AURE

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the 28% year-over-year revenue decline to a more measured financing environment where customers prioritized liquidity management and operational efficiency over new borrowing. The company maintained a record of zero principal loss since inception by remaining highly selective in capital deployment and adhering to strict underwriting standards despite moderating loan volumes. Antalpha Prime improved its net fee margin by approximately 10 basis points year-over-year, driven primarily by improved pricing within the margin loan business and stable funding costs. The reported GAAP operating loss of $25.1 million was heavily impacted by $22.3 million in unrealized fair value losses on tokenized gold (XAUt) holdings within the Aurelion business. Management emphasized that Antalpha Prime remained profitable on a stand-alone basis, serving as a resilient foundation while the company explores growth in Web3 AI and digital gold. The Nina Web3 AI initiative reached several thousand registered users, with management focusing on validating product-market fit and user engagement rather than immediate commercialization. Q3 2026 revenue guidance of $10 million to $12 million assumes a continued muted financing environment and a disciplined approach to new loan originations. Management intends to prioritize risk-adjusted returns over total value facilitated (TVL) growth, stating they will not expand the balance sheet simply for short-term revenue gains. The company expects tokenized gold to play an increasingly important role as institutional adoption broadens, viewing current price volatility as short-term accounting noise rather than a change in long-term value. Future loan book growth is contingent on market stability, collateral quality, and improved borrower confidence rather than specific Bitcoin price targets. Strategic focus for the Nina AI platform remains on improving user retention and expanding functionality to help users analyze decentralized applications and market trends. The consolidation of Aurelion, which began in Q4 2025, introduced significant earnings volatility due to the mark-to-market accounting of digital gold assets. Aurelion's net asset value stood at $91.9 million as of June 30, with management noting that XAUt prices have already recovered significantly since the quarter-end reporting date. The repayment of the Cango facility in Q1 2026 created a difficult year-over-year comparison, accounting for a significant portion of the reported revenue decline. Hash rate financing reached 30.9 exahash, representing approximately 3.1% of the global Bitcoin network, providing a diversified collateral base for the lending portfolio. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that earnings from XAUE are recorded in the non-operating section of the P&L rather than as lending revenue. While the yield was not significant this quarter, it represents a strategic shift from passive holding to active utilization of tokenized gold assets. Management declined to provide a specific Bitcoin price target for a lending recovery, noting that borrower profitability depends on individual factors like electricity costs and hardware efficiency. They observed that while some customers remain profitable at current prices, both the company and its clients are maintaining a conservative stance on new financing. The platform is in an early validation stage, with users currently engaging most with daily market trends and economic-related queries. The near-term road map focuses on improving the user experience for Web3-native interactions before pursuing aggressive commercialization. Risk management relies on a combination of over-collateralization, active management, and the use of controlled wallets for mined Bitcoin deposits. Management stated the current constraint on growth is a lack of opportunities meeting their risk-adjusted return thresholds, not a lack of available capital.