Antalpha Platform Holding (NASDAQ: ANTA) closed its first full year as a public company with revenue of $79.7 million, up 68% from $47.5 million in FY2024, on the strength of its Bitcoin supply chain financing franchise and a fresh XAUt tokenized-gold treasury business acquired mid-year. The headline GAAP story was a swing from net income of $4.4 million in FY2024 to a net loss of $24.4 million in FY2025, driven almost entirely by fair-value marks on the new XAUt and crypto-receivables positions and a $4.8 million step-up in share-based compensation after the May 2025 IPO. Strip those non-cash items and the operating print is the company's own definition of strength: adjusted EBITDA of $33.2 million, up from $5.9 million a year earlier and a swing of more than $40 million from the FY2023 base. Operating cash flow also improved, with cash used in operations narrowing to $3.8 million from $11.7 million in FY2024, and the company closed FY2025 with total assets of $2.41 billion, a near-doubling year over year. The post-period picture is more complex. The stock has fallen from a 52-week high of $13.82 in October 2025 to $3.70 on August 13, 2026, a 73% drawdown that the audited numbers do not explain on their own. Subsequent events matter: $529.7 million of the $556.9 million year-end loan receivable from related party Cango was repaid by April 14, 2026, a 10-Q-style step that meaningfully de-risks the balance sheet; the company rolled out an in-house AI-routing initiative called Nina in May; its XAUt-treasury subsidiary Aurelion (NASDAQ: AURE) reported a $24.4 million operating loss for the second quarter of 2026 driven by fair-value declines on its gold token; and a fresh F-3 shelf became effective on August 11, 2026. The thesis is that Antalpha sits in a category - small-cap, foreign-incorporated, US-listed fintech tied to two related parties (Northstar for funding, Cango for a now-mostly-repaid loan) and a subsidiary-token strategy (XAUt through AURE) - that the market is currently repricing, and the audited year captures a real business turning, even as the post-period tape has been unkind.