ANTA · Antalpha Platform Holding Company

Aurelion Inc., the world's first NASDAQ-listed Tether Gold (XAU₮) treasury company, delivered a transformative Q2 fiscal 2026 with net income of $7.9 million, a sharp turnaround from the $3.0 million net loss in the prior year quarter. This performance was primarily propelled by $10.9 million in unrealized gains on XAU₮ holdings, reflecting gold price appreciation during the period, as no XAU₮ assets were sold. Operating income reached $8.9 million, offsetting modest operating expenses of $1.9 million in sales, marketing, and general administration. CEO Bjorn Schmidtke highlighted the quarter's strategic advancements, including the March launch of AI employee Duncan.Aure, designed to educate markets on XAU₮ and enable automated trading, DeFi execution, and digital gold allocation—laying groundwork for AI-driven initiatives in RWA tokenization. Post-quarter, on April 24, 2026, Aurelion committed 10,000 XAU₮ units (approximately $48 million) to the XAUE protocol, aiming to generate yield on gold holdings while maintaining exposure to the underlying asset. Balance sheet strength is evident with NAV at $116.4 million (33,318 XAU₮ units) and NAV per share of $3.16 as of March 31, 2026, supported by $157.6 million in digital assets and cash against $41.2 million debt. Six-month results show cumulative net income of $16.7 million, underscoring sustained momentum from XAU₮ fair value dynamics. Investors should note the company's positioning as a first-mover in tokenized gold, blending gold appreciation with on-chain cash flows, though exposed to gold price volatility, protocol risks, and related-party transactions including $41.2 million loan payables collateralized by XAU₮ receivables.