Antalpha Platform Holding Company

Good day and thank you for standing by. Welcome to NLFAR's third quarter 2025 earnings conference call. Today's call is being recorded. All participants are now in a listen-only mode. After management's prepared remarks, there will be a question and answer session. I would now like to turn the call over to Mr. Chris Mamoni, Managing Director of the Blucher Group and Representative for NLFAR's Investor Relations Team. Mr. Mamoni, please go ahead.

Thank you, Operator. Please note that our remarks today will include forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results that differ materially. For discussion of these risks, please refer to NALPHA's filings with the SEC. We do not undertake any obligation to update forward-looking statements except as required by law. Management may make remarks on the product and tax differentiation between an ETF and listed stock based on their understandings. The company is not providing tax or investment advice. Please consult your CPA and other licensed professionals for such advice. This call also contains reference to non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our press release and SEC filings. Now, I'll turn the call over to Herman Yu, Head of Strategy for AntAlpha. Herman, please go ahead.

Thank you, Chris, and good morning, everyone. AntAlpha delivered another strong quarter in Q3. We executed across major strategic initiatives, and our revenue grew 62% year-over-year, accelerating from the first half. For the fourth quarter, Analfa is expecting revenue to roughly double year-over-year. Both supply chain loans and margin loans contributed this momentum, reflecting the broader adoption of collateralized loans in the crypto sector. Total loans facilitated on and Alpha Prime reached $2.4 billion. And BDC Collateral supporting these loans reached $3.9 billion. And Alpha's LTV on supply chain loans was at 59% at the end of the third quarter. And Alpha has multiple vectors driving our double digit top line growth due to the sheer size and new businesses evolving from the crypto market. which is set to gain wider adoption. With the passing of the Genius Act, other policy tailwinds, and the U.S. leading the crypto industry, a tsunami of real-world assets, or RWAs, are set to enter the massive crypto market for new customers. During an October 14th interview on CNBC, BlackRock CEO Larry Fink said the financial industry is at the beginning of the tokenization of all assets. One must think about the opportunity cost of not participating in the crypto market as a business or an investor at this stage of development. The crypto market has a market capitalization hovering between $3.5 to $4 trillion. To put in perspective, this is about the size of Japan's or the UK's annual GDP. N-Alpha is quite unique in that we are benefiting from the development of the crypto market by financing the Bitcoin mining infrastructure and its adjacent industries. In a way, our business is tied to the economics of compute, energy, and collateral-based financing, which are familiar to traditional finance. Turning to new growth curves. With the large growing crypto market, N-Alpha is presented with new lending scenarios For example, in early October, we provided a $206 million bridge loan to Nakamoto to serve their digital asset treasury, also known as DAT. DATs generate value by continuously financing with leverage and purchase their DAT asset to outperform their respective crypto index on a per share basis. That financing is merging as a new segment for crypto lending. Nalpha's priority growth strategies are globalization and Nalpha RWA Hub. On the prior, we are making progress in our entry into the U.S., building up our team and infrastructure. We will provide more updates when we reach new milestones. On the latter, in collaboration with Tether, we launched Nalpha RWA Hub at the end of September to provide institutions with broad access to Tether Gold to improve financial stability on their crypto holding. Globalization and RWA Hub are two very sizable opportunities. These are strategic priorities for us that will require investments and we believe in time will develop into significant new growth curves for AN-Alpha. Let me talk a little bit about the importance of tokenized gold in the crypto economy. In September, Morgan Stanley CIO Mike Wilson stated that he favors a 60-20-20 portfolio strategy that includes 20% in gold over the old investment adage of 60-40 between equity and bond. Wilson's rationale is that gold is both an inflation hedge and a safe haven when real rates fall. According to CoinMarketCap, the size of USDT plus USDC is approximately $250 billion, and tokenized gold today is about $2 billion market. Gold market cap is about 80% the size of U.S. treasuries at $23.5 trillion. Assuming gold to treasuries on-chain will be at the same ratio as real-world assets, Tokenized gold stands to grow 100-fold when people see it as a safe haven for stablecoin. At the other end of the spectrum, where N-Alpha customers sit, we have seen Bitcoin's value rise significantly over the past decade. And in between, Bitcoin has been volatile. For example, since the beginning of 2023, Bitcoin has sold off more than 20% on seven separate occasions. And thus, holding tokenized gold in one's collateral pool would allow institutional borrowers of crypto loans to better meet cash flow needs and sudden market shocks in crypto winners. Turning to tethered gold debt. As a tech lending platform, we are seeing tremendous opportunities for crypto collateralized loans. Our lending scenarios can further broaden if we increase the supply of funding. Incubating a tether gold debt not only helps an alpha secure more funding, it can also increase the resiliency of our balance sheet against macro conditions. On October 10th, we completed the acquisition of Prestige Wealth which will be renamed Aurelion. The NASDAQ ticker is AURE. This is a pivotal milestone in Analfa's treasury strategy. Through this transaction, Analfa invested $43 million in Aurelion and anchored its $100 million pipe, allowing Aurelion to be the first listed Tethergo RWA-focused company on the NASDAQ. Based on Aurelion's last Friday's closing price of 40 cents per share, ANALPHA's position in Aurelion is valued at approximately $48 million. ANALPHA holds a 32% equity interest and 73% voting right in Aurelion. Heather also invested in Aurelion for $15 million. What makes ADAPT more appealing than an ETF? You may ask. Aurelion is leveraged gold, and it can generate yield by lending unsecured gold to ANALPHA. A $100 million pipe bought Aurelian $134 million in tethered gold. Other benefits may include more favorable tax treatment. Most gold ETFs are set up as a grantor trust whose taxable status as collectibles is taxed at 28% on long-term capital gain, whereas long-term gain on equity is usually taxed at 20%. Aurelia has a focused mandate to raise funds repeatedly to buy gold with an internal goal to become a $10 billion debt over time. By increasing funding supply, Analfa can grow to be many times our current size. Analfa Prime lending platform can be fine-tuned to perform risk management well beyond financing Bitcoin mining, such as financing debt, Ethereum, and XAT collateralized loans. and also can be fine-tuned for adjacent industries, such as inference compute, thereby significantly expanding N-Alpha's tab. With that, I will now turn over to our Chief Financial Officer, Paul Laring, to discuss our financial results in more detail.