Antalpha is a Singapore-based specialty finance and technology platform focused on the Bitcoin mining industry. Its core business is supply chain financing for institutional and corporate customers purchasing Bitmain mining equipment — Antalpha has a 10-year commercial agreement with Bitmain, the world's largest Bitcoin mining machine manufacturer, giving Antalpha a right of first refusal to serve any Bitmain customer seeking financing. Antalpha offers two main loan products: mining machine loans, which finance 50% of the purchase price of on-rack Bitmain machines (allowing customers to begin mining almost immediately), and hashrate loans, which finance ongoing operational costs like hosting and maintenance, collateralized by the Bitcoin a customer mines. Beyond these originated loans, Antalpha also services Bitcoin- and Ethereum-collateralized margin loans funded by its financing partner, Northstar, through its proprietary platform, Antalpha Prime. Antalpha charges borrowers an annualized fee of 6%–10% on supply chain loans and 1%–2% on margin loans it services for Northstar. Antalpha does not fund loans from its own balance sheet — it draws on a credit facility from Northstar and pledges customers' Bitcoin collateral as security, earning the spread between borrower fees and its funding cost. All loans are overcollateralized at origination, and Antalpha has recorded no principal losses since inception. Antalpha Prime is the company's end-to-end technology platform for loan origination, collateral monitoring, and compliance. Growth initiatives include geographic expansion beyond Asia, GPU financing for AI infrastructure, gold-collateralized lending, and diversifying funding sources beyond Northstar.