Antalpha Q2 Report: Net Loss $12.5M, Revenue Down 28%

The swing to a net loss alongside a 28% revenue decline points to pressure on Antalpha's core crypto financial services model rather than a one-off charge, since both lines moved the same direction. Firms lending to or servicing crypto miners and trading desks are the most directly exposed, as their fortunes track client activity and balance-sheet demand. The open question is whether the revenue contraction reflects sector-wide deleveraging or share loss to competitors, and whether cost discipline or a demand recovery stabilizes results next quarter.