Bitmain’s strategic financing partner, Antalpha Holding Company, has filed for an initial public offering (IPO) on the Nasdaq under the ticker ANTA, according to a U.S. Securities and Exchange Commission prospectus.
The company is seeking to raise $50 million and has tapped Roth Capital and Compass Point to underwrite the offering.
Antalpha provides ASIC financing services for bitcoin miners and bitcoin-backed loans. Bitmain often leverages Antalpha’s services to provide customers of its mining pool, AntPool, with financing to purchase its Antminer ASIC models.
Per Antalpha’s IPO prospectus, the company booked $47.5 million in revenue in 2024 with a net income of $4.4 million. The bulk of this revenue ($38.7 million) came from its financing services, while the rest ($8.8 million) surfaced from fees for its Antalpha Prime platform that clients use to manage their loans. Antalpha had $1.63 billion in outstanding loans at the end of 2024, of which $428.87 million applied to its ASIC financing business and $1.12 billion to its bitcoin-backed loans.
Antalpha reported that its customer base predominantly resided in Asia in 2024 at 77.4%, versus 6.9% in the Americas and 15.7% from a mix of Europe, the Middle East, and Africa. Its clientele profile has shifted dramatically from 2023, where the Americas made up 24.6%, Asia 66.2%, and the rest 9.2%.
Antalpha has not disclosed a projected date for its IPO.
