD value in the loan agreement. These loans are typically settled in USDT. The Company acts as a service provider to its directly contracted customers and earn a technology platform fee on crypto margin loans over the term of the loan. For crypto margin loans, the Company currently charges an annualized technology platform fee rate between 1.0% to 1.5% on the USD loan principal outstanding for acting as a service provider. The technology platform fee is denominated in USD but are typically paid to the Company in USDT for the equivalent value. The Company recognizes revenue on its technology platform fees based on the five- step model of ASC 606, as follows:

Identify the Contract with Customers: The Company enters into a platform service agreement with its customer, which governs the customer’s access to the Company’s technology platform and services. Additionally, the Company has separate service agreements with its funding partner that stipulate the Company will deduct its technology service fee from customer’s crypto asset remittance before transferring the loan interest payment to the funding partner.

Identify Performance Obligations: The Company provides the following services to its technology platform fee customers:

●

Access to Antalpha Prime for Risk Monitoring: Customers are provided access to Antalpha Prime to monitor and manage their collateral risk. The Company’s financing partners hold default risks on the third-party loans, and fund transfers on these third-party loans are made directly between the Company’s financing partners and the customers; and

●

Loan Servicing and Account Service Support: The Company provides service support during the loan application process and throughout the term of the loan, including documentation preparation and support for loan application and approval, and service support during the term of the loan, including coordination between the customers and financing partner, attending to questions on the loan term and billing questions, etc.

Since these services are highly integrated and interdependent, they are treated as a single performance obligation that is satisfied over time.

Determine the Transaction Price: Technology platform fees are calculated as a fixed percentage of the outstanding balance on the loan provided by the funding partner. The fees are denominated in USD and are typically settled in cryptocurrency, such as USDT.

Allocate the Transaction Price: As the Company provides a single, integrated technology solution, the entire transaction price is allocated to a single performance obligation.

Recognize Revenue as Performance Obligations are Satisfied: Revenue is recognized on a straight-line basis over the loan period, as customers continuously receive and benefit from the Company’s performance obligations throughout the loan term. The Company records revenue on a net basis, acting as an agent between its funding partners and customers by facilitating a range of technological support services for both parties. As an agent, the Company does not assume any credit risk for the performance obligations it provides.

Other revenue

Other revenue consists of interest income earned from the Company’s proprietary margin loan activities. For these loans, the Company acts as the principal to fund the loans, and bears the full risk of counterparty default.

Revenue is recognized as interest income over the term of the loan using the effective interest method. Interest income is recognized only to the extent it is deemed collectible. The Company evaluates the creditworthiness of the borrowers and the sufficiency of the collateral (typically digital assets) on a recurring basis. If a loan is placed on non-accrual status due to credit deterioration, the recognition of interest income is suspended.

As of December 31, 2025, all such proprietary margin loan arrangements had been fully settled, and no related loan balances or interest receivables remained outstanding.

Funding cost

Funding cost represents the cost of borrowings from the funding partner and are expensed as incurred.

Technology and development expenses primarily consist of personnel related expenses, network and other infrastructure costs, and other costs, including travel and depreciation. Technology and development costs are expensed as incurred.

Sales and marketing expenses primarily consist of personnel related expenses, event and other marketing expenditures and other costs, including travel and entertainment and depreciation. Sales and marketing costs are expensed as incurred.

Commitments and contingencies

General and administrative expenses primarily consist of personnel-related expenses, general overhead and administrative costs, provision for credit loss, and other costs, including travel and entertainment and depreciation. General and administrative costs are expensed as incurred.

Employee benefit

Defined contribution plan

The Company participates in the national/statutory pension schemes as defined by the laws of Singapore, Hong Kong and United States jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

Government grants

The Company recognizes government grants when it is reasonably assured that the grants will be received and the conditions attached to them will be met. Grants are recorded in other income/(expenses), net, if they are intended to compensate for costs incurred.

Income taxes

The Company accounts for income taxes using the asset and liability method, whereby deferred tax asset and liability account balances are determined based on temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when management estimates that it is more likely than not that deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon future pre-tax earnings, the reversal of temporary differences between book and tax income, and the expected tax rates in future periods.

The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are more likely than not to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense.

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

Related party transactions

Parties, whether they are corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

Earnings/(loss) per share

The Company computes earnings per share (“EPS”) in accordance with ASC 260 “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average number of ordinary shares outstanding for the period. Diluted EPS presents the diluted effect on a per share basis of the potential ordinary shares (e.g., share-based payment awards) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The dilutive impact of share options granted under the Company’s share incentive plan is considered using the treasury stock method.

Service-Based Options: Under ASC 260, unvested options subject only to service conditions shall be included in diluted EPS based on the estimated number of options expected to vest. Accordingly, for the year ended December 31, 2025, the weighted-average number of service-based options outstanding was included in the diluted EPS calculation.

Performance-Based Options: These options vest only upon a qualifying liquidity event. A qualifying liquidity event occurred upon the Company’s initial public offering on May 14, 2025, and accordingly, a total of 592,875 performance-based options vested upon the IPO. These vested options were included in the diluted EPS calculation for the year ended December 31, 2025.

Market-Based Options: As of December 31, 2025, the 1,500,000 Class B Ordinary Shares underlying the performance awards granted to the CEO are subject to specified market capitalization targets. These contingently issuable shares are excluded from the calculation of diluted EPS as the market conditions were not met as of the end of the reporting period.

Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the year ended December 31, 2023, 2024, and 2025, there were no ordinary shares that have an anti-dilutive effect.

Segment information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer. Prior to the acquisition of Aurelion in October 2025, the Company operated as a single operating segment. Following the acquisition, the Company reorganized its internal reporting structure and the CODM began to review financial information and allocate resources based on two operating segments: (i) Antalpha Prime (“AA Prime”), which primarily provides technology-based supply chain financing and platform services; and (ii) XAUt Treasury Strategy (“XAUt”), which focuses on digital asset treasury management. The CODM primarily evaluates the performance of these segments based on segment profit or loss. As a result, the Company has presented segment information for the year ended December 31, 2025 (Note 24).

Comparative information for the prior year has been recast to conform to the current year’s presentation. As the majority of the Company’s long-lived assets are located in Singapore, no geographical segments are presented.

Recently issued accounting pronouncements

The Company is an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company adopted the updated guidance for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements.

ASC 280 Segment Reporting (“ASC 280”) establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. The Company has one reportable segment, and its chief operating decision maker uses one reporting segment to allocate resources and assess the performance of the Company. The Company does not distinguish between markets nor segments for the purpose of internal reporting, as such information is not meaningful to management. ASU 280 is effective for fiscal years beginning after December 15, 2023, including interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and adoption is retrospectively to all periods presented in the financial statements. The Company elected to early adopt ASU 280 since inception, as the Company has not issued financial statements in historical periods.

Recent accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires, in the notes to the annual and interim financial statements, disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Income Taxes - Schedule of Income Tax (Benefit)/ Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Income Tax (Benefit)/ Expense [Abstract]
Current income tax	$ 1,540,485	$ 102,981	$ 50
Deferred income tax	795,923	463,989	(1,318,123)
Income tax (benefits)/expense	$ 2,336,408	$ 566,970	$ (1,318,073)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We are committed to protecting our customers’ personal information and privacy. We have established and implemented a privacy policy on data collection, processing, and usage. We collect personal information from our customers to the extent needed to provide services to them. To ensure the confidentiality and integrity of our data, we maintain comprehensive and rigorous data security measures and take other technological measures to ensure secure processing, transmission and usage of data. We have also established stringent internal protocols under which we grant classified access to confidential personal data only to limited employees with strictly defined and layered access authorization. For more information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business—We are subject to laws, regulations, and industry requirements related to data privacy, data protection and information security, and user protection across different markets where we conduct our business and such laws, regulations, and industry requirements are constantly evolving and changing. Any actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies, could harm our business.” As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. Governance Our management team is responsible for overseeing our cybersecurity risk management and being informed on risks from cybersecurity threats. Our security department is responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. Our head of security department, who has over 10 years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our security department reports to our management team and provides regular updates on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Text Block]	To ensure the confidentiality and integrity of our data, we maintain comprehensive and rigorous data security measures and take other technological measures to ensure secure processing, transmission and usage of data.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team is responsible for overseeing our cybersecurity risk management and being informed on risks from cybersecurity threats. Our security department is responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our head of security department, who has over 10 years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our security department reports to our management team and provides regular updates on any material cybersecurity incidents or material risks arising from cybersecurity threats.

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party - Schedule of Types of Company’s Loan Receivables (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Types of Company’s Loan Receivables [Abstract]
Mining machine loans	$ 135,625,905	$ 121,213,918
Hashrate loans	865,522,978	307,654,460
Less: Allowance of expected credit losses	(324,858)
Total loan receivables, net	$ 1,000,824,025	$ 428,868,378

Summary of Significant Accounting Policies [Abstract]

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Basis of presentation

Consolidation

Subsequent to the 2024 Reorganization, the Company’s financial information has been prepared on a consolidated basis, for which the consolidation policies are described below.

The Company operates on a fiscal year that ends on December 31.

Business combinations

Goodwill

Non-controlling interests

Risk and uncertainties

Use of estimates

Functional and presentation currency

Transactions and balances

Foreign currency translation

Fair value measurements

●

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

●

Level 3: Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

The Company determines the acquisition of long term investment on a non recurring basis based on unobservable inputs (Level 3).

Cash and cash equivalents

USDC

USDC is a type of crypto asset that is backed by reserve assets in the traditional financial system, such as cash, cash equivalents, or securities.

USDC is a stablecoin redeemable on a one-to-one basis for U.S. dollars, and, thus, is accounted for as a financial instrument in the combined and consolidated balance sheets.

Crypto assets held

XAUt

Accounts receivable

Loan receivables

Allowance for expected credit losses

Crypto assets collateral receivable from related party

As of December 31, 2024 and December 31, 2025, the Company has not defaulted on any of its borrowings.

Crypto assets collateral payable to customers

Off-balance sheet collateral arrangements

Leases

The Company determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease.

Investment

Deferred offering costs

Property and equipment, net

Property and Equipment		Useful Life
Computer equipment		3 years
Furniture and fixtures		7 years

Impairment for long-lived assets

Loan payables to related party and funding cost

Share-based compensation

The recognition method for compensation expenses is as follows:

(a)

service-based awards are expensed on a straight-line basis over the requisite service period;

(b)

performance-based awards that vest upon a liquidity event (e.g., an initial public offering) are recognized when the achievement of the performance target becomes probable; and

(c)

The Company recognizes share-based compensation expenses net of actual forfeitures, over the requisite service period or when it becomes probable that performance conditions will be met.

Revenue recognition

Technology financing fee

●

Identify Performance Obligations: the Company provides the following technology access and services to its technology financing fee customers:

●

These services above are highly integrated and interdependent, and, thus, are treated as a single performance obligation over the term of the loan.

Allocate the Transaction Price: Given that the Company provides an integrated financing solution, the entire transaction price is allocated to a single performance obligation.

Technology platform fee

Identify Performance Obligations: The Company provides the following services to its technology platform fee customers:

●

Since these services are highly integrated and interdependent, they are treated as a single performance obligation that is satisfied over time.

Allocate the Transaction Price: As the Company provides a single, integrated technology solution, the entire transaction price is allocated to a single performance obligation.

Other revenue

As of December 31, 2025, all such proprietary margin loan arrangements had been fully settled, and no related loan balances or interest receivables remained outstanding.

Funding cost

Funding cost represents the cost of borrowings from the funding partner and are expensed as incurred.

Technology and development

Sales and marketing

General and administrative

Employee benefit

Defined contribution plan

Government grants

Income taxes

Commitments and contingencies

Related party transactions

Earnings/(loss) per share

Segment information

Recently issued accounting pronouncements

Recent accounting pronouncements not yet adopted

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Concentration of Risk

12 Months Ended

Dec. 31, 2025

Concentration of Risk [Abstract]

Concentration of risk

25. Concentration of risk

The Company’s cash and cash equivalents, USDC, accounts receivable and loans receivable are potentially subjected to the concentration of credit risk. The Company invests cash and cash equivalents in highly liquid time deposits. The Company has not experienced losses on these accounts and does not believe it is exposed to any significant credit risk with respect to these accounts.

The issuer of USDC reported that, as of December 31, 2024 and 2025, their underlying reserves were held in cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue:

(in USD)	December 31, 2023		December 31, 2024		December 31, 2025
Customer A		2,368,070		6,533,400		—
Customer B		2,469,103		6,715,996		—
Customer C		2,192,250		5,464,277		—
Customer D		—		5,336,493		11,401,212
Customer H		—		—		19,927,613

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable, net, as of the following:

	December 31,		December 31,
(in USD)	2024		2025
Customer B		659,509		—
Customer D		660,911		1,180,763
Customer E		—		1,468,411
Customer I		—		1,531,906

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total loan receivables as of the following:

	December 31,		December 31,
(in USD)	2024		2025
Customer A		50,894,874		—
Customer B		115,660,276		—
Customer C		47,149,348		—
Customer I		—		556,920,339

The Company derives primarily all of its funding from its funding partner, Northstar, with whom the Company was under common control before the 2024 Reorganization.

Credit risk

The Company is subject to credit risk in connection with its loan receivables and accounts receivable. The Company seeks to manage credit risk by performing deep underwriting analysis, performing due diligence on its customers to manage know-your-client, know-your-transactions and anti-money laundering risks, and conducting ongoing analysis on the overcollateralization of loans. Credit risk will also be addressed through the continuous evaluation of collateral value, with daily monitoring of any variances between the loan amount and the collateral value. Due to our overcollateralization requirement at origination and strict risk management, the allowance, write-off and recovery balances against its loan receivables for year ended December 31, 2024 and 2025 were immaterial.

Crypto asset risk

Crypto asset risk is the risk that future revenue and financial position will fluctuate because of changes in the price of crypto assets. Given the high volatility in the price of crypto assets, we could experience a significant decline in the value of the collateral held, which could cause the value of, and the return on, our loans to significantly decline and could materially and adversely affect our results of operations and financial condition. A decline in the value of crypto assets will lead to a decrease in the expected economic returns for crypto miners; if this happens, the customers could abandon their collateral and default on the technology financing fee and principal payments owed to the Company. When a customer takes out hashrate loan, when the monthly yield of Bitcoin mining is higher than the increase in loan amount to pay for the month operating expenditure, the excess in Bitcoin mining adds to the collateral from the customer each month. Thus, a decision by the customer on whether to abandon a loan position may also take into consideration the potential increase in collateral position from future mining. A change in crypto price could also impact the technology financing fee we charge to the customers and our funding rate. Given the many scenarios that could play out as a result of a change in crypto asset prices, we are unable to reliably estimate the impact to our financial result by a degree of change in crypto asset prices.

Interest rate risk

Interest rate risk is the risk that future gross profit will fluctuate due to the changes in market interest rate. The Company’s exposure to interest rate risk arises primarily when the market interest rate rises, the Company may not be able to pass on the increase in funding costs through technology financing fee and technology platform fee to the customers. Similarly, when the market interest rates drop, the funding costs may not drop in the same magnitude as required by the customers for technology financing fee rates to maintain desirable level of demand. Our funding rate is highly correlated to the changes in Fed funds rate, as well as to changes in macro economic and cryptoeconomy factors, whereas the technology financing fee we charge to customers is closely correlated to the macro factors impacting the cryptoeconomy and the Bitcoin mining industry, as well as influenced by the Fed funds rate. Due to the many variables involved, it is difficult to isolate and quantify the net impact on profitability.

