Antalpha is launching a roadshow to sell investors on its forthcoming IPO with a share price that would value the company as high as $300 million.
The company, which is Bitmain’s key financing partner, filed an IPO prospectus in April and is expected to go public this year under the ticker ANTA.
Read more: Bitmain partner Antalpha files for U.S. IPO
According to a press release, Antalpha expects to sell 3,850,000 ordinary shares through the initial public offering at $11.00 and $13.00 per share for a total raise of $42,350,000 to 50,050,000. These share prices would give the company a valuation between $254,100,000 and $300,300,000 given the 19,250,000 outstanding common shares it reported in its IPO prospectus and the 3,850,000 it plans to sell with the IPO.
The company plans to grant the deal’s underwriters, Roth Capital Partners Compass Point, 30-day options to purchase 577,500, which are not included in the IPO share target.
Tether may be one of the early investors in the IPO, as the stablecoin issuer signaled its intent to invest up to $25 million in the company.
Read more: Tether eyes $25M million stake in upcoming Antalpha IPO
According to its IPO filing, Antalpha generated $47.5 million in revenue in 2024, earning a net profit of $4.4 million. The majority of these earnings—$38.7 million—stemmed from its financing operations, while $8.8 million was derived from fees charged to users of its Antalpha Prime platform, which facilitates loan management. By year-end, Antalpha had $1.63 billion in active loans, including $428.87 million tied to ASIC equipment financing and $1.12 billion secured by bitcoin collateral.
In 2024, Antalpha noted that 77.4% of its clients were based in Asia, compared to 6.9% in the Americas and 15.7% across Europe, the Middle East, and Africa (EMEA). This marked a significant regional shift from 2023, when 24.6% of its user base came from the Americas, 66.2% from Asia, and 9.2% from the combined EMEA region.
