Antalpha XAUT position gave back $50M in profits as Arkham data tracks its Tether Gold holdings, flows, and treasury strategy.
Author: Kritika Gupta
25th June 2026 – Antalpha XAUT has given back about $50 million of profit on its Tether Gold bet, according to on-chain firm Arkham Intelligence.
High Signal Summary For A Quick Glance
CryptoBusy
@CryptoBusy
@arkham The bigger story isn't whether they take profit, it's that markets can now monitor significant tokenized asset movements almost instantly. That's a meaningful shift in transparency for institutional capital.
Will Antalpha roundtrip Gold? Antalpha bought $241M of Tether Gold (XAUT) at an average price of $3693. At the top, they were $100 Million in profit - but since have appeared to roundtrip $50M of profit and are now only up $50M. Will they sell the remainder of their XAUT, or https://t.co/RER9pfzgwb
12:25 PM·Jun 25, 2026
Crypto Alpha XL
@CryptoAlphXL
@arkham Interesting to see Antalpha's XAUT play, especially since they've already given back half their profits. Now the question is, will they hold on for further gains or cut their losses if gold dips further, what's their likely next move if the price of gold doesn't rebound?
Will Antalpha roundtrip Gold? Antalpha bought $241M of Tether Gold (XAUT) at an average price of $3693. At the top, they were $100 Million in profit - but since have appeared to roundtrip $50M of profit and are now only up $50M. Will they sell the remainder of their XAUT, or https://t.co/RER9pfzgwb
12:02 PM·Jun 25, 2026
Macro Alpha
@MacroAlphaHQ
@arkham Antalpha is not roundtripping because they are bad traders, they are providing exit liquidity for the very desk you refuse to track. Retail analysts like you treat institutional flows as a road map when it is just a sophisticated game of musical chairs. They are not waiting for a
Will Antalpha roundtrip Gold? Antalpha bought $241M of Tether Gold (XAUT) at an average price of $3693. At the top, they were $100 Million in profit - but since have appeared to roundtrip $50M of profit and are now only up $50M. Will they sell the remainder of their XAUT, or https://t.co/RER9pfzgwb
11:34 AM·Jun 25, 2026
Steady attention without excessive speculation.
The Nasdaq-listed lender, which trades under the ticker ANTA, still holds roughly 35,967 XAUT tokens. At current prices, that gold position is worth about $143 million. So on paper, the firm sits on a net gain of around $50 million.
Arkham posted the update on June 25, 2026. The firm bought about $241 million of Tether Gold at an average price of $3,693 per token, the data shows. That stake equals roughly 65,000 ounces of physical gold, or about two tonnes. Most of the buying happened around September 2025.
Arkham also tracks 13 wallet addresses tied to the Antalpha entity. So anyone can follow the flows in near real time.
“At the top, they were $100 Million in profit,” Arkham wrote. The post then asked whether the firm will sell the rest or “roundtrip that as well.”
Antalpha is a Singapore-based crypto lender. It finances Bitcoin miners through supply-chain and margin loans, and it has backed Bitmain since 2022.
The company listed on Nasdaq in May 2025 at $12.80 per share. Around the same time, Tether took an 8.2% stake, worth about 1.95 million shares.
Then the firm leaned into tokenized real-world assets. In September 2025, it launched the Antalpha RWA Hub for XAUT-backed lending, custody, and redemption. As a result, the Antalpha XAUT treasury became a core part of its strategy.
In October 2025, an affiliated vehicle called Aurelion bought another $134 million of Tether Gold. Antalpha then took a controlling stake in Aurelion through a $43 million PIPE deal.
Key milestones related to Antalpha’s XAUT position
Antalpha announces an initial strategic allocation of up to $40 million into Tether Gold, marking its public move into tokenized gold exposure.
Arkham data shows Antalpha accumulated roughly $241 million of XAUT at an average entry price of about $3,693 per token, equal to more than 65,000 ounces of gold exposure.
Antalpha expands its Tether partnership and launches its RWA Hub, linking XAUT to custody, lending, redemption, and tokenized gold infrastructure.
Antalpha-backed Aurelion purchases around $134 million in XAUT, adding another layer to the broader Tether Gold treasury strategy.
As gold rallies sharply and spot prices briefly move above roughly $4,900 per ounce, Antalpha’s XAUT position reaches more than $100 million in unrealized profit.
Arkham-tracked flows show a notable XAUT movement of around $15 million to Cobo custody, pointing to possible profit-taking, custody rebalancing, or collateral deployment.
Arkham says Antalpha has given back roughly $50 million of its peak unrealized profit. The firm still holds about 35.967K XAUT, worth around $143 million, with net P&L near +$50 million.
The open question is whether Antalpha sells more of its remaining XAUT, keeps it as treasury collateral, or deploys it deeper into its RWA and miner-financing strategy.
The timing looked sharp at first. Gold rallied hard into early 2026 as central banks kept buying and macro fears grew.
Spot gold briefly topped $4,900 an ounce. So the Antalpha XAUT position swung to more than $100 million in unrealized profit at the peak.
Since then, gold has cooled. XAUT now trades near $3,980, down about 1.4% in 24 hours and roughly 6.25% over the past week.
Because of that pullback, and some apparent selling, the paper gain has shrunk to about $50 million. In short, the firm appears to have round-tripped half of its best profit.
Tokenized gold had a strong run in 2025 and early 2026. XAUT’s market value climbed toward the $2.4 billion to $2.8 billion range.
Daily trading volume often passed $300 million. So liquidity grew alongside the gold rally itself.
Each token tracks one ounce of gold across Ethereum and Tron. As a result, circulating supply now sits near 611,000 to 707,000 tokens.
Antalpha’s entry was large next to that market. Indeed, it ranks among the biggest tracked institutional XAUT allocations to date.
The gains came quickly, too. By January 2026, an earlier Arkham update already pegged the position up about $63 million as gold climbed.
Still, the flows have not caused disorderly price moves. Partial exits to custody and exchanges look like routine rebalancing rather than forced selling.
The moves may not be pure speculation, though. Analysts note that a miner-lending business needs stable collateral on its books.
Several commentators on X echoed that view. They argued that XAUT on the balance sheet is a tool, not a directional bet. It backs the lending book rather than chasing the gold price.
Others framed the give-back as a rounding error. For an institution of this size, they said, a $50 million swing is routine balance-sheet management.
Antalpha settles many loans in USDT and secures them with Bitcoin or mining machines. So gold-backed tokens can add a steadier asset to that mix.
The firm has also shifted some tokens off exchanges. In March 2026, it moved about $15 million of XAUT to Cobo custody. A smaller transfer of 98.5 XAUT followed later.
Each Tether Gold token represents one troy ounce of physical gold, stored in a Swiss vault. Holders pay no custody fee, while buying or redeeming carries a one-time 0.25% fee. Therefore the token can work as both an investment and a collateral instrument.
For now, the firm has not commented publicly on Arkham’s read of its wallets. It has also not disputed the attribution.
The key unknown is intent. Antalpha may hold the gold as collateral, deploy it into RWA products, or sell into any future strength.
Either way, the episode shows how openly large institutional flows now trade in public view. So analysts and retail traders alike can watch the next move almost instantly.
This article is for informational purposes only and is not financial advice. Always do your own research before making any investment decision.
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