However, using a simplified and direct assumption that only funding costs are affected by market rate changes, without adjusting customer fee rates or considering other factors, the Company estimates that a 100 basis point increase or decrease in the USD benchmark interest rate would result in an estimated change in operating income of approximately US$1.2 million, US$4.6 million and US$7.4 million for the year ended December 31, 2023, 2024 and 2025 respectively.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party [Abstract]

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue [Abstract]

Schedule of Revenue

The following table represents the Company’s revenue:

	Year ended		Year ended		Year ended
(in USD)	December 31, 2023		December 31, 2024		December 31, 2025
Revenue - Over time
Technology financing fee		10,358,936		38,691,334		57,121,012
Technology platform fee		914,059		8,763,659		19,045,332
Others		—		—		3,512,395
Total revenue		11,272,995		47,454,993		79,678,739

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Loan Receivables

The following table describes the Company’s loan receivables:

(In USD)	December 31, 2024		December 31, 2025
Loan receivables, current		300,701,527		330,890,254
Less: Allowance of expected credit losses		—		(249,220	)
Loan receivables, current, net		300,701,527		330,641,034
Loan receivables, non-current		128,166,851		113,337,737
Less: Allowance of expected credit losses				(75,085	)
Loan receivables, non-current, net		128,166,851		113,262,652
Total loan receivables due from customers, net		428,868,378		443,903,686
Loan receivables due from related party, non-current		—		556,920,892
Less: Allowance of expected credit losses		—		(553	)
Total loan receivables due from related party, net		—		556,920,339
Total loan receivables, net		428,868,378		1,000,824,025

Schedule of Types of Company’s Loan Receivables

The following table describes types of Company’s loan receivables:

(In USD)	December 31, 2024		December 31, 2025
Mining machine loans		121,213,918		135,625,905
Hashrate loans		307,654,460		865,522,978
Less: Allowance of expected credit losses		—		(324,858	)
Total loan receivables, net		428,868,378		1,000,824,025

Schedule of Provision for Expected Credit Losses

The following table are movements of provision for expected credit losses:

(In USD)	December 31, 2024		December 31, 2025
Provision for allowance for expected credit losses, beginning		—		—
Additions		—		324,858
Provision for allowance for expected credit losses, ending		—		324,858

Schedule of Combined and Consolidated Balance Sheets

The Company records such obligation to return collateral to its customers in “crypto assets collateral payable to customers” on the combined and consolidated balance sheets.

(in USD)	December 31, 2024		December 31, 2025
Short-term collateral payables		493,043,352		413,279,728
Long-term collateral payables, current		200,809,401		15,795,812
Total collateral payables, current		693,852,753		429,075,540
Long-term collateral payables to customers, non-current		88,943,818		69,021,582
Long-term collateral payable to related party, non-current		—		659,615,535
Total collateral payables		782,796,571		1,157,712,657

Schedule of Customer Collateral

Customer collateral consisted as follows:

	December 31, 2024				December 31, 2025
	Units		Fair value (USD)		Units		Fair value (USD)
USDT		317,912		317,244		334,658		334,270
Bitcoin - Customer		8,514		782,479,327		5,359		470,582,222
Bitcoin - Related party		—		—		7,511		659,615,535
ETH		—		—		9,115		27,180,630
Total				782,796,571				1,157,712,657

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income taxes

22. Income taxes

Cayman Islands

The Company is a company incorporated in the Cayman Islands and conducts its primary business operations through its subsidiaries incorporated in Hong Kong and Singapore. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains.

Hong Kong

Subsidiaries incorporated in Hong Kong are subject to Hong Kong corporate tax rate of 16.5%, and foreign-derived income is exempted from income tax. There are no withholding taxes upon payment of dividends by the subsidiaries incorporated in Hong Kong to its shareholders.

Singapore

Subsidiaries incorporated in Singapore are subject to the Singapore corporate tax rate of 17%.

Income (loss)/income before income taxes consists of:

	Year ended December 31,
	2023			2024		2025
Singapore		(7,434,114	)		2,996,740		13,449,704
Non-Singapore		(469,399	)		1,963,701		13,321,038
Total (loss)/income before income taxes		(7,903,513	)		4,960,441		26,770,742

Income tax (benefit)/expense consists of the following:

	Year ended December 31,			Year ended December 31,		Year ended December 31,
(in USD)	2023			2024		2025
Current income tax		50			102,981		1,540,485
Deferred income tax		(1,318,123	)		463,989		795,923
Income tax (benefits)/expense		(1,318,073	)		566,970		2,336,408

The Company is headquartered in Singapore and recognizes the majority of its revenues through its subsidiaries in Singapore.

The Company’s effective tax rate of 17%, 11% and 9% for the year ended December 31, 2023, 2024 and 2025, respectively, was due primarily to the effect on tax rate from the changes in deferred taxes. The following table presents the Company’s effective tax rate reconciliation:

	Year ended December 31, 2023			Year ended December 31, 2024
Statutory income tax rate		17	%		17	%
Effect of deferred professional fee		0	%		(6	)%
Effective tax rate		17	%		11	%

	Year Ended December 31,
	2025
	(in USD)			Percent
Statutory income tax rate	4,551,026			17		%
Effect of deferred professional fee		(305,676	)		(1	)%
Effect of AURE income before income taxes		(1,480,622	)		(6	)%
Effect of gain on unrealized crypto		(1,062,382	)		(4	)%
Effect of share-based compensation		810,353			3	%
Other permanent differences		(176,291	)		0	%
Effective tax rate		2,336,408			9	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities consisted of the following:

	December 31				December 31,
	2024				2025
(in USD)	Singapore		Hong Kong		Singapore		Hong Kong
Deferred tax assets
Net operating loss carried forward		1,175,979		—		402,224		—
Unutilized leave		15,714		53,535		12,506		60,295
Lease liabilities		196,724		218,446		157,211		110,513
Total deferred tax assets		1,388,417		271,981		571,941		170,808
Deferred tax liabilities
Property and equipment		20,508		12,951		155,286		92,321
Lease right-of-use assets		209,980		198,114		30,496		41,724
Total deferred tax liabilities		230,488		211,065		185,782		134,045
Total deferred tax assets, net		1,157,929		60,916		386,159		36,763

As of December 31, 2024 and 2025, the tax losses carried forward by the Company were entirely within its Singapore subsidiaries, amounting to US$6,917,524 and US$2,366,024, respectively, with no expiration date. The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2024 and 2025.

The entire disclosure for income tax.

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Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	$ 727,837	$ 340,221
Less: Accumulated depreciation	(290,114)	(141,098)
Property and equipment, net	437,723	199,123
Computer equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	694,249	333,393
Furniture and fixtures [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	$ 33,588	$ 6,828

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Segment shares
Summary of Significant Accounting Policies [Line Items]
Percentage of bitcoin	100.00%
Percentage of mining machines	50.00%
Percentage of initial LTV	50.00%
Percentage of LTV	100.00%
Percentage of incremental mining	100.00%
Percentage of individual loan	100.00%
Deferred offering costs (in Dollars) \| $	$ 0.5
Operating segments (in Segment) \| Segment	2
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of loans	60.00%
Percentage of annualized technology platform fee rate	1.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of loans	80.00%
Percentage of annualized technology platform fee rate	1.50%
Ownership [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership investment	20.00%
Dividend yield [Member]
Summary of Significant Accounting Policies [Line Items]
Dividend yield percentage	0
Performance-Based Options [Member]
Summary of Significant Accounting Policies [Line Items]
Issuance of shares (in Shares)	592,875
Market-Based Options [Member] \| Class B Ordinary Shares [Member]
Summary of Significant Accounting Policies [Line Items]
Issuance of shares (in Shares)	1,500,000

Goodwill from Business Combination - Schedule of Financial Position, Results of Operations, or Liquidity (Details) - Aurelions [Member] - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		$ 81,464,308	$ 47,965,630
Net income (loss)/income	8,709,542	2,212,484	(2,696,076)
Less: Net income (loss) attributable to non-controlling interests	5,944,262	(9,222,150)	(4,838,616)
Net income attributable to the Company	$ 2,765,280	$ 11,434,634	$ 2,142,540

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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Summary of Significant Accounting Policies [Abstract]

Lease Liabilities

12 Months Ended

Dec. 31, 2025

Lease Liabilities [Abstract]

Lease liabilities

17. Lease liabilities

The Company entered into various non-cancellable operating lease agreements for certain leasehold properties. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the lease in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.

As of December 31, 2024 and 2025, the Company’s operating leases had a weighted average remaining lease term of 1.36 years and 3.64 years, respectively. As of December 31, 2024 and 2025, the Company’s operating leases had a weighted average discount rate of 3.87% and 5.66% per annum, respectively.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate because the interest rate implicit in the leases is not readily determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

Future operating lease payments, as of December 31, 2025 are detailed as follows:

Lease liabilities	(in USD)
2026		778,521
2027		731,371
2028		375,021
2029		375,021
2030		240,247
Total future lease payments		2,500,181
Less: Imputed interest		(269,296	)
Present value of operating lease liabilities		2,230,885
Less: Lease liabilities, current		668,014
Lease liabilities, non-current		1,562,871

Investment (Details) - USD ($)		12 Months Ended
Investment (Details) - USD ($)	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Investment [Line Items]
Prepaid service credit		$ 150,544	$ 265,707
Fair value amount		1,269,465,592	797,960,074
Impairments amount
D11 Labs Limited [Member]
Investment [Line Items]
Acquire ordinary shares (in Shares)		6,307
Aggregate consideration		$ 2,000,000
Equity interest, percentage		4.00%
Cobo Preferred Shares [Member]
Investment [Line Items]
Prepaid service credit	$ 5,000,000			$ 5,000,000	$ 3,000,000
Fair value amount				$ 5,000,000	$ 3,000,000
Fair value	$ 5,000,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Property and equipment, net

The estimated useful lives of the Company’s property and equipment are generally as follows:

Property and Equipment		Useful Life
Computer equipment		3 years
Furniture and fixtures		7 years

Goodwill from Business Combination (Details) - USD ($)	Oct. 10, 2025	Dec. 31, 2025	Nov. 30, 2025
Goodwill from Business Combination [Line Items]
Goodwill acquisition (in Dollars)	$ 21,652,968
Goodwill attributable (in Dollars)		$ 21,600,000
Aurelion Inc. [Member]
Goodwill from Business Combination [Line Items]
Acquired equity interests	32.00%
Total consideration (in Dollars)	$ 43,000,000
Common Class B [Member] \| Aurelion Inc. [Member]
Goodwill from Business Combination [Line Items]
Acquired equity interests	69.00%
Minimum [Member]
Goodwill from Business Combination [Line Items]
Voting rights	1
Minimum [Member] \| Aurelion Inc. [Member]
Goodwill from Business Combination [Line Items]
Voting rights			1
Minimum [Member] \| Common Class B [Member]
Goodwill from Business Combination [Line Items]
Voting rights			1
Maximum [Member]
Goodwill from Business Combination [Line Items]
Voting rights	20
Maximum [Member] \| Aurelion Inc. [Member]
Goodwill from Business Combination [Line Items]
Voting rights			50
Maximum [Member] \| Common Class B [Member]
Goodwill from Business Combination [Line Items]
Voting rights			20

Right-of-Use Assets-Operating Leases (Tables)

12 Months Ended

Dec. 31, 2025

Right-of-Use Assets-Operating Leases [Abstract]

Schedule of Right-of-Use Assets on Operating Leases

Amounts relating to right-of-use assets on operating leases and the associated accumulated amortization are summarized as follows:

(in USD)	December 31, 2024			December 31, 2025
Office premises		4,712,941			2,518,820
Staff accommodation		825,667			117,852
Office equipment		12,231			7,146
Subtotal		5,550,839			2,643,818
Less: Accumulated amortization		(3,114,970	)		(603,985	)
Right of use assets—operating leases, net		2,435,869			2,039,833

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party

12 Months Ended

Dec. 31, 2025

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party [Abstract]

Loan receivables and crypto asset collateral payable to customers and related party

10. Loan receivables and crypto asset collateral payable to customers and related party

The Company offers fixed-rate loans that are typically settled in USDT and denominated in USD to customers to finance the purchase of on-rack mining machines and expenditures on mining-related services, including electricity, maintenance and repair, and other service cost.

The following table describes the Company’s loan receivables:

(In USD)	December 31, 2024		December 31, 2025
Loan receivables, current		300,701,527		330,890,254
Less: Allowance of expected credit losses		—		(249,220	)
Loan receivables, current, net		300,701,527		330,641,034
Loan receivables, non-current		128,166,851		113,337,737
Less: Allowance of expected credit losses				(75,085	)
Loan receivables, non-current, net		128,166,851		113,262,652
Total loan receivables due from customers, net		428,868,378		443,903,686
Loan receivables due from related party, non-current		—		556,920,892
Less: Allowance of expected credit losses		—		(553	)
Total loan receivables due from related party, net		—		556,920,339
Total loan receivables, net		428,868,378		1,000,824,025

The following table describes types of Company’s loan receivables:

(In USD)	December 31, 2024		December 31, 2025
Mining machine loans		121,213,918		135,625,905
Hashrate loans		307,654,460		865,522,978
Less: Allowance of expected credit losses		—		(324,858	)
Total loan receivables, net		428,868,378		1,000,824,025

As of December 31, 2024, and 2025, there were no overdue loan receivables, and all loans remained over-collateralized.

The following table are movements of provision for expected credit losses:

(In USD)	December 31, 2024		December 31, 2025
Provision for allowance for expected credit losses, beginning		—		—
Additions		—		324,858
Provision for allowance for expected credit losses, ending		—		324,858

Loan receivables are fully collateralized by crypto assets and/or Bitcoin mining machines from customers. The Company has the right to sell, pledge or rehypothecate the crypto asset collateral pledged by the customers and the Company is not obligated to return collateral equal to the fair value of the borrowings should the customers default. The Company records such obligation to return collateral to its customers in “crypto assets collateral payable to customers” on the combined and consolidated balance sheets.

(in USD)	December 31, 2024		December 31, 2025
Short-term collateral payables		493,043,352		413,279,728
Long-term collateral payables, current		200,809,401		15,795,812
Total collateral payables, current		693,852,753		429,075,540
Long-term collateral payables to customers, non-current		88,943,818		69,021,582
Long-term collateral payable to related party, non-current		—		659,615,535
Total collateral payables		782,796,571		1,157,712,657

Customer collateral consisted as follows:

	December 31, 2024				December 31, 2025
	Units		Fair value (USD)		Units		Fair value (USD)
USDT		317,912		317,244		334,658		334,270
Bitcoin - Customer		8,514		782,479,327		5,359		470,582,222
Bitcoin - Related party		—		—		7,511		659,615,535
ETH		—		—		9,115		27,180,630
Total				782,796,571				1,157,712,657

The Company enters into supply-chain financing arrangements with its customers and related party that require the customer to pledge Bitcoin as collateral. In certain instances where the customer withdraws Bitcoin to settle outstanding obligations, the remaining balance, usually in small residual amounts, may be returned to the Company in USDT. Assuming no customer default, the collateral shall be returned in the same type and quantity of crypto asset originally pledged by the customer. In addition to “crypto assets collateral payable to customers” recognized on the combined and consolidated balance sheets, the Company also takes security over Bitcoin mining machines as collateral, which are not included on the combined and consolidated balance sheets as of December 31, 2024 and 2025, as such collateral did not meet the recognition criteria.

