Tether-Backed Antalpha Loses $22M on Gold Bet as Loan TVL Plunges $696M

TL;DR:

• The total value locked (TVL) of Antalpha’s facilitated loan book dropped by $696 million in the second quarter of 2026, settling at $1.353 billion.
• Aurelion, a subsidiary of the firm, generated $22.3 million in losses linked to positions in the tokenized gold assets XAUt and XAUE.
• Quarterly revenue decreased by 28% year-over-year to $12.2 million, resulting in an attributable net loss of $12.5 million.

Antalpha reported that its active loan volume experienced a $696 million contraction during the second quarter of 2026. The institutional digital asset financing platform was directly impacted by losses on tokenized gold positions held by its consolidated subsidiary, Aurelion.

According to the financial report filed with the SEC, the company’s facilitated loan book fell 34% year-over-year as of June 30, 2026, settling at $1.353 billion compared to the $2.049 billion reported in the same period of the previous year. The figure also marked a decline from the $1.710 billion recorded at the end of March 2026.

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