Antalpha reported second-quarter revenue of $12.2 million, down 28% year over year, and a $12.5 million net loss. Its facilitated loan book declined by $660 million during the quarter, while a newer report cited a $696 million fall in loan TVL; loans facilitated stood at $1.353 billion. Aurelion’s fair-value losses on tokenized gold holdings drove most of the earnings impact. Antalpha expects third-quarter revenue of $10 million to $12 million, below the second-quarter result. The company attributed lower financing activity and selective capital deployment to the decline rather than credit deterioration, and said it has recorded no principal losses since inception.