XAUt (Tables)

12 Months Ended

Dec. 31, 2025

XAUt [Abstract]

Schedule of XAUt

(in USD)	December 31, 2024		December 31, 2025

Host contract		—		67,262,570
Embedded derivative		—		5,214,267
Total carrying amount of XAUt		—		72,476,837

Organization and Nature of Operations (Details) - USD ($)			12 Months Ended
	Oct. 10, 2025	May 14, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization and Nature of Operations [Line Items]
Number of ordinary shares issued				19,250,000
Gross proceeds			$ 53,248,032
Total voting power upon acquisition	69.00%
Aurelion Inc. [Member]
Organization and Nature of Operations [Line Items]
Invested amount	$ 43,000,000
Class B Ordinary Shares [Member]
Organization and Nature of Operations [Line Items]
Number of ordinary shares issued
Class B Ordinary Shares [Member] \| Aurelion Inc. [Member]
Organization and Nature of Operations [Line Items]
Number of units acquired	119,444,446
Aurelion Inc. [Member]
Organization and Nature of Operations [Line Items]
Equity interest percentage	32.00%
IPO [Member]
Organization and Nature of Operations [Line Items]
Number of ordinary shares issued		4,427,500
Price per share		$ 12.8
Gross proceeds		$ 56,700,000

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements [Abstract]

Schedule of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis:

(in USD)	December 31, 2024		December 31, 2025
Assets
Crypto assets held		60,027,818		11,640,525
Crypto asset collateral receivable from related party		737,007,086		1,256,845,932
USDC		925,170		979,135
Total assets		797,960,074		1,269,465,592
Liabilities
Amounts due to related parties—crypto assets liabilities		—		5,970
Crypto asset collateral payable to customers		782,796,571		498,097,122
Crypto assets collateral payable to related party		—		659,615,535
Total liabilities		782,796,571		1,157,718,627

Share-Based Compensation - Schedule of Market-Based Options Granted (Details) - Market-based options [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares
Schedule of Market-Based Options Granted [Line Items]
Risk-free interest rate	4.00%
Expected stock price volatility	67.00%
Dividend yield	0.00%
Expected terms	6 years
Expected exercise price per share, in USD (in Dollars per share)	$ 0.01
Maximum exercise multiple (in Dollars per share)	$ 2.8

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Information [Abstract]

Schedule of Segment Operating Results

The following table provides a summary of the Company’s segment operating results for the years ended December 31, 2023, 2024 and 2025:

	Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2025
							AA			AURE			GROUP
Segment revenue
Revenue		11,272,995			47,454,993			79,678,739			—			79,678,739
Less:
Segment expense
Funding cost		6,302,251			24,617,365			40,587,080			—			40,587,080
Technology and development		3,140,134			4,921,861			6,320,852			—			6,320,852
Sales and marketing		2,650,206			4,258,497			7,822,298			173,477			7,995,775
General and administrative		6,295,924			9,093,066			17,836,615			1,024,658			18,861,273
Unrealized gain on XAUt and XAUt collateral receivables due from related party		—			—			—			(10,399,549	)		(10,399,549	)
Other costs ⁽ⁱ⁾		506,827			1,383,123			1,297,753			—			1,297,753
Segment net (loss)/income		(7,622,347	)		3,181,081			5,814,141			9,201,414			15,015,555
Reconciliation of profit or loss
Adjustments and reconciling items
Other segment items
Other (expense)/income, net		(280,335	)		1,780,127			6,313,329			(587,456	)		5,725,873
Fair value gain/(loss) on crypto assets held, net		(7,998	)		(745,128	)		(23,673	)		22			(23,651	)
Fair value changes on crypto assets receivables/payables, net		7,167			744,361			5,957,403			95,562			6,052,965
Income tax (benefit)/expense		(1,318,073	)		566,970			2,336,408			—			2,336,408
Net (loss)/income		(6,585,440	)		4,393,471			15,724,792			8,709,542			24,434,334

(i)	Primarily consists of crypto asset custodial and wallet service fees (Cobo).

Schedule of Other Segment Items

The following table presents other segment items for the years ended December 31, 2023, 2024 and 2025:

	Year Ended December 31, 2023		Year Ended December 31, 2024		Year Ended December 31, 2025
					AA		AURE		GROUP
Depreciation and amortization*		517,074		830,207		1,000,937		—		1,000,937
Share-based compensation*		—		129,446		4,686,538		80,245		4,766,783

Investment (Tables)

12 Months Ended

Dec. 31, 2025

Investment [Abstract]

Schedule of Investment

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		2,350,046		5,814,162
Addition		3,464,116		4,500,000
Balance at the end of the year		5,814,162		10,314,162

The following are movements for Cobo investments:

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		2,350,046		5,814,162
Addition		3,464,116		2,500,000
Balance at the end of the year		5,814,162		8,314,162

The following are movements for D11 labs investments:

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		—		—
Addition		—		2,000,000
Balance at the end of the year		—		2,000,000

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Accounts Receivable [Abstract]

Property and Equipment, Net [Abstract]

9. Accounts receivable

Accounts receivable, consisted of the following:

(in USD)	December 31, 2024		December 31, 2025
Accounts receivable:
Technology financing fee receivables		2,946,693		4,172,463
Technology platform fee receivables		1,145,047		3,798,646
Total accounts receivable		4,091,740		7,971,109

Accounts receivable are non-interest bearing and are generally on 30 to 90 days (2024: 30 days) credit terms. As of December 31, 2024 and 2025, no accounts receivable were past due, except for a balance due from one customer as of December 31, 2025, Customer Z. Such balance was subsequently fully settled, and the Company did not incur any credit losses.

Right-of-Use Assets-Operating Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Right-of-Use Assets-Operating Leases [Abstract]
Amortization expenses	$ 805,292	$ 800,694	$ 502,419

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	Antalpha Platform Holding Co
Entity Central Index Key	0002044255
Entity File Number	001-42637
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	7 Temasek Boulevard
Entity Address, Address Line Two	#31-02 Suntec Tower 1
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	038987
Entity Listings [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.001 per share
Trading Symbol	ANTA
Security Exchange Name	NASDAQ
Class A Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	23,980,257
Class B Ordinary Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	0
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Paul Guanning Liang
Contact Personnel Email Address	ir@antalpha.com
Entity Address, Address Line One	7 Temasek Boulevard
Entity Address, Address Line Two	#31-02 Suntec Tower 1
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	038987
Entity Phone Fax Numbers [Line Items]
City Area Code	+65
Local Phone Number	6513 8815

Share-Based Compensation (Details) - USD ($)	1 Months Ended	12 Months Ended
Share-Based Compensation (Details) - USD ($)	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation [Line Items]
Options granted		1,500,000
Vest over period		36 months
Exercisable term		10 years
Exercise price per share		$ 0.04
Share-based compensation expense		$ 4,766,783	$ 129,446
Service-Based Awards [Member]
Share-based Compensation [Line Items]
Options granted		412,975	1,963,750
Vest over period		4 years
Exercise price per share
Service-based awards option and performance-based awards option [Member]
Share-based Compensation [Line Items]
Exercise price per share		$ 0.01
Market-based award options [Member]
Share-based Compensation [Line Items]
Options granted		1,500,000
Exercise price per share
Key Management Personnel [Member]
Share-based Compensation [Line Items]
Share-based compensation expense		$ 1,384,956	$ 65,537
Minimum [Member] \| Service-Based Awards [Member]
Share-based Compensation [Line Items]
Percentage of vested options		25.00%
Maximum [Member] \| Service-Based Awards [Member]
Share-based Compensation [Line Items]
Percentage of vested options		75.00%
Share Option Plan [Member]
Share-based Compensation [Line Items]
Ordinary shares, authorized	23,000,000
Reverse stock split	5,750,000
Options granted		1,925,475
Share Option Plan [Member] \| Market-based award options [Member]
Share-based Compensation [Line Items]
Exercise price per share		$ 0.01

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Property and Equipment, Net

Property and equipment, net, consists of the following:

(in USD)	December 31, 2024			December 31, 2025
Computer equipment		333,393			694,249
Furniture and fixtures		6,828			33,588
Subtotal		340,221			727,837
Less: Accumulated depreciation		(141,098	)		(290,114	)
Property and equipment, net		199,123			437,723

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party

12 Months Ended

Dec. 31, 2025

Related Party [Member]

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party [Line Items]

Loan payables due to related party and crypto asset collateral receivable from related party

12. Loan payables due to related party and crypto asset collateral receivable from related party

Loan payables consist of the following:

(in USD)	December 31, 2024		December 31, 2025
Short-term loan payables		175,972,800		262,266,751
Long-term loan payables, current portion		103,472,536		45,268,300
Total loan payables, current		279,445,336		307,535,051
Long-term loan payables, non-current portion		128,166,851		680,191,285
Term loan payables		—		40,590,795
Total loan payables, non current		128,166,851		720,782,080
Total loan payables		407,612,187		1,028,317,131

Short-term payables due to funding partner consist of borrowings made by the Company, usually settled in USDT and denominated in USD, and payable within one year. The Company acquires its funding from its funding partner, Northstar, and the funding rates borne by the borrowings ranged from 5.45% to 5.67% (2024: 5.45%) per annum.

Long-term loan payables due to funding partner are usually settled in USDT and denominated in USD, and has a duration of more than one year.

The Company has the option to repay the loan principal at any given time without penalty. The interest rates borne by the borrowings ranged from 5.45% to 5.67% (2024: 5.45%) per annum.

Term loan payables due to funding partner were incurred by Aurelion, a subsidiary of Antalpha. The loan has a term of three years and bears interest at 6% per annum, and is secured by first-priority liens over XAUt collateral. The loan may be repaid, in whole or in part, at any time without penalty.

The Company enters into borrowing arrangements and pledges crypto assets as collateral to its funding partner. The Company recognizes such pledged assets under “crypto assets collateral receivable from related party” on the combined and consolidated balance sheets, as follows:

(in USD)	December 31, 2024		December 31, 2025
Short-term collateral receivables		465,326,145		414,081,147
Long-term collateral receivables, current		200,640,843		15,795,812
Total collateral receivables, current		665,966,988		429,876,959
Long-term collateral receivables, non-current		71,040,098		754,895,423
Collateral receivables - Term loan		—		72,073,550
Total collateral receivables, non-current		71,040,098		826,968,973
Total collateral receivables		737,007,086		1,256,845,932

	December 31, 2024				December 31, 2025
	Units		Fair Value USD		Units		Fair Value USD
Bitcoin		8,019		737,007,086		12,883		1,131,333,447
Ethereum		—		—		9,115		27,180,630
XAUt		—		—		6,052		26,258,305
XAUt - Term loan		—		—		16,613		72,073,550
Total				737,007,086				1,256,845,932

Crypto assets pledged as collateral are initially measured at their fair value on the date they are received. Subsequent to initial recognition, the Company periodically remeasures the fair value of the collateral, with any changes in fair value recognized in the Company’s financial statements.

As of December 31, 2023, under the Company’s back-to-back pledging arrangement with its funding partner, any fair value gains or losses arising from the remeasurement of crypto asset collateral payables to customers were fully offset by corresponding changes in the fair value of crypto asset collateral receivables from the funding partner. As of December 31, 2024, while the Company’s collateral management approach has evolved, the total crypto asset collateral payables and receivables remain balanced, with any temporary differences reflected in the Company’s crypto assets held. As a result, these gains or losses net to zero and are not presented as separate line items in the combined and consolidated statements of operations.

Under the agreement between the Company and its funding partner upon the Company’s full repayment of its obligations, provided there are no defaults, the funding partner is obligated to return the same quantity and type of crypto assets originally posted as collateral.

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party - Schedule of Customer Collateral (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Customer Collateral [Line Items]
Customer collateral, Fair value	$ 1,157,712,657	$ 782,796,571
USDT [Member]
Schedule of Customer Collateral [Line Items]
Customer collateral, Units (in Shares)	334,658	317,912
Customer collateral, Fair value	$ 334,270	$ 317,244
Bitcoin - Customer [Member]
Schedule of Customer Collateral [Line Items]
Customer collateral, Units (in Shares)	5,359	8,514
Customer collateral, Fair value	$ 470,582,222	$ 782,479,327
Bitcoin - Related party [Member]
Schedule of Customer Collateral [Line Items]
Customer collateral, Units (in Shares)	7,511
Customer collateral, Fair value	$ 659,615,535
ETH [Member]
Schedule of Customer Collateral [Line Items]
Customer collateral, Units (in Shares)	9,115
Customer collateral, Fair value	$ 27,180,630

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
-Paragraph a
-Subparagraph (4)(iv)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
-Paragraph a
-Subparagraph (4)(i)
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
-Paragraph a
-Subparagraph (4)(iii)(C)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
-Paragraph a
-Subparagraph (4)(iii)(A)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Subsection 02
-Paragraph a
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Intangible Assets and Goodwill [Abstract]

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Intangible Assets, Net

Intangible assets, net, consists of the following:

(in USD)	December 31, 2024		December 31, 2025
Software license		—		311,101
Subtotal		—		311,101
Less: Accumulated amortization		—		(51,851	)
Intangible assets, net		—		259,250

Investment

12 Months Ended

Dec. 31, 2025

Investment [Abstract]

Investment

16. Investment

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		2,350,046		5,814,162
Addition		3,464,116		4,500,000
Balance at the end of the year		5,814,162		10,314,162

The following are movements for Cobo investments:

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		2,350,046		5,814,162
Addition		3,464,116		2,500,000
Balance at the end of the year		5,814,162		8,314,162

The following are movements for D11 labs investments:

(in USD)	December 31, 2024		December 31, 2025
Balance at beginning of the year		—		—
Addition		—		2,000,000
Balance at the end of the year		—		2,000,000

On June 1, 2023, Cobo Global Limited (“Cobo”) and the Company entered into a framework agreement (“Cobo Agreement”) whereby Cobo agreed to provide multi-party computation technology services to the Company under various service agreements. As part of the agreements, the Company will make a series of payments to Cobo from 2023 through 2027, and in each round, the Company agrees to make payment for the following:

1) prepaid service credit and 2) Cobo preferred shares.

In June 2023, the Company made the first payment of US$3,000,000 for prepaid service credit and Cobo preferred shares. Under the Cobo agreement, the service credit could be used against any Cobo wallet expenses incurred within 12 months commencing from June 1, 2023, and the Company also obtained a certain number of Cobo preferred shares with a fair value of US$3,000,000.

In June 2024, the Company paid Cobo a second payment of US$5,000,000. Similar to the first payment, such amount could be used against any Cobo wallet expense incurred within 12 months commencing from June 1, 2024, and the Company also obtained a certain number of Cobo preferred shares with a fair value of US$5,000,000.

In July 2025, the Company made a third payment of US$5,000,000 to Cobo. Such amount is applicable toward any Cobo wallet expense incurred within 24 months commencing from July 1, 2025. Additionally, the Company obtained a certain number of Cobo preferred shares with a fair value of US$5,000,000.

The Company allocated such initial payments between prepaid expenses and investment based on the relative fair values of the service credit and Cobo’s preferred shares acquired. The value allocated for the service credit is recognized in prepaid service fee as disclosed in Note 9 above. The fair value of the service credit has been assessed by the Company as its best estimate for the expense that is expected to be incurred during the agreed upon service period, and was amortized based on actual usage over the expected life of 24 months. The Company elected to account for the investment using the measurement alternative as the equity security is without a readily determinable fair value and do not give the Company significant influence over Cobo. Per the measurement alternative, the investment is recorded at cost, less any impairment, plus or minus changes resulting from observable price changes.

In 2025, the Company entered into an agreement with D11 Labs Limited (“D11 Labs”), a provider of global financial payment services, to acquire 6,307 ordinary shares for an aggregate consideration of US$2,000,000, representing an approximately 4% equity interest. In connection with the investment, the Company obtained protective rights, including anti-dilution provisions. The investment is intended to support the global expansion of the Company’s payment service ecosystem.

As of December 31, 2024 and 2025, no impairments or observable price adjustments were recognized, as there were no relevant changes resulting from observable price changes or indications of impairment.

Other (Loss)/Income, Net (Tables)

12 Months Ended

Dec. 31, 2025

Other (Loss)/Income, Net [Abstract]

Schedule of Other (Loss)/Income, Net

Other (loss)/income, net consists of the following:

	Year ended December 31,			Year ended December 31,			Year ended December 31,
(in USD)	2023			2024			2025
Unrealized foreign exchange (losses)/gains, net		(412,592	)		111,707			51,836
Realized foreign exchange (losses)/gains, net		(62,311	)		(6,281	)		14,768
Government grants		127,921			—			—
Wallet service usage fee(i)		67,609			1,333,249			4,604,462
Mining pool commission(ii)		—			187,991			1,370,717
Interest income		—			75,966			273,377
Loan interest expense(iii)		—			—			(628,710	)
Other		(962	)		77,495			39,423
Total other (loss)/income, net		(280,335	)		1,780,127			5,725,873

(i)	The Company purchased wallet services from a third-party service provider, which are available for usage by affiliate and other parties, and the Company is reimbursed for actual usage of the services.

(ii)	The mining pool commission income arises from referral arrangements with Antpool (Note 23), whereby the Company earns fees for referring customers to participate in Bitcoin mining pool services.

(iii)

The loan interest expense arises from term loans obtained from the Company’s funding partner, as disclosed in Note 12.

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cango [Member]
Related Party Transaction [Line Items]
Revenue	$ 14,059,776
Collateral received from related party	279,888,518
Loans provided to related party	(278,419,042)
Northstar [Member]
Related Party Transaction [Line Items]
Funding cost	40,587,080	24,617,365	6,302,251
Monitoring service fee	167,432	273,750	182,000
General management fee	34,741	90,078
Loans borrowed from related party	1,183,144,951	657,672,216	354,352,639
Loans repaid to related party	(562,440,049)	(594,045,884)	(18,272,799)
Collateral pledged to related party	(2,103,891,348)	(1,197,477,498)	(414,952,584)
Collateral returned from related party	1,685,386,710	829,400,586	51,283,183
Crypto assets paid as costs and expenses	33,179,554	22,633,785	6,485,191
Deposit/(withdrawal) of custodial crypto assets, net	(1,916,061)	(373,732)	646,333
Margin loan payment collected from related party	536,399,831	335,362,834
Margin loan repayment returned to related party	(485,637,648)	(120,792,421)
Margin loan collateral remitted to related party	(568,972,170)	(132,084,182)
Margin loan collateral collected from related party	1,011,354,658	485,010,701
Margin loan interest remitted to related party	(58,017,328)	(15,641,145)
Fund inflows between customers and related party through shared accounts		34,537,507	2,744,963
Fund outflows between customers and related party through shared accounts		(37,282,470)
Proceeds of amount due to related party	4,510,437	55,539	5,515,524
Prepayment of amount due to related party	(1,746,444)	(2,990,552)	(3,162,870)
USDT payment to related party for Purchasing XAUT	(104,073,507)
XAUT received from related party	114,803,981
Collateral pledged to related party - XAUT	(92,289,229)
Chanhua [Member]
Related Party Transaction [Line Items]
Labor-related expenses			7,459,219
Northstar, Bitmain and Antpool [Member]
Related Party Transaction [Line Items]
Wallet service usage fee	3,026,631	604,304	67,609
Bitmain, Antpool and Chanhua [Member]
Related Party Transaction [Line Items]
Sub-leased office space expenses allocation			$ 923,408

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party [Member]
Related Party Transactions [Line Items]
Fair value gain/(loss) on crypto-denominated liabilities	$ 693,169	$ 744,361	$ 7,167
Northstar [Member] \| Minimum [Member]
Related Party Transactions [Line Items]
Percentage of interest rate on borrowing	5.45%
Northstar [Member] \| Maximum [Member]
Related Party Transactions [Line Items]
Percentage of interest rate on borrowing	5.67%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Schedule of Accounts Receivable

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable [Abstract]

Accounts receivable, consisted of the following:

(in USD)	December 31, 2024		December 31, 2025
Accounts receivable:
Technology financing fee receivables		2,946,693		4,172,463
Technology platform fee receivables		1,145,047		3,798,646
Total accounts receivable		4,091,740		7,971,109

Concentration of Risk - Schedule of Concentration of Risk (Details) - Customer Concentration Risk [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer A [Member] \| Revenue Benchmark [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		$ 6,533,400	$ 2,368,070
Customer A [Member] \| Loan Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		50,894,874
Customer B [Member] \| Revenue Benchmark [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		6,715,996	2,469,103
Customer B [Member] \| Accounts Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		659,509
Customer B [Member] \| Loan Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		115,660,276
Customer C [Member] \| Revenue Benchmark [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		5,464,277	2,192,250
Customer C [Member] \| Loan Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount		47,149,348
Customer D [Member] \| Revenue Benchmark [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	11,401,212	5,336,493
Customer D [Member] \| Accounts Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	1,180,763	660,911
Customer H [Member] \| Revenue Benchmark [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	19,927,613
Customer E [Member] \| Accounts Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	1,468,411
Customer I [Member] \| Accounts Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	1,531,906
Customer I [Member] \| Loan Receivable [Member]
Schedule of Concentration of Risk [Line Items]
Concentration risk amount	$ 556,920,339

Right-of-Use Assets-Operating Leases - Schedule of Right-of-Use Assets on Operating Leases (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Right of Use Assets on Operating Leases [Line Items]
Right of use assets—operating leases, subtotal	$ 2,643,818	$ 5,550,839
Less: Accumulated amortization	(603,985)	(3,114,970)
Right of use assets—operating leases, net	2,039,833	2,435,869
Office Premises [Member]
Schedule of Right of Use Assets on Operating Leases [Line Items]
Right of use assets—operating leases, subtotal	2,518,820	4,712,941
Staff Accommodation [Member]
Schedule of Right of Use Assets on Operating Leases [Line Items]
Right of use assets—operating leases, subtotal	117,852	825,667
Office equipment [Member]
Schedule of Right of Use Assets on Operating Leases [Line Items]
Right of use assets—operating leases, subtotal	$ 7,146	$ 12,231

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net [Abstract]

Property and equipment, net

13. Property and equipment, net

Property and equipment, net, consists of the following:

(in USD)	December 31, 2024			December 31, 2025
Computer equipment		333,393			694,249
Furniture and fixtures		6,828			33,588
Subtotal		340,221			727,837
Less: Accumulated depreciation		(141,098	)		(290,114	)
Property and equipment, net		199,123			437,723

Depreciation expenses of property and equipment, net for the year ended December 31, 2023, 2024 and 2025, are amounted to US$14,655, US$29,513, and US$143,794 respectively, and no impairment loss was recognized during these periods.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Information [Abstract]

Segment information

24. Segment information

The Company applies ASC280, Segment Reporting, in determining its reportable segments. Starting from the fourth quarter of 2025, following the acquisition of controlling interest in Aurelion Inc. (“AURE”), the Company shifted its internal reporting structure. The CODM now reviews financial information on a consolidated basis and by operating segments to make decisions about allocating resources and assessing the Company’s performance.

The Company’s two reportable segments are as follows:

Antalpha Prime (“AA”): primarily includes the Company’s core technology-driven financing solutions, including supply chain financing, technology platform services, and risk management solutions provided to institutional customers in the crypto asset industry.

Aurelion (“AURE”): primarily consists of the newly acquired business operations under Aurelion Inc., which focuses on XAUt treasury strategies.

The CODM primarily evaluates the performance of the operating segments based on segment net income (loss). The Company generally does not allocate assets to its segments as the CODM does not use such information to allocate resources or assess the performance of the operating segments.

Goodwill was attributable to the assembled workforce of synergies expected to be achieved from the combined operations of the Company and Aurelion. The goodwill recognized is not expected to be deductible for tax purposes. The goodwill was assigned to the Aurelion reportable segment.

The following table provides a summary of the Company’s segment operating results for the years ended December 31, 2023, 2024 and 2025:

	Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2025
							AA			AURE			GROUP
Segment revenue
Revenue		11,272,995			47,454,993			79,678,739			—			79,678,739
Less:
Segment expense
Funding cost		6,302,251			24,617,365			40,587,080			—			40,587,080
Technology and development		3,140,134			4,921,861			6,320,852			—			6,320,852
Sales and marketing		2,650,206			4,258,497			7,822,298			173,477			7,995,775
General and administrative		6,295,924			9,093,066			17,836,615			1,024,658			18,861,273
Unrealized gain on XAUt and XAUt collateral receivables due from related party		—			—			—			(10,399,549	)		(10,399,549	)
Other costs ⁽ⁱ⁾		506,827			1,383,123			1,297,753			—			1,297,753
Segment net (loss)/income		(7,622,347	)		3,181,081			5,814,141			9,201,414			15,015,555
Reconciliation of profit or loss
Adjustments and reconciling items
Other segment items
Other (expense)/income, net		(280,335	)		1,780,127			6,313,329			(587,456	)		5,725,873
Fair value gain/(loss) on crypto assets held, net		(7,998	)		(745,128	)		(23,673	)		22			(23,651	)
Fair value changes on crypto assets receivables/payables, net		7,167			744,361			5,957,403			95,562			6,052,965
Income tax (benefit)/expense		(1,318,073	)		566,970			2,336,408			—			2,336,408
Net (loss)/income		(6,585,440	)		4,393,471			15,724,792			8,709,542			24,434,334

(i)	Primarily consists of crypto asset custodial and wallet service fees (Cobo).

The following table presents other segment items for the years ended December 31, 2023, 2024 and 2025:

	Year Ended December 31, 2023		Year Ended December 31, 2024		Year Ended December 31, 2025
					AA		AURE		GROUP
Depreciation and amortization*		517,074		830,207		1,000,937		—		1,000,937
Share-based compensation*		—		129,446		4,686,538		80,245		4,766,783

Technology and development, sales and marketing, and general and administrative expenses include share-based compensation of $0, $129,446 and $4,766,783 for the years ended December 31, 2023, 2024 and 2025, respectively, and depreciation and amortization of $517,074, $830,207 and $1,000,937 for the years ended December 31, 2023, 2024 and 2025, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Lease Liabilities (Details)	Dec. 31, 2025	Dec. 31, 2024
Lease Liabilities [Abstract]
Operating leases, weighted average remaining lease term	3 years 7 months 20 days	1 year 4 months 9 days
Operating leases, weighted average discount rate	5.66%	3.87%

Revenue

12 Months Ended

Dec. 31, 2025

Revenue [Abstract]

Revenue

5. Revenue

The Company provides the following offerings: 1) technology, services and funding to customers for a technology financing fee, and 2) technology and services to customers for a technology platform fee. 3) other revenue to customers for proprietary margin loan.

The following table represents the Company’s revenue:

	Year ended		Year ended		Year ended
(in USD)	December 31, 2023		December 31, 2024		December 31, 2025
Revenue - Over time
Technology financing fee		10,358,936		38,691,334		57,121,012
Technology platform fee		914,059		8,763,659		19,045,332
Others		—		—		3,512,395
Total revenue		11,272,995		47,454,993		79,678,739

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Schedule of Prepaid Expenses and Other Current Assets [Abstract]

Goodwill from Business Combination - Schedule of Purchase Consideration (Details) - Business Combination [Member]	12 Months Ended
	Dec. 31, 2025 USD ($)
Schedule of Purchase Consideration [Line Items]
Cash and cash equivalents	$ 5,024
USDT	84,020,800
Prepaid expenses and other assets, net	17,286,000
Amounts due to related parties	(1,664)
Other payables and accrued liabilities	(3,336,587)
Total identifiable assets and liabilities acquired	97,973,573
Less: Non-controlling interest	76,599,451
Goodwill	21,652,968
Total purchase consideration	$ 43,027,090

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Prepaid wallet service fee

^[1]

$ 2,137,204

$ 764,717

Wallet service usage fee receivables

^[2]

376,520

781,291

Prepaid IT related expenses

359,482

341,045

Office sub-lease receivables

^[3]

2,678,923

1,445,941

Office rent deposit

674,878

659,195

Insurance expenses

248,647

7,904

Other

150,544

265,707

Total prepaid expense and other current assets

$ 6,626,198

$ 4,265,800

[1]	Prepaid wallet service fee represent credits for technical services provided by Cobo. The measurement of prepaid service credit is disclosed in Note 16.
[2]	The balances represent receivables arising from wallet service fee reimbursement from third parties (Note 6).
[3]	The balances represent receivables arising from office sub-lease expense reimbursement from third parties.

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party - Schedule of Crypto Assets Collateral Receivable from Related Party (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Crypto Assets Collateral Receivable from Related Party [Abstract]
Short-term collateral receivables	$ 414,081,147	$ 465,326,145
Long-term collateral receivables, current	15,795,812	200,640,843
Total collateral receivables, current	429,876,959	665,966,988
Long-term collateral receivables, non-current	754,895,423	71,040,098
Collateral receivables - Term loan	72,073,550
Total collateral receivables, non-current	826,968,973	71,040,098
Total collateral receivables	$ 1,256,845,932	$ 737,007,086

Subsequent Event (Details) - USD ($) $ in Millions		12 Months Ended
Subsequent Event (Details) - USD ($) $ in Millions	Apr. 14, 2026	Dec. 31, 2025
Subsequent Event (Details) [Line Items]
Loan receivables balance		$ 27.2
Repayment amount		$ 529.7
Subsequent Event [Member]
Subsequent Event (Details) [Line Items]
Loan receivables balance	$ 556.9

Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Lease Liabilities [Abstract]

Schedule of Future Operating Lease Payments

Future operating lease payments, as of December 31, 2025 are detailed as follows:

Lease liabilities	(in USD)
2026		778,521
2027		731,371
2028		375,021
2029		375,021
2030		240,247
Total future lease payments		2,500,181
Less: Imputed interest		(269,296	)
Present value of operating lease liabilities		2,230,885
Less: Lease liabilities, current		668,014
Lease liabilities, non-current		1,562,871

Revenue - Schedule of Revenue (Details) - USD ($)	12 Months Ended
Revenue - Schedule of Revenue (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue - Over time
Total revenue	$ 79,678,739	$ 47,454,993	$ 11,272,995
Technology financing fee [Member]
Revenue - Over time
Total revenue	43,061,236	38,691,334	10,358,936
Technology platform fee [Member]
Revenue - Over time
Total revenue	19,045,332	8,763,659	914,059
Others [Member]
Revenue - Over time
Total revenue	3,512,395
Transferred over Time [Member] \| Technology financing fee [Member]
Revenue - Over time
Total revenue	57,121,012	38,691,334	10,358,936
Transferred over Time [Member] \| Technology platform fee [Member]
Revenue - Over time
Total revenue	19,045,332	8,763,659	914,059
Transferred over Time [Member] \| Others [Member]
Revenue - Over time
Total revenue	$ 3,512,395

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Share-Based Compensation [Line Items]

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Share Options

The summary of the activity of share options during the years ended December 31, 2024 and 2025 is as follows giving retroactive effect to the Reverse Stock Split:

Share Options	Number of Options			Weighted Average Exercise Price per share		Weighted- Average Remaining Contractual Term		Weighted- average grant-date fair value		Aggregate Intrinsic Value
				(USD)		(Years)		(USD)		(USD)
Service-based Share Options
Outstanding at January 1, 2024		—			—		—		—		—
Granted		1,963,750			0.04		—		3.72		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2024		1,963,750			0.04		4.91		3.72		7,236,812
Granted		412,975			0.04		—		10.00		—
Exercised		(38,747	)		—		—		5.08		—
Forfeited		(103,750	)		—		—		7.21		—
Outstanding at December 31, 2025		2,234,228			0.04		4.00		4.70		19,772,918
Performance-based Share Options
Outstanding at January 1, 2024		—			—		—		—		—
Granted		582,000			0.04		—		3.72		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2024		582,000			0.04		2.91		3.72		2,142,924
Granted		12,500			0.04		—		4.26		—
Exercised		(267,500	)		—		—		—		—
Forfeited		(1,625	)		—		—		—		—
Outstanding at December 31, 2025		325,375			0.04		1.92		3.72		2,879,569
Market-based Share Options
Outstanding at January 1, 2025		—			—		—		—		—
Granted		1,500,000			0.01		—		7.25		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2025		1,500,000			0.01		—		7.25		13,320,000

Schedule of Share-Based Compensation Expense

The share-based compensation expense is classified as follows in the combined and consolidated statements of operations:

	Year ended December 31,		Year ended December 31,		Year ended December 31,
(in USD)	2023		2024		2025
Technology and development		—		1,610		159,832
Sales and marketing		—		15,663		192,280
General and administrative		—		112,173		4,414,671
Total share-based compensation expenses		—		129,446		4,766,783

Service-based and performance-based options [Member]

Share-Based Compensation [Line Items]

Schedule of Assumptions Used For Service-Based and Performance-Based Options Granted

The following assumptions were used for service-based and performance-based options granted during the years ended December 31, 2024 and 2025:

	Year ended December 31, 2024			Year ended December 31, 2025
Risk-free interest rate		4.1	%		4.3	%
Illiquidity Discount		30	%		20	%
Expected stock price volatility		89	%		89	%
Dividend yield		0	%		0	%
Expected terms
Service-based awards		5 years			5 years
Performance-based awards		3 years			3 years
Expected exercise price per share, in USD		0.04			0.01
Maximum exercise multiple		2.8			2.2

Market-based options [Member]

Share-Based Compensation [Line Items]

Schedule of Market-Based Options Granted

The following assumptions were used for market-based options granted during the year ended December 31, 2025:

	Year ended December 31, 2025
Risk-free interest rate		4.0	%
Expected stock price volatility		67	%
Dividend yield		0	%
Expected terms		6 years
Expected exercise price per share, in USD		0.01
Maximum exercise multiple		2.8

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Information [Abstract]
Number of reportable segment (in Segment) \| Segment	2
Segments description	The CODM primarily evaluates the performance of the operating segments based on segment net income (loss). The Company generally does not allocate assets to its segments as the CODM does not use such information to allocate resources or assess the performance of the operating segments.
Share-based compensation	$ 4,766,783	$ 129,446
Depreciation and amortization	$ 1,000,937	$ 830,207	$ 517,074

Schedule of Income (Loss)/ Income Before Income Taxes

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income (loss)/income before income taxes consists of:

	Year ended December 31,
	2023			2024		2025
Singapore		(7,434,114	)		2,996,740		13,449,704
Non-Singapore		(469,399	)		1,963,701		13,321,038
Total (loss)/income before income taxes		(7,903,513	)		4,960,441		26,770,742

Schedule of Income Tax (Benefit)/ Expense

Income tax (benefit)/expense consists of the following:

	Year ended December 31,			Year ended December 31,		Year ended December 31,
(in USD)	2023			2024		2025
Current income tax		50			102,981		1,540,485
Deferred income tax		(1,318,123	)		463,989		795,923
Income tax (benefits)/expense		(1,318,073	)		566,970		2,336,408

Schedule of Effective Tax Rate Reconciliation

The following table presents the Company’s effective tax rate reconciliation:

	Year ended December 31, 2023			Year ended December 31, 2024
Statutory income tax rate		17	%		17	%
Effect of deferred professional fee		0	%		(6	)%
Effective tax rate		17	%		11	%

	Year Ended December 31,
	2025
	(in USD)			Percent
Statutory income tax rate	4,551,026			17		%
Effect of deferred professional fee		(305,676	)		(1	)%
Effect of AURE income before income taxes		(1,480,622	)		(6	)%
Effect of gain on unrealized crypto		(1,062,382	)		(4	)%
Effect of share-based compensation		810,353			3	%
Other permanent differences		(176,291	)		0	%
Effective tax rate		2,336,408			9	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities consisted of the following:

	December 31				December 31,
	2024				2025
(in USD)	Singapore		Hong Kong		Singapore		Hong Kong
Deferred tax assets
Net operating loss carried forward		1,175,979		—		402,224		—
Unutilized leave		15,714		53,535		12,506		60,295
Lease liabilities		196,724		218,446		157,211		110,513
Total deferred tax assets		1,388,417		271,981		571,941		170,808
Deferred tax liabilities
Property and equipment		20,508		12,951		155,286		92,321
Lease right-of-use assets		209,980		198,114		30,496		41,724
Total deferred tax liabilities		230,488		211,065		185,782		134,045
Total deferred tax assets, net		1,157,929		60,916		386,159		36,763

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	WWC, P.C.
Auditor Firm ID	1171
Auditor Location	San Mateo, California
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying Combined and Consolidated Balance Sheets of Antalpha Platform Holding Company and its subsidiaries (collectively the “Company”) as of December 31, 2025 and 2024, and the related Combined and Consolidated Statements of Operations and Comprehensive Income, Shareholders’ Equity, and Cash Flows in each of the years for the three-year period ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows in each of the years for the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Concentration of Risk (Tables)

12 Months Ended

Dec. 31, 2025

Concentration of Risk [Abstract]

Schedule of Concentration of Risk

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue:

(in USD)	December 31, 2023		December 31, 2024		December 31, 2025
Customer A		2,368,070		6,533,400		—
Customer B		2,469,103		6,715,996		—
Customer C		2,192,250		5,464,277		—
Customer D		—		5,336,493		11,401,212
Customer H		—		—		19,927,613

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable, net, as of the following:

	December 31,		December 31,
(in USD)	2024		2025
Customer B		659,509		—
Customer D		660,911		1,180,763
Customer E		—		1,468,411
Customer I		—		1,531,906

The following table sets forth a summary of single customers who represent 10% or more of the Company’s total loan receivables as of the following:

	December 31,		December 31,
(in USD)	2024		2025
Customer A		50,894,874		—
Customer B		115,660,276		—
Customer C		47,149,348		—
Customer I		—		556,920,339

Crypto Assets Held (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Assets Held [Abstract]
Cumulative realized losses	$ 147	$ 225	$ 589

Combined and Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Ordinary share authorized (in Shares)		50,000,000
Ordinary share par value (in Dollars per share)		$ 0.001
Ordinary share issued (in Shares)		19,250,000
Ordinary share outstanding (in Shares)		19,250,000
Class A Ordinary Shares
Ordinary share authorized (in Shares)	59,375,000
Ordinary share par value (in Dollars per share)	$ 0.001
Ordinary share issued (in Shares)	23,980,257
Ordinary share outstanding (in Shares)	23,980,257
Class B Ordinary Shares
Ordinary share authorized (in Shares)	3,125,000
Ordinary share par value (in Dollars per share)	$ 0.001
Ordinary share issued (in Shares)
Ordinary share outstanding (in Shares)

XAUt

12 Months Ended

Dec. 31, 2025

XAUt [Abstract]

XAUt

8. XAUt

The following table presents the carrying amounts of XAUt as of December 31, 2024 and 2025:

(in USD)	December 31, 2024		December 31, 2025

Host contract		—		67,262,570
Embedded derivative		—		5,214,267
Total carrying amount of XAUt		—		72,476,837

The embedded derivative is measured at fair value on a recurring basis. The Company determines the fair value using observable market inputs, primarily quoted prices of XAUt in active markets (Level 1).

For the year ended December 31, 2025, the Company recognized a fair value gain of US$5,214,267 arising from the embedded derivative component of XAUt. This gain is presented within “Fair value gain on crypto assets” in the combined and consolidated statements of operations and comprehensive income.

The Company holds XAUt primarily as part of its treasury management strategy under AURE, with the objective of maintaining exposure to gold-linked assets while enhancing liquidity and capital flexibility.

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Effective tax rate	9.00%	11.00%	17.00%
Tax losses carried forward (in Dollars)	$ 2,366,024	$ 6,917,524
Hong Kong [Member]
Income Taxes [Line Items]
Corporate tax rate	16.50%
Singapore [Member]
Income Taxes [Line Items]
Corporate tax rate	17.00%

Accounts Receivable (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable [Line Items]
Noninterest-bearing credit terms		30 days
Account receivable were past due (in Dollars)
Minimum [Member]
Accounts Receivable [Line Items]
Noninterest-bearing credit terms	30 days
Maximum [Member]
Accounts Receivable [Line Items]
Noninterest-bearing credit terms	90 days

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party - Schedule of Provision for Expected Credit Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Provision for Expected Credit Losses [Abstract]
Provision for allowance for expected credit losses, beginning
Additions	324,858
Provision for allowance for expected credit losses, ending	$ 324,858

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Other (Loss)/Income, Net

12 Months Ended

Dec. 31, 2025

Other (Loss)/Income, Net [Abstract]

Other (loss)/income, net

6. Other (loss)/income, net

Other (loss)/income, net consists of the following:

	Year ended December 31,			Year ended December 31,			Year ended December 31,
(in USD)	2023			2024			2025
Unrealized foreign exchange (losses)/gains, net		(412,592	)		111,707			51,836
Realized foreign exchange (losses)/gains, net		(62,311	)		(6,281	)		14,768
Government grants		127,921			—			—
Wallet service usage fee(i)		67,609			1,333,249			4,604,462
Mining pool commission(ii)		—			187,991			1,370,717
Interest income		—			75,966			273,377
Loan interest expense(iii)		—			—			(628,710	)
Other		(962	)		77,495			39,423
Total other (loss)/income, net		(280,335	)		1,780,127			5,725,873

(i)	The Company purchased wallet services from a third-party service provider, which are available for usage by affiliate and other parties, and the Company is reimbursed for actual usage of the services.

(ii)	The mining pool commission income arises from referral arrangements with Antpool (Note 23), whereby the Company earns fees for referring customers to participate in Bitcoin mining pool services.

(iii)

The loan interest expense arises from term loans obtained from the Company’s funding partner, as disclosed in Note 12.

Investment - Schedule of Investment (Details) - USD ($)	12 Months Ended
Investment - Schedule of Investment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investment [Line Items]
Balance at beginning of the year	$ 5,814,162	$ 2,350,046
Addition	4,500,000	3,464,116
Balance at the end of the year	10,314,162	5,814,162
Cobo investments [Member]
Schedule of Investment [Line Items]
Balance at beginning of the year	5,814,162	2,350,046
Addition	2,500,000	3,464,116
Balance at the end of the year	8,314,162	5,814,162
D11 labs investments [Member]
Schedule of Investment [Line Items]
Balance at beginning of the year
Addition	2,000,000
Balance at the end of the year	$ 2,000,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Intangible Assets and Goodwill [Abstract]

Intangible Assets

12 Months Ended

Dec. 31, 2025

Intangible assets

15. Intangible assets

Intangible assets, net

Intangible assets, net, consists of the following:

(in USD)	December 31, 2024		December 31, 2025
Software license		—		311,101
Subtotal		—		311,101
Less: Accumulated amortization		—		(51,851	)
Intangible assets, net		—		259,250

Reorganization - Schedule of Company’s Major Subsidiaries (Details)

12 Months Ended

Dec. 31, 2025

Antalpha Platform Technologies Limited [Member]

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 18, 2023

British Virgin Islands

Antalpha Technologies Pte. Ltd. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Feb. 08, 2021

Singapore

Antalpha Digital Pte. Ltd. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Sep. 28, 2021

Singapore

Antalpha Prime (HK) Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Aug. 06, 2023

Hong Kong

Antalpha Capital (HK) Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jul. 20, 2023

Hong Kong

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

100.00%

Aurelion Inc. [Member]

Oct. 25, 2018

^[1]

Cayman Islands

^[1]

Schedule of Company’s Major Subsidiaries

32.00%

^[1]

[1]

Segment Information - Schedule of Other Segment Items (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Other Segment [Line Items]
Depreciation and amortization	$ 1,000,937	$ 830,207	$ 517,074
Share-based compensation	4,766,783	$ 129,446
AA [Member]
Schedule of Other Segment [Line Items]
Depreciation and amortization	1,000,937
Share-based compensation	4,686,538
AURE [Member]
Schedule of Other Segment [Line Items]
Depreciation and amortization
Share-based compensation	$ 80,245

Reorganization (Tables)

12 Months Ended

Dec. 31, 2025

Reorganization [Abstract]

As of December 31, 2025, the Company’s major subsidiaries are as follows:

Subsidiary Name	Formation Date	Domicile Registered	Ownership
Antalpha Platform Technologies Limited	January 18, 2023	British Virgin Islands		100	%
Antalpha Technologies Pte. Ltd.	February 8, 2021	Singapore		100	%
Antalpha Digital Pte. Ltd.	September 28, 2021	Singapore		100	%
Antalpha Prime (HK) Limited	August 6, 2023	Hong Kong		100	%
Antalpha Capital (HK) Limited	July 20, 2023	Hong Kong		100	%
Aurelion Inc.*	October 25, 2018	Cayman Islands		32	%

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,434,334	$ 4,393,471	$ (6,585,440)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Goodwill from Business Combination [Abstract]

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 7,971,109	$ 4,091,740
Technology financing fee receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	4,172,463	2,946,693
Technology platform fee receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 3,798,646	$ 1,145,047

Reorganization (Details)	Oct. 10, 2025
Aurelion Entities [Member]
Reorganization (Details) [Line Items]
Percentage of equity interest	32.00%

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party - Schedule of Combined and Consolidated Balance Sheets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Combined and Consolidated Balance Sheets [Abstract]
Short-term collateral payables	$ 413,279,728	$ 493,043,352
Long-term collateral payables, current	15,795,812	200,809,401
Total collateral payables, current	429,075,540	693,852,753
Long-term collateral payables to customers, non-current	69,021,582	88,943,818
Long-term collateral payable to related party, non-current	659,615,535
Total collateral payables	$ 1,157,712,657	$ 782,796,571

Goodwill from Business Combination

12 Months Ended

Dec. 31, 2025

Goodwill from business combination

4. Goodwill from business combination

On October 10, 2025, the Company acquired 32% of the equity interests in Aurelion Inc. (formerly known as “Prestige Wealth Inc.”) (NASDAQ: AURE), for total consideration of approximately $43 million, comprised entirely of USDT. Through the acquisition of Class B ordinary shares which carry super-voting rights (1:20), the Company obtained approximately 69% of the total voting power, thereby gaining control over Aurelion Inc. Subsequently, in November 2025, the voting ratio of the Class B ordinary shares was increased from 1:20 to 1:50 pursuant to a shareholders' resolution. At the time of acquisition, Aurelion Inc. was a company providing wealth management and asset management services to high net worth and ultra-high net worth individuals and enterprises.

Following the acquisition, Aurelion implemented a XAUt treasury strategy, pursuant to which XAUt serves as Aurelion’s primary treasury reserve asset. The acquisition aligns with the Company’s strategic objective of strengthening its balance sheet through tokenized real-world assets that provide a hedge against inflation, fiat currency devaluation and crypto volatility.

The acquisition was accounted for as an acquisition of a business using the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date. Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The goodwill of US$21,652,968 arising from the acquisition is attributable primarily to the expected synergies from combining the Company’s existing relationship with Tether Gold (XAUt) and its digital asset financing capabilities with Aurelion’s wealth and asset management platform. Aurelion Inc. have been consolidated into the Company’s financial statements from the acquisition date. The goodwill was assigned to the AURE reportable segment.

As of December 31, 2025, the Company had US$21.6 millions of goodwill attributable to the completed acquisitions during the year ended December 31, 2025. The Company did not recognize any impairments of its goodwill during the year ended December 31, 2025.

The following table presents the allocation of the purchase consideration:

(in USD)
Cash and cash equivalents	5,024
USDT	84,020,800
Prepaid expenses and other assets, net	17,286,000
Amounts due to related parties	(1,664	)
Other payables and accrued liabilities	(3,336,587	)
Total identifiable assets and liabilities acquired	97,973,573
Less: Non-controlling interest	76,599,451
Goodwill	21,652,968
Total purchase consideration	43,027,090

The fair value of cash and cash equivalents, USDT, prepaid expenses and other current assets, net, amounts due to related parties, and other payables and accrued liabilities was determined to be their respective carrying values due to the short-term nature of the assets and liabilities.

The operating results of Aurelion Inc. have been included in the Company’s consolidated statements of operations since the acquisition date. The following table presents Aurelion’s contribution to the Company’s revenue and net income since acquisition:

(in USD)	Acquisition date through December 31, 2025
Revenue		—
Net income		8,709,542
Less: Net income attributable to non-controlling interests		5,944,262
Net income attributable to the Company		2,765,280

The following unaudited pro forma financial information summarizes the combined results of operations for Aurelion Inc., as if the company were combined as of January 1, 2024. The unaudited pro forma information does not reflect the effect of costs or synergies that may result from the acquisition. This unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of future operating results of the combined company. This information should not be used as a predictive measure of the Company’s future financial position, results of operations, or liquidity.

(in USD)	Year ended December 31, 2024			Year ended December 31, 2025
Revenue		47,965,630			81,464,308
Net (loss)/income		(2,696,076	)		2,212,484
Less: Net (loss) attributable to non-controlling interests		(4,838,616	)		(9,222,150	)
Net income attributable to the Company		2,142,540			11,434,634

Combined and Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Adjustments to reconcile net (loss)/income to net cash used in operating activities

$ 24,434,334

$ 4,393,471

$ (6,585,440)

Depreciation of property and equipment

143,794

29,513

14,655

Amortization of right-of use assets

805,292

800,694

502,419

Amortization of intangible assets

51,851

Write off of plant and equipment

4,356

Bad debt written off - other receivable

69,904

Allowance for expected credit losses

324,858

Deferred income taxes

795,923

463,989

(1,318,123)

Unrealized loss/(gain) on foreign exchange

4,766,783

129,446

(51,836)

111,707

412,592

Fair value loss/(gain) on crypto assets and liabilities

(6,029,314)

767

831

Fair value gain on crypto assets

(10,399,549)

Crypto assets received as revenue - USDC

(48,207,213)

(46,808,313)

(7,502,042)

(979,135)

Crypto assets paid as costs and expenses

33,179,554

22,633,785

6,485,191

(6,534,111)

Changes in operating assets and liabilities

167,749

Amount due from related parties

(3,879,369)

(834,671)

(3,770,953)

(4,314,715)

(1,175,587)

(594,456)

Prepaid expenses and other current assets

232,634

(1,710,957)

60,742

Accrued expenses and other current liabilities

1,466,321

5,290,567

1,014,686

Amount due to related parties

740,559

6,733,296

439,377

Conversion of proprietary crypto assets to fiat currency - USDC

925,170

Conversion of proprietary crypto assets to fiat currency

9,263,314

Operating lease obligations

(815,264)

(1,751,765)

(1,399,474)

Net cash used in operating activities

(3,838,110)

(11,694,058)

(12,239,995)

Cash flows from investing activities

(11,200)

(77,711,373)

(34,932,998)

Acquisition of fixed assets

846,597

1,700,000

(380,113)

(160,066)

(61,522)

Acquisition of intangible assets

(311,101)

Acquisition of long term investment

(7,000,000)

Net cash used in investing activities

(6,855,817)

(76,171,439)

(34,994,520)

Cash flows from financing activities

Issuance of common shares to shareholders

4,428

19,250

77,711,373

34,932,998

Deemed capital contribution

(54,371,290)

(18,700,000)

5,191,683

12,511,909

Funding from Parent Group upon completion of 2024 Reorganization

30,000,000

Net proceeds from initial public offering (“IPO”)

53,248,032

Payments for deferred offering costs

(850,000)

Purchase of treasury shares

(32,696)

Proceeds from exercise of share options

154

Net proceeds from private placement

13,781,345

Net cash provided by financing activities

12,629,973

93,353,056

47,464,157

Effect of exchange rate changes on cash and cash equivalents

(12,531)

Net increase in cash and cash equivalents

1,923,515

5,487,559

229,642

Cash and cash equivalents, beginning of period

5,926,655

439,096

209,454

Cash and cash equivalents, end of period

7,850,170

5,926,655

439,096

Supplemental information

Cash paid for income tax

6,088

287

Supplemental schedule of non-cash investing and financing activities

Crypto assets received as revenue - USDC

^[1]

48,207,213

46,808,313

7,502,042

979,135

Crypto assets paid as costs and expenses

^[1]

(33,179,554)

(22,633,785)

(6,485,191)

^[1]

6,534,111

Deposit/(withdrawal) of custodial crypto assets, net

^[1]

(167,749)

^[1]

(1,916,041)

(373,732)

646,333

^[1]

(278,419,042)

Loans provided to customers – USDC

^[1]

(887,879,223)

(614,343,955)

(309,818,893)

(9,600,748)

Loans repaid by customers – USDC

^[1]

593,182,363

605,472,804

17,844,313

428,486

Collateral received from related party

^[1]

279,888,518

^[1]

1,901,052,016

1,176,240,978

414,952,584

^[1]

(1,806,024,448)

(762,374,581)

(51,283,183)

^[1]

(4,993,550)

(2,999,700)

Loans borrowed from related party – USDC

^[1]

1,183,144,951

579,960,843

309,818,893

9,600,748

Loans repaid to related party – USDC

^[1]

(508,068,759)

(575,345,884)

(17,844,313)

(428,486)

^[1]

(2,103,891,348)

(1,197,477,498)

(414,952,584)

Margin loan payment collected from related party

^[1]

1,685,386,710

829,400,586

51,283,183

^[1],[2]

536,399,831

335,362,834

Margin loan payment remitted to customer

^[1],[2]

(521,201,516)

(326,916,796)

Margin loan repayment collected from customer

^[1],[2]

463,850,261

117,964,950

Margin loan repayment returned to related party

^[1],[2]

(485,637,648)

(120,792,421)

Margin loan collateral collected from customer

^[1],[2]

583,998,731

132,084,182

Margin loan collateral remitted to related party

^[1],[2]

(568,972,170)

(132,084,182)

Margin loan collateral collected from related party

^[1],[2]

1,011,354,658

485,010,701

Margin loan collateral returned to customer

^[1],[2]

(1,026,502,114)

(485,010,701)

Margin loan interest collected from customer

^[1],[2]

58,015,708

15,641,145

Margin loan interest collected from customer - USDC

^[2]

1,620

Margin loan interest remitted to related party

^[1],[2]

(58,015,708)

(15,641,145)

Margin loan interest remitted to related party - USDC

^[2]

(1,620)

Fund inflows between customers and related party through shared accounts

^[1],[3]

34,537,507

2,744,963

Fund outflows between customers and related party through shared accounts

^[1],[3]

(37,282,470)

^[1],[4]

4,510,437

55,539

5,515,524

Deemed capital contribution - USDC

^[1],[4]

(1,746,444)

(2,990,552)

(3,162,870)

(100,025)

1,025,195

Conversion of proprietary crypto assets to fiat currency - USDC

(925,170)

Conversion of proprietary crypto assets to fiat currency

^[1]

(9,263,314)

USDT payment to related party for Purchasing XAUt

^[1],[5]

(104,073,507)

XAUt received from related party

^[1],[5]

114,803,981

Collateral pledged to related party - XAUt

^[1]

(92,289,229)

^[1],[6]

$ 41,031,667

[1]	These transactions were conducted in crypto assets.
[2]	Subsequent to the Reorganization, the Company established a dedicated clearing account, with strengthened detection capabilities, to facilitate the margin loan transactions where the Company serves the role of an agent. These transactions related to margin loans reflect the collection and remittance of funds to the customer and related party at inception and repayment of the loan. This arrangement was discontinued effective October 2025.
[3]	Prior to the Reorganization, the Company and related party shared the use of certain accounts. As a result, certain fund flows between related parties and customers, which were unrelated to the Company’s business activities, were routed through the Company’s shared accounts. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and margin loan interest receipts and remittances.
[4]	Prior to the Reorganization, during the initial setup of the Antalpha Prime platform, the Company received temporary crypto fund support from related party, which was subsequently settled in the ordinary course of operations. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and Margin loan interest receipts and remittances.
[5]	In connection with the Company’s announced strategy to diversify its digital asset treasury through stable and gold-backed instruments, the Company used 104 million of USDT to purchase XAUt. The acquired XAUt was subsequently pledged as collateral to the funding partner in exchange for funding.
[6]	Gross proceeds from the AURE PIPE financing, which were received in the form of USDT,

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Intangible Assets, Net [Line Items]
Intangible assets, gross	$ 311,101
Less: Accumulated amortization	(51,851)
Intangible assets, net	259,250
Software license [Member]
Schedule of Intangible Assets, Net [Line Items]
Intangible assets, gross	$ 311,101

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Balance (in Shares) at Dec. 31, 2022

Combined and Consolidated Statements of Changes in Shareholders’ Equity - USD ($)

Ordinary shares

Treasury shares

Accumulated (loss)/income

Additional paid-in capital

Accumulated other comprehensive income

Non controlling interests

Total

Balance at Dec. 31, 2022

^[1]

$ 19,250

$ 557,899

$ 577,149

^[1]

19,250,000

Balance (in Shares) at Dec. 31, 2022

Equity contribution from the Parent Group

18,719,072

Net income (loss)

(6,585,440)

Balance at Dec. 31, 2023

^[1]

$ 19,250

(6,585,440)

19,276,971

12,710,781

Balance (in Shares) at Dec. 31, 2023

^[1]

19,250,000

Equity contribution from the Parent Group

29,150,546

Balance (in Shares) at Dec. 31, 2024

129,446

Net income (loss)

4,393,471

Balance at Dec. 31, 2024

$ 19,250

(2,191,969)

48,556,963

46,384,244

19,250,000

Issuance of ordinary shares

$ 4,428

50,100,890

50,105,318

Issuance of ordinary shares (in Shares)

4,427,500

Acquisition of subsidiary

76,599,451

Exercise of share-based compensation

4,712,016

54,767

4,766,783

$ 306

1,944

2,250

Exercise of share-based compensation (in Shares)

306,247

Purchase of treasury share

$ (32,696)

(32,696)

Purchase of treasury share (in Shares)

(3,490)

Purchase of treasury share (in Shares)

3,490

Net income (loss)

18,490,072

5,944,262

24,434,334

Other comprehensive income

19,038

40,926

59,964

Balance at Dec. 31, 2025

$ 23,984

$ (32,696)

$ 16,298,103

$ 103,371,813

$ 19,038

$ 82,639,406

$ 202,319,648

Balance (in Shares) at Dec. 31, 2025

23,980,257

Balance (in Shares) at Dec. 31, 2025

3,490

[1]	Giving retroactive effect to the reverse stock split effected on April 18, 2025 (Note 19).

XAUt (Details)	12 Months Ended
XAUt (Details)	Dec. 31, 2025 USD ($)
XAUt [Abstract]
Recognized a fair value gain	$ 5,214,267

Combined and Consolidated Balance Sheets - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 7,850,170

$ 5,926,655

USDC

979,135

925,170

Crypto assets held

11,640,525

60,027,818

XAUt

72,476,837

Loan receivables, net, current

7,971,109

4,091,740

330,641,034

300,701,527

Prepaid expenses and other current assets

6,626,198

4,265,800

Crypto assets collateral receivable from related party, current

429,876,959

665,966,988

Total current assets

874,193,106

1,044,029,631

Non-current assets:

Deferred tax assets

422,922

1,218,845

Deferred offering costs

480,572

1,737,650

Loan receivables due from related party, net, non-current

556,920,339

Loan receivables, net, non-current

113,262,652

128,166,851

Crypto assets collateral receivable from related party, non-current

826,968,973

71,040,098

Property and equipment, net

437,723

199,123

Right-of-use assets—operating leases

2,039,833

2,435,869

Goodwill

21,652,968

Intangible assets

259,250

Investments

10,314,162

5,814,162

Total non-current assets

1,532,759,394

210,612,598

Total assets

2,406,952,500

1,254,642,229

Current liabilities:

Operating lease liabilities, current

668,014

1,527,293

Accrued expenses and other current liabilities

10,995,616

7,547,275

Crypto assets collateral payable to customers, current

429,075,540

693,852,753

Total current liabilities

753,650,784

990,193,495

Non-current liabilities:

Crypto assets collateral payable to related party, non-current

659,615,535

Crypto assets collateral payable to customers, non-current

69,021,582

88,943,818

Operating lease liabilities, non-current

1,562,871

953,821

Total non-current liabilities

1,450,982,068

218,064,490

Total liabilities

2,204,632,852

1,208,257,985

Commitments and contingencies

Shareholders’ equity

As of December 31, 2024: 50,000,000 ordinary shares authorized at US$0.001 par value; 19,250,000 ordinary shares issued and outstanding. As of December 31, 2025: 59,375,000 Class A Ordinary Shares and 3,125,000 Class B Ordinary Shares authorized, each at US$0.001 par value; 23,980,257 Class A Ordinary Shares issued and outstanding and no Class B Ordinary Shares issued and outstanding

23,984

19,250

Treasury share

(32,696)

Accumulated (losses)/income

16,298,103

(2,191,969)

Additional paid-in capital

103,371,813

48,556,963

Accumulated other comprehensive income

19,038

Total shareholders’ equity

^[1]

119,680,242

46,384,244

Non-controlling interests

82,639,406

Total liabilities and shareholders’ equity

2,406,952,500

1,254,642,229

Related Party

Current assets:

6,131,139

2,123,933

Current liabilities:

Loan payables due to related party, current

5,376,563

7,820,838

307,535,051

279,445,336

Non-current liabilities:

Loan payables due to related party, non-current

$ 720,782,080

$ 128,166,851

[1]	Giving retroactive effect to the reverse stock split effected on April 18, 2025 (Note 19).

Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitment and Contingencies [Abstract]

Commitment and contingencies

21. Commitment and contingencies

As of December 31, 2025, the Company had no material commitments or contingencies.

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Shareholders’ equity [Abstract]

Shareholders’ equity

19. Shareholders’ equity

Ordinary shares

Upon incorporation, the Company had 50,000 ordinary shares authorized, issued and outstanding with a par value of US$1.00 per ordinary share, which was held by the Parent Group.

On September 25, 2024, the Company subdivided each of the authorized and/or issued ordinary share into 2,000 ordinary shares with a par value of US$0.0005. After the share subdivision, the Company had 100,000,000 ordinary shares authorized and issued. The Parent Group irrecoverably surrendered 99,950,000 ordinary shares for nil consideration, such that the Company had 50,000 ordinary shares issued and outstanding.

On November 1, 2024, the Company subdivided each of the authorized and/or issued ordinary share into 2 ordinary shares with a par value of US$ 0.00025. After the share subdivision, the Company had 200,000,000 ordinary shares authorized, with 100,000 ordinary shares issued and outstanding. On the same day, the Company further issued 76,900,000 ordinary shares with a par value of US$0.00025 at nominal consideration.

In November 2024, the Company completed the 2024 Reorganization (Note 2), resulting in 77,000,000 ordinary shares issued and outstanding.

On April 18, 2025, the Company effected a 4-to-1 reverse stock split. After the reverse stock split, the Company had 50,000,000 ordinary shares authorized, with a par value of US$0.001 per share. The issued and outstanding shares decreased to 19,250,000.

On May 14, 2025, the Company completed its initial public offering on the Nasdaq Stock Market, pursuant to which 4,427,500 Class A ordinary shares were issued at a price of US$12.80 per share, raising net proceeds of approximately US$50.0 million after deducting underwriting discounts, commissions and other offering expenses.

On July 21, 2025, the Company re-designated its share capital into two classes of ordinary shares. The authorized share capital of the Company became US$62,500 divided into 62,500,000 shares comprising (i) 59,375,000 Class A Ordinary Shares with a par value of US$0.001 each, and (ii) 3,125,000 Class B Ordinary Shares with a par value of US$0.001 each. Each Class A Ordinary Share is entitled to one vote and is not convertible into Class B Ordinary Shares under any circumstances. Each Class B Ordinary Share is entitled to twenty (20) votes, subject to certain conditions, and is convertible into one Class A Ordinary Share at any time at the option of the holder.

As of December 31, 2025, no Class B Ordinary Shares have been issued. All issued and outstanding ordinary shares are Class A Ordinary Shares, which are accounted for as equity. The above transactions are considered stock split in nature, which are presented on a retroactive basis for the periods presented.

Dividend rights

Ordinary shares are treated equally, identically and ratably, on a per share basis, with respect to dividends that may be declared by the Board.

Voting rights

Holders of ordinary shares are entitled to one vote per share.

Right to receive liquidation distributions

Upon a liquidation, dissolution or winding-up of the Company, the assets legally available for distribution to shareholders would be distributed ratably among the holders of ordinary shares, subject to prior satisfaction of all outstanding debt and liabilities.

Equity Contribution from the Parent Group

For the years ended December 31, 2023, and 2024, the Parent Group made net equity contributions of US$18.7 million and US$29.2 million, respectively, to support the Company’s operations and business expansion. These contributions were recorded in NPI.

In September 2024, the Parent Group provided US$30.0 million capital contribution to further enhance the Company’s working capital.

Additionally, the Company and the Parent Group waived all net outstanding amounts due to and due from the Company, which resulted in a total net settlement of US$48.4 million as of the reorganization date.

As part of the reorganization, historical NPI was reclassified into APIC to align with the revised financial statement presentation.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid expenses and other current assets

11. Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:

(in USD)	December 31, 2024		December 31, 2025
Prepaid wallet service fee ⁽ⁱ⁾		764,717		2,137,204
Wallet service usage fee receivables ⁽ⁱⁱ⁾		781,291		376,520
Prepaid IT related expenses		341,045		359,482
Office sub-lease receivables ⁽ⁱⁱⁱ⁾		1,445,941		2,678,923
Office rent deposit		659,195		674,878
Insurance expenses		7,904		248,647
Other		265,707		150,544
Total prepaid expense and other current assets		4,265,800		6,626,198

(i)

Prepaid wallet service fee represent credits for technical services provided by Cobo. The measurement of prepaid service credit is disclosed in Note 16.

(ii)

The balances represent receivables arising from wallet service fee reimbursement from third parties (Note 6).

(iii)

The balances represent receivables arising from office sub-lease expense reimbursement from third parties.

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Compensation [Abstract]

20. Share-based compensation

Share Option Plan

In November 2024, the Company adopted a share incentive plan, or the 2024 Share Incentive Plan, which was amended and restated in July 2025, or the Amended and Restated 2024 Share Incentive Plan. The purpose of the plan is to secure and retain the services of valuable employees, directors or consultants and provide incentives for such persons to exert their best efforts for the success of the Company. Under the Amended and Restated 2024 Incentive Plan, the Company is authorized to issue an aggregate of 23,000,000 (5,750,000 after Reverse Stock Split) ordinary shares. During the year ended December 31, 2025, the Company granted 1,925,475 options under the Amended and Restated 2024 Incentive Plan, 1,500,000 options of which were granted to certain directors and officers of the Company.

The following summarize the terms of the Amended and Restated 2024 Incentive Plan.

Types of Awards: The Amended and Restated 2024 Share Incentive Plan permits the awards of options, restricted shares, restricted share units and others approved by the administrator.

Plan Administration: The chief executive officer of the Company or a committee approved and appointed by our board of directors will administer the Amended and Restated 2024 Share Incentive Plan. The plan administrator will determine, among others, the participants to receive awards, the number of share to be covered by each award, the form of award agreements, and the terms and conditions of each award.

Eligibility: The Company may grant awards to its employees, consultants and directors.

Award Agreement: Awards granted under the Amended and Restated 2024 Share Incentive Plan are evidenced by an options award agreement, restricted shares award agreement or restricted share units award agreement, as applicable, that sets forth the terms, conditions and limitations for each award, which may include the term of the award, the provisions applicable in the event that the awardee’s employment or service terminates, and authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.

Vesting Schedule: In general, the plan administrator determines the vesting schedule, which is set forth in the award agreement.

Service-based options generally vest over four years, whereby 25% of the options vest on the first anniversary of the grant date, and the remaining 75% vest on a straight-line basis over the remaining 36 months. Certain awards vest on a monthly straight-line basis over a one-year service period.

Performance-based options vest when the shares of the Company have been listed and traded on a stock exchange, or reach other liquidity event. Market-based awards vest when the market conditions are ultimately met, provided that the requisite service period is completed.

Exercise of Awards. The plan administrator determines the exercise or purchase price, as applicable, the payment methods and the time or times of exercise, for each award, which are stated in the relevant award agreement. However, the maximum exercisable term is ten years from the date of grant.

Transfer Restrictions. Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided in the Amended and Restated 2024 Share Incentive Plan, applicable law or the relevant award agreement.

Exercise Price. The exercise price for both service-based awards option and performance-based awards option is US$0.01 (US$0.04 after Reverse Stock Split) per share. The exercise price for market-based award options is US$0.01 per share.

Expiration Date. The service-based award options will expire on the fifth (5th) anniversary of the grant date, the performance-based award options will expire on the third (3rd) anniversary of the grant date, and the market-based award options will expire on the sixth (6th) anniversary of the grant date.

The fair values of service-based and performance-based awards are estimated on the date of grant using the Binomial option pricing model, and the fair values of market-based awards are estimated using the Monte Carlo simulation model, based on the assumptions noted in the table below.

The following assumptions were used for service-based and performance-based options granted during the years ended December 31, 2024 and 2025:

	Year ended December 31, 2024			Year ended December 31, 2025
Risk-free interest rate		4.1	%		4.3	%
Illiquidity Discount		30	%		20	%
Expected stock price volatility		89	%		89	%
Dividend yield		0	%		0	%
Expected terms
Service-based awards		5 years			5 years
Performance-based awards		3 years			3 years
Expected exercise price per share, in USD		0.04			0.01
Maximum exercise multiple		2.8			2.2

The following assumptions were used for market-based options granted during the year ended December 31, 2025:

	Year ended December 31, 2025
Risk-free interest rate		4.0	%
Expected stock price volatility		67	%
Dividend yield		0	%
Expected terms		6 years
Expected exercise price per share, in USD		0.01
Maximum exercise multiple		2.8

The summary of the activity of share options during the years ended December 31, 2024 and 2025 is as follows giving retroactive effect to the Reverse Stock Split:

Share Options	Number of Options			Weighted Average Exercise Price per share		Weighted- Average Remaining Contractual Term		Weighted- average grant-date fair value		Aggregate Intrinsic Value
				(USD)		(Years)		(USD)		(USD)
Service-based Share Options
Outstanding at January 1, 2024		—			—		—		—		—
Granted		1,963,750			0.04		—		3.72		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2024		1,963,750			0.04		4.91		3.72		7,236,812
Granted		412,975			0.04		—		10.00		—
Exercised		(38,747	)		—		—		5.08		—
Forfeited		(103,750	)		—		—		7.21		—
Outstanding at December 31, 2025		2,234,228			0.04		4.00		4.70		19,772,918
Performance-based Share Options
Outstanding at January 1, 2024		—			—		—		—		—
Granted		582,000			0.04		—		3.72		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2024		582,000			0.04		2.91		3.72		2,142,924
Granted		12,500			0.04		—		4.26		—
Exercised		(267,500	)		—		—		—		—
Forfeited		(1,625	)		—		—		—		—
Outstanding at December 31, 2025		325,375			0.04		1.92		3.72		2,879,569
Market-based Share Options
Outstanding at January 1, 2025		—			—		—		—		—
Granted		1,500,000			0.01		—		7.25		—
Exercised		—			—		—		—		—
Forfeited		—			—		—		—		—
Outstanding at December 31, 2025		1,500,000			0.01		—		7.25		13,320,000

For the year ended December 31, 2024 and 2025, the Company recorded share-based compensation expense of US$129,446 and US$4,766,783, of which US$65,537 and US$1,384,956 was attributable to key management personnel.

The share-based compensation expense is classified as follows in the combined and consolidated statements of operations:

	Year ended December 31,		Year ended December 31,		Year ended December 31,
(in USD)	2023		2024		2025
Technology and development		—		1,610		159,832
Sales and marketing		—		15,663		192,280
General and administrative		—		112,173		4,414,671
Total share-based compensation expenses		—		129,446		4,766,783

Lease Liabilities - Schedule of Future Operating Lease Payments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Future Operating Lease Payments [Abstract]
2026	$ 778,521
2027	731,371
2028	375,021
2029	375,021
2030	240,247
Total future lease payments	2,500,181
Less: Imputed interest	(269,296)
Present value of operating lease liabilities	2,230,885
Less: Lease liabilities, current	668,014	$ 1,527,293
Lease liabilities, non-current	$ 1,562,871	$ 953,821

Combined and Consolidated Statements of Operations and Comprehensive Income - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

Funding cost - related party

$ 79,678,739

$ 47,454,993

$ 11,272,995

Operating expenses

40,587,080

24,617,365

6,302,251

6,320,852

4,921,861

3,140,134

7,995,775

4,258,497

2,650,206

Fair value gain on crypto assets

18,861,273

9,093,066

6,295,924

^[1]

(5,214,267)

Fair value gain on crypto assets - related party

^[1]

(5,185,282)

Other cost

^[2]

1,297,753

1,383,123

506,827

Total operating expenses

64,663,184

44,273,912

18,895,342

Operating (loss)/income

15,015,555

3,181,081

(7,622,347)

Other (loss)/income, net

5,725,873

1,780,127

(280,335)

Fair value (loss) on crypto assets held, net

(23,651)

(745,128)

(7,998)

Fair value gain on crypto receivables/payables, net

5,376,846

Fair value changes on crypto assets receivables/payables,net - related party

676,119

744,361

7,167

(Loss)/Income before income tax

26,770,742

4,960,441

(7,903,513)

2,336,408

566,970

(1,318,073)

Foreign currency translation adjustment

24,434,334

4,393,471

(6,585,440)

59,964

Comprehensive (loss)/income

24,494,298

4,393,471

(6,585,440)

Net income attributable to non-controlling interests

5,944,262

Net (loss)/income attributable to Antalpha

18,490,072

4,393,471

(6,585,440)

Total comprehensive income attributable to non-controlling interests

5,985,188

Total comprehensive (loss)/income attributable to Antalpha

$ 18,509,110

$ 4,393,471

$ (6,585,440)

Weighted average number of ordinary shares

Basic (in Shares)

^[3]

22,064,149

19,250,000

Diluted (in Shares)

^[3]

24,775,258

19,425,638

19,250,000

(Loss)/Earnings per share

Basic (in Dollars per share)

^[3]

$ 0.84

$ 0.23

$ (0.34)

Diluted (in Dollars per share)

^[3]

$ 0.75

$ 0.23

$ (0.34)

Technology financing fee

Revenue

Technology financing fee - related party

$ 43,061,236

$ 38,691,334

$ 10,358,936

Revenue

14,059,776

Technology platform fee

Revenue

19,045,332

8,763,659

914,059

Others

Revenue

$ 3,512,395

[1]	Reflects unrealized fair value gains on XAUt and XAUt collateral receivables due from related party, which are managed under Aurelion Inc’s (“AURE”) core treasury strategy (Note 4).
[2]	Primarily consists of crypto asset custodial and wallet service fees (Cobo).
[3]	Giving retroactive effect to the reverse stock split effected on April 18, 2025 (Note 19).

Loan Receivables and Crypto Asset Collateral Payable to Customers and Related Party - Schedule of Loan Receivables (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Loan Receivables [Abstract]
Loan receivables, current	$ 330,890,254	$ 300,701,527
Less: Allowance of expected credit losses	(249,220)
Loan receivables, current, net	330,641,034	300,701,527
Loan receivables, non-current	113,337,737	128,166,851
Less: Allowance of expected credit losses	(75,085)
Loan receivables, non-current, net	113,262,652	128,166,851
Total loan receivables due from customers, net	443,903,686	428,868,378
Loan receivables due from related party, non-current	556,920,892
Less: Allowance of expected credit losses	(553)
Total loan receivables due from related party, net	556,920,339
Total loan receivables, net	$ 1,000,824,025	$ 428,868,378

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party - Schedule of Loan Payables (Details) - Related Party [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Short-Term Debt [Line Items]
Short-term loan payables	$ 262,266,751	$ 175,972,800
Long-term loan payables, current portion	45,268,300	103,472,536
Total loan payables, current	307,535,051	279,445,336
Long-term loan payables, non-current portion	680,191,285	128,166,851
Term loan payables	40,590,795
Total loan payables, non current	720,782,080	128,166,851
Total loan payables	$ 1,028,317,131	$ 407,612,187

Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Event [Abstract]

Subsequent Event

26. Subsequent event

The Company has considered all events from December 31, 2025 through April 14, 2026, which is the date that these combined and consolidated financial statements are available to be issued. Other than described below, there are no material subsequent events that require disclosure in these combined and consolidated financial statements.

Subsequent to December 31, 2025, Cango repaid a substantial portion of its outstanding loan receivables. As of April 14, 2026, the loan receivables balance due from Cango decreased from $556.9 million as of December 31, 2025 to $27.2 million, representing a repayment of approximately $529.7 million.

Crypto Assets Held - Schedule of the Following Table Summarizes Crypto Assets Activities (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 5,759,855

$ 11,640,525

60,027,818

^[1]

48,207,213

46,808,313

$ 7,502,042

^[1]

(33,179,554)

(22,633,785)

(6,485,191)

^[1]

6,534,111

^[1]

(167,749)

1,133,182,866

579,960,843

(508,068,759)

(575,345,884)

^[1]

(278,419,042)

(887,879,223)

(614,343,955)

Collateral received from related party

593,182,363

605,472,804

^[1]

279,888,518

1,901,052,016

1,176,240,978

(1,806,024,448)

(762,374,581)

(2,103,891,348)

(1,197,477,498)

1,685,386,710

829,400,586

^[1]

(4,993,550)

(2,999,700)

Deposit (withdrawal)/deposit of custodial crypto assets, net

(5,266,264)

(1,916,041)

(373,732)

^[1],[2]

536,399,831

335,362,834

^[1],[2]

(521,201,516)

(326,916,796)

^[1],[2]

463,850,261

117,964,950

^[1],[2]

(485,637,648)

(120,792,421)

^[1],[2]

583,998,731

132,084,182

^[1],[2]

(568,972,170)

(132,084,182)

^[1],[2]

1,011,354,658

485,010,701

^[1],[2]

(1,026,502,114)

(485,010,701)

^[1],[2]

58,015,708

15,641,145

Fund inflows between customers and related party through shared accounts

^[1],[2]

(58,015,708)

(15,641,145)

^[1],[3]

34,537,507

2,744,963

Fund outflows between customers and related party through shared accounts

^[1],[3]

(37,282,470)

^[1],[4]

4,510,437

55,539

5,515,524

Conversion of proprietary crypto assets to fiat currency

^[1],[4]

(1,746,444)

(2,990,552)

(3,162,870)

(9,263,314)

^[1],[5]

(104,073,507)

^[1],[6]

41,031,667

(23,798)

(744,903)

Bitcoin [Member]

1,176,690

256,946

45,718,280

(4,393)

1,457,397

(96,574)

Collateral received from related party

279,888,518

1,780,758,378

1,176,240,978

(1,688,071,446)

(762,374,581)

(2,103,891,348)

(1,197,477,498)

1,685,386,710

829,400,586

Deposit (withdrawal)/deposit of custodial crypto assets, net

(912,018)

(235,472)

568,972,170

132,084,182

(568,972,170)

(132,084,182)

1,011,354,658

477,374,745

(1,011,477,928)

(477,374,745)

Fund inflows between customers and related party through shared accounts

5,967,527

Fund outflows between customers and related party through shared accounts

(5,967,527)

140,457

1,156

Conversion of proprietary crypto assets to fiat currency

(257,687)

(94)

1,956

(751,499)

USDT [Member]

4,334,566

11,351,306

14,275,226

48,207,213

46,808,313

(33,179,554)

(22,618,470)

5,073,387

(56,429)

1,133,182,866

579,960,843

(508,068,759)

(575,345,884)

(278,419,042)

(887,879,223)

(614,343,955)

593,182,363

605,472,804

111,503,998

(109,163,405)

(4,993,550)

Deposit (withdrawal)/deposit of custodial crypto assets, net

(5,266,264)

(1,005,909)

(136,818)

536,399,831

335,362,834

(521,201,516)

(326,916,796)

463,850,261

117,964,950

(485,637,648)

(120,792,421)

15,026,561

7,635,956

(15,024,186)

(7,635,956)

58,015,708

15,641,145

Fund inflows between customers and related party through shared accounts

(58,015,708)

(15,641,145)

28,569,980

Fund outflows between customers and related party through shared accounts

(31,314,943)

4,343,097

54,383

Conversion of proprietary crypto assets to fiat currency

(1,737,302)

(2,522,203)

(9,262,898)

(104,073,507)

41,031,667

(15,786)

(2,143)

ETH & Others [Member]

248,599

32,273

34,312

(10,922)

3,327

(14,746)

8,789,640

(8,789,597)

Deposit (withdrawal)/deposit of custodial crypto assets, net

1,886

(1,442)

Fund inflows between customers and related party through shared accounts

Fund outflows between customers and related party through shared accounts

26,883

Conversion of proprietary crypto assets to fiat currency

(9,142)

(210,662)

(322)

Schedule of Related Party Transactions

$ (9,968)

$ 8,739

[1]	These transactions were conducted in crypto assets.
[2]	Subsequent to the Reorganization, the Company established a dedicated clearing account, with strengthened detection capabilities, to facilitate the margin loan transactions where the Company serves the role of an agent. These transactions related to margin loans reflect the collection and remittance of funds to the customer and related party at inception and repayment of the loan. This arrangement was discontinued effective October 2025.
[3]	Prior to the Reorganization, the Company and related party shared the use of certain accounts. As a result, certain fund flows between related parties and customers, which were unrelated to the Company’s business activities, were routed through the Company’s shared accounts. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and margin loan interest receipts and remittances.
[4]	Prior to the Reorganization, during the initial setup of the Antalpha Prime platform, the Company received temporary crypto fund support from related party, which was subsequently settled in the ordinary course of operations. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and Margin loan interest receipts and remittances.
[5]	In connection with the Company’s announced strategy to diversify its digital asset treasury through stable and gold-backed instruments, the Company used 104 million of USDT to purchase XAUt. The acquired XAUt was subsequently pledged as collateral to the funding partner in exchange for funding.
[6]	Gross proceeds from the AURE PIPE financing, which were received in the form of USDT,

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

The following sets forth the related parties and their relationships with the Company:

		December 31, 2024
Company Name	December 31, 2023	Relationship prior to the 2024 Reorganization	Relationship after the 2024 Reorganization	December 31, 2025
Northstar Digital Holding Limited and its affiliates (“Northstar”)	Related parties under common control	Related parties under common control	Significant influence over the Company despite no equity interest	Significant influence over the Company despite no equity interest

Bitmain Technologies Limited (“Bitmain”)	An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)	An entity controlled by the Company’s ultimate beneficiary owner (“UBO”)	No longer a related party	No longer a related party

Chanhua Pte. Ltd. (“Chanhua”)	An entity controlled by the Company’s UBO	An entity controlled by the Company’s UBO	No longer a related party	No longer a related party

Antpool Technologies Pte. Ltd. (“Antpool”)	An entity controlled by the Company’s UBO	An entity controlled by the Company’s UBO	No longer a related party	No longer a related party

Mr. Moore Jin Xin	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company	CEO, director and shareholder of the Company

Cango Inc. and its affiliates (“Cango”)	—	—	Related party due to significant influence*	Related party due to significant influence*

Related party transactions as follows:

		Year Ended December 31,			Year Ended December 31,			Year Ended December 31,
	Related party	2023			2024			2025
Revenue	Cango	—			—			14,059,776
Funding cost	Northstar		6,302,251			24,617,365			40,587,080
Monitoring service fee	Northstar		182,000			273,750			167,432
Labor-related expenses	Chanhua		7,459,219			—			—
Wallet service usage fee	Northstar, Bitmain and Antpool		67,609			604,304			3,026,631
Sub-leased office space expenses allocation	Bitmain, Antpool and Chanhua		923,408			—			—
General management fee	Northstar		—			90,078			34,741
Collateral received from related party	Cango		—			—			279,888,518
Loans provided to related party	Cango		—			—			(278,419,042	)
Loans borrowed from related party	Northstar		354,352,639			657,672,216			1,183,144,951
Loans repaid to related party	Northstar		(18,272,799	)		(594,045,884	)		(562,440,049	)
Collateral pledged to related party	Northstar		(414,952,584	)		(1,197,477,498	)		(2,103,891,348	)
Collateral returned from related party	Northstar		51,283,183			829,400,586			1,685,386,710
Crypto assets paid as costs and expenses	Northstar		6,485,191			22,633,785			33,179,554
Deposit/(withdrawal) of custodial crypto assets, net	Northstar		646,333			(373,732	)		(1,916,061	)
Margin loan payment collected from related party	Northstar		—			335,362,834			536,399,831
Margin loan repayment returned to related party	Northstar		—			(120,792,421	)		(485,637,648	)
Margin loan collateral remitted to related party	Northstar		—			(132,084,182	)		(568,972,170	)
Margin loan collateral collected from related party	Northstar		—			485,010,701			1,011,354,658
Margin loan interest remitted to related party	Northstar		—			(15,641,145	)		(58,017,328	)
Fund inflows between customers and related party through shared accounts	Northstar		2,744,963			34,537,507			—
Fund outflows between customers and related party through shared accounts	Northstar		—			(37,282,470	)		—
Proceeds of amount due to related party	Northstar		5,515,524			55,539			4,510,437
Prepayment of amount due to related party	Northstar		(3,162,870	)		(2,990,552	)		(1,746,444	)
USDT payment to related party for Purchasing XAUT	Northstar		—			—			(104,073,507	)
XAUT received from related party	Northstar		—			—			114,803,981
Collateral pledged to related party - XAUT	Northstar		—			—			(92,289,229	)

Schedule of Assets and Liabilities Due from and Due to Related Parties

As of December 31, 2025 and 2024, assets and liabilities due from and due to related parties were as follows:

	December 31,			December 31,
(in USD)	2024			2025
Amounts due from related parties
Crypto asset collateral receivables due from Northstar ⁽ⁱ⁾		721,424,627			1,256,845,932
Loan receivables due from Cango		—			556,920,339
Northstar		2,123,933			2,597,282
Cango ⁽ⁱⁱ⁾		—			3,533,857
		2,123,933			6,131,139
Amounts due to related parties
Crypto assets held on behalf of Northstar (iii)		(545	)		5,970
Northstar ^(iv)		5,837,804			811,053
Northstar ^(v)		1,983,579			4,559,540
		7,820,838			5,376,563
Crypto assets collateral payable to Cango		—			659,615,535
Loan payables due to Northstar ^(vi)		407,612,187			1,028,317,131

(i)	The balances represent the collateral pledged by the Company in exchange of funding borrowed from financing partner Northstar, which were under common control before the 2024 Reorganization (Note 10).

(ii)	The balances represent the Company’s accounts receivable from Cango as of December 31, 2025, all belong to technology financing fee.

(iii)

The balances represent the liability of the Company arising from arrangement to hold crypto assets on behalf of Northstar.

(iv)	The balance represent payables due to Northstar related to Bitcoin loan transactions.

(v)	The balance represents the funding cost due to the financing partner.

(vi)	The balances represent the balance of the Company’s borrowing from Northstar. The interest rates borne by such borrowings range from 5.45% to 5.67% per annum (Note 10).

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Effective Tax Rate Reconciliation [Abstract]
Statutory income tax rate, percentage	17.00%	17.00%	17.00%
Effect of deferred professional fee, percentage	(1.00%)	(6.00%)	0.00%
Effective tax rate, percentage	9.00%	11.00%	17.00%
Statutory income tax rate (in Dollars)	$ 4,551,026
Effect of deferred professional fee (in Dollars)	(305,676)
Effect of AURE income before income taxes (in Dollars)	$ (1,480,622)
Effect of AURE income before income taxes, percentage	(6.00%)
Effect of gain on unrealized crypto (in Dollars)	$ (1,062,382)
Effect of gain on unrealized crypto, percentage	(4.00%)
Effect of share-based compensation (in Dollars)	$ 810,353
Effect of share-based compensation, percentage	3.00%
Other permanent differences (in Dollars)	$ (176,291)
Other permanent differences, percentage	0.00%
Effective tax rate (in Dollars)	$ 2,336,408	$ 566,970	$ (1,318,073)
Effective tax rate	9.00%	11.00%	17.00%

Other (Loss)/Income, Net - Schedule of Other (Loss)/Income, Net (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Schedule of Other (Loss)/Income, Net [Abstract]

Unrealized foreign exchange (losses)/gains, net

$ 51,836

$ 111,707

$ (412,592)

Realized foreign exchange (losses)/gains, net

14,768

(6,281)

(62,311)

Government grants

127,921

Wallet service usage fee

^[1]

4,604,462

1,333,249

67,609

Mining pool commission

^[2]

1,370,717

187,991

Interest income

273,377

75,966

Loan interest expense

(628,710)

^[3]

Other

39,423

77,495

(962)

Total other (loss)/income, net

$ 5,725,873

$ 1,780,127

$ (280,335)

[1]	The Company purchased wallet services from a third-party service provider, which are available for usage by affiliate and other parties, and the Company is reimbursed for actual usage of the services.
[2]	The mining pool commission income arises from referral arrangements with Antpool (Note 23), whereby the Company earns fees for referring customers to participate in Bitcoin mining pool services.
[3]	The loan interest expense arises from term loans obtained from the Company’s funding partner, as disclosed in Note 12.

Related Party Transactions - Schedule of Assets and Liabilities Due from and Due to Related Parties (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Crypto asset collateral receivables due from Northstar [Member]

Loan receivables due from Cango [Member]

^[1]

$ 1,256,845,932

$ 721,424,627

556,920,339

Northstar [Member]

2,597,282

2,123,933

^[2]

811,053

5,837,804

Loan payables

^[3]

1,028,317,131

407,612,187

Cango [Member]

^[4]

3,533,857

Related Party [Member]

6,131,139

2,123,933

Crypto assets held on behalf of Northstar [Member]

5,376,563

7,820,838

Loan payables

1,028,317,131

407,612,187

^[5]

5,970

(545)

Northstar [Member]

Crypto assets collateral payable to Cango [Member]

^[6]

4,559,540

1,983,579

Crypto assets collateral payable

$ 659,615,535

[1]	The balances represent the collateral pledged by the Company in exchange of funding borrowed from financing partner Northstar, which were under common control before the 2024 Reorganization (Note 10).
[2]	The balance represent payables due to Northstar related to Bitcoin loan transactions. For the years ended December 31, 2023, 2024 and 2025, fair value gain/(loss) on crypto-denominated liabilities due to related parties, including balances described in (iii) and (iv), amounted to US$7,167, US$744,361 and US$693,169, respectively.
[3]	The balances represent the balance of the Company’s borrowing from Northstar. The interest rates borne by such borrowings range from 5.45% to 5.67% per annum (Note 10).
[4]	The balances represent the Company’s accounts receivable from Cango as of December 31, 2025, all belong to technology financing fee.
[5]	The balances represent the liability of the Company arising from arrangement to hold crypto assets on behalf of Northstar.
[6]	The balance represents the funding cost due to the financing partner.

Loan Payables Due to Related Party and Crypto Asset Collateral Receivable from Related Party - Schedule of Fair Value of Crypto Assets (Details) - Related Party [Member]	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Schedule of Fair Value of Crypto Assets [Line Items]
Total Fair Value	$ 1,256,845,932	$ 737,007,086
Bitcoin [Member]
Schedule of Fair Value of Crypto Assets [Line Items]
Total Units	12,883	8,019
Total Fair Value	$ 1,131,333,447	$ 737,007,086
Ethereum [Member]
Schedule of Fair Value of Crypto Assets [Line Items]
Total Units	9,115
Total Fair Value	$ 27,180,630
XAUt [Member]
Schedule of Fair Value of Crypto Assets [Line Items]
Total Units	6,052
Total Fair Value	$ 26,258,305
XAUt - Term loan [Member]
Schedule of Fair Value of Crypto Assets [Line Items]
Total Units	16,613
Total Fair Value	$ 72,073,550

Share-Based Compensation - Schedule of Assumptions Used For Service-Based and Performance-Based Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation [Line Items]
Risk-free interest rate	4.30%	4.10%
Illiquidity Discount	20.00%	30.00%
Expected stock price volatility	89.00%	89.00%
Dividend yield	0.00%	0.00%
Expected terms
Expected exercise price per share, in USD (in Dollars per share)	$ 0.01	$ 0.04
Maximum exercise multiple (in Dollars per share)	$ 2.2	$ 2.8
Service-based awards [Member]
Expected terms
Expected terms	5 years	5 years
Performance-based awards [Member]
Expected terms
Expected terms	3 years	3 years

Shareholders' Equity (Details) - USD ($)						12 Months Ended
Shareholders' Equity (Details) - USD ($)	May 14, 2025	Apr. 18, 2025	Nov. 01, 2024	Sep. 30, 2024	Sep. 25, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 21, 2025	Nov. 30, 2024
Class of Stock [Line Items]
Ordinary shares authorized							50,000,000
Ordinary shares issued							19,250,000
Ordinary shares outstanding							19,250,000
Ordinary share par value (in Dollars per share)							$ 0.001
Reverse stock split		4-to-1
Capital Units, Value (in Dollars)	$ 62,500
Ordinary shares are entitled to one vote						one
Proceeds from Contributions from Parent (in Dollars)							$ 29,200,000	$ 18,700,000
Working capital contribution (in Dollars)				$ 30,000,000
Total net settlement (in Dollars)				$ 48,400,000
Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares authorized						59,375,000
Ordinary shares issued						23,980,257
Ordinary shares outstanding						23,980,257
Ordinary share par value (in Dollars per share)						$ 0.001
Underwriting discounts (in Dollars)	$ 50,000,000
Class B Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares authorized						3,125,000
Ordinary shares issued
Ordinary shares outstanding
Ordinary share par value (in Dollars per share)						$ 0.001
Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares authorized		50,000,000	200,000,000		100,000,000	50,000			62,500,000
Ordinary shares issued		19,250,000	100,000		100,000,000	50,000				77,000,000
Ordinary shares outstanding		19,250,000	100,000		50,000	50,000				77,000,000
Ordinary share par value (in Dollars per share)		$ 0.001	$ 0.00025		$ 0.0005	$ 1
Ordinary share			2		2,000	4,427,500
Irrecoverably surrendered ordinary shares					99,950,000
Ordinary shares			76,900,000
Ordinary Shares [Member] \| Parent Group [Member]
Class of Stock [Line Items]
Ordinary shares issued					50,000
Ordinary Shares [Member] \| Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares authorized									59,375,000
Ordinary shares issued	4,427,500
Ordinary share par value (in Dollars per share)	$ 12.8								$ 0.001
Ordinary Shares [Member] \| Class B Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares authorized									3,125,000
Ordinary share par value (in Dollars per share)	$ 0.001

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2025 SGD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 SGD ($)	Dec. 31, 2024 HKD ($)
Schedule of Deferred Tax Assets and Liabilities [Abstract]
Net operating loss carried forward	$ 402,224		$ 1,175,979
Unutilized leave	12,506	60,295	15,714	53,535
Lease liabilities	157,211	110,513	196,724	218,446
Total deferred tax assets	571,941	170,808	1,388,417	271,981
Property and equipment	155,286	92,321	20,508	12,951
Lease right-of-use assets	30,496	41,724	209,980	198,114
Total deferred tax liabilities	185,782	134,045	230,488	211,065
Total deferred tax assets, net	$ 386,159	$ 36,763	$ 1,157,929	$ 60,916

Right-of-Use Assets-Operating Leases

12 Months Ended

Dec. 31, 2025

Right-of-Use Assets-Operating Leases [Abstract]

Right-of-use assets-operating leases

14. Right-of-use assets—operating leases

The Company’s operating leases are primarily related to office premises and facilities. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Certain leases include renewal options and/or termination options that are factored into the Company’s determination of lease payments when appropriate.

Amounts relating to right-of-use assets on operating leases and the associated accumulated amortization are summarized as follows:

(in USD)	December 31, 2024			December 31, 2025
Office premises		4,712,941			2,518,820
Staff accommodation		825,667			117,852
Office equipment		12,231			7,146
Subtotal		5,550,839			2,643,818
Less: Accumulated amortization		(3,114,970	)		(603,985	)
Right of use assets—operating leases, net		2,435,869			2,039,833

Amortization expenses of assets under operating lease arrangements, net for the year ended December 31 2023, 2024 and 2025 are US$502,419, US$800,694 and US$805,292 respectively.

Concentration of Risk (Details)	12 Months Ended
Concentration of Risk (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentration of Risk [Line Items]
Basis points	100
Change in operating income	$ 15,015,555	$ 3,181,081	$ (7,622,347)
USD Benchmark Interest Rate [Member]
Concentration of Risk [Line Items]
Change in operating income	$ 7,400,000	$ 4,600,000	$ 1,200,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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The net result for the period of deducting operating expenses from operating revenues.