Latest news with #Antalpha
Business Times
2 days ago
- Business
- Business Times
More Singapore companies charmed by US listings, but post-IPO trail not a pretty sight
[SINGAPORE] Interest in listing on US exchanges has surged among Singapore companies, with 13 initial public offerings (IPO) in H1 2025, nearly thrice the number over the same period last year. Yet, nine out of the 13 companies saw their share price dipping below the initial listing price, including one that has fallen by nearly 90 per cent. Looking at Nasdaq's IPO calendar, The Business Times counted 13 Singapore-based companies that launched their IPO in the US in the first six months of this year. This was almost triple the five listings in H1 2024. The companies – 11 on Nasdaq and two on NYSE American – operate in various sectors including energy, healthcare, finance and technology. Their market capitalisation on Friday (Aug 8) ranges from US$8.2 million to US$295.4 million, with a median of US$102.8 million. Of the nine companies that are now trading below their offer price, Antalpha – a fintech company – recorded the smallest decline of 4.5 per cent, down to US$12.22 per share on Friday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Maritime digital technologies provider iOThree suffered the largest loss of 89.8 per cent, closing at US$0.41 per share. Among the four companies that have seen a stronger post-IPO performance, Smart Digital Group – a provider of digital marketing and internet media services – recorded the largest gains of 154.3 per cent, reaching US$10.17 per share. Small fish, big pond Analysts whom BT spoke to pointed to sector mismatch, small market capitalisation and limited publicity as some of the key reasons behind the weaker post-IPO performance of Singapore companies in the US, despite strong gains in the Nasdaq Composite Index. DBS Group Research analyst, Foo Fang Boon, said that the Nasdaq's rally was led by mega-caps such as Nvidia, Meta and Microsoft as artificial intelligence (AI) remains the dominant theme and offers earning visibility. However, many recent Singapore listings are from traditional sectors that lack the AI and technology appeal, leading to lower investor interest, he added. Head of OCBC Investment Research Carmen Lee attributed the underperformance of Singapore companies to their small market capitalisations. 'This is in line with the broader market. The benchmark S&P 500 Index is up 7.6 per cent year-to-date (as of Aug 7), but the smaller-cap index (Russell 2000) is down 0.7 per cent for the year,' she said. Jimmy Seet, PwC Singapore's capital markets partner, described the Singapore listings in the US as 'small fish in a big pond', which tend to go unnoticed by institutional investors unless they have a robust investor relations strategy or meaningful operational presence in the US. Amid weak prospects for Singapore companies on US exchanges, MoneyHero Limited and Trident Digital Tech Holdings – both listed on Nasdaq before 2025 – received notices in the first half of this year for breaching the exchange's minimum bid price rule. This was after their shares closed below US$1 for over 30 consecutive business days. The two firms had regained compliance by July. US remains attractive market Despite the mixed performance of past Singapore IPOs in the US, companies still chose to list there in H1 2025 due to several reasons, analysts said. Food said that listing aspirants are drawn to the perceived advantages of higher trading valuations, access to deep liquidity and positive reception towards high growth stocks. 'However, there is no guarantee the aforementioned factors will come into play, as seen from the market's mixed responses (to the Singapore IPOs in the first half of this year)', he added. Stephen Bates, partner and head of deal advisory at KPMG in Singapore, noted that a listing in the US improves companies' brand credibility, which is 'instrumental' in raising capital, attracting talent and entering new markets for high-growth or tech-driven players. 'Additionally, there may be a degree of herd mentality at play', said Seet, observing that a few Singapore firms listing in the US might encourage more to follow suit, despite evidence of mixed performance. EY's Asean IPO leader Chan Yew Kiang noted that in H1 2025, factors such as elevated interest rates and US tariff announcements have introduced uncertainties and dampened IPO activity in Singapore. Amid the uncertainties, most Singapore issuers chose to list on US exchanges, he added. Why US, not Asia In the first half of 2025, one Singapore company – biotech startup Mirxes – listed on the Hong Kong Stock Exchange (HKEX). Its shares closed at HK$32.86 (S$5.37) on Friday, up 41 per cent from the IPO price of HK$23.30. Only a single firm launched its IPO domestically on the Singapore Exchange (SGX). It is the automotive group Vin's Holdings, which closed at S$0.29 per share, slightly below the IPO price of S$0.30 in April. On why Singapore issuers perceive regional markets as less attractive than the US, Seet said that regional exchanges – such as the Stock Exchange of Thailand – traditionally cater more to local companies. In contrast, US investors are more receptive to international listings and more willing to engage with companies from diverse markets, said Bates. He added that international visibility tend to be limited for markets closer to Singapore, whereas 'US listings offer strong visibility even for small-cap IPOs, which can be critical for companies seeking to build international recognition'. Despite the low uptake among Singapore issuers, analysts said the appeal of HKEX and SGX as listing venues. 'Companies that look to expand or reinforce their presence in mainland China would find it compelling to list in Hong Kong', said Chan. Seet noted that Hong Kong led global IPO fundraising in H1 2025 with nearly US$14 billion raised, outpacing even Nasdaq. As for the SGX, Foo expects more companies to consider it as a potential listing venue, citing reasons such as strengthening IPO momentum, the Monetary Authority of Singapore's (MAS) policies to revive the equity market, and Singapore's stability amid global volatility. Specifically, the central bank's S$5 billion Equity Market Development Programme could support the continued outperformance of small-mid caps relative to large cap stocks. This may encourage more small-mid cap listings in Singapore. Seet added that MAS' proposed reforms could 'bolster interest in the SGX, particularly for local companies looking for a listing venue more closely aligned with their operational footprint'.
Yahoo
6 days ago
- Business
- Yahoo
Cango cements Bitcoin mining pivot, Antalpha CEO takes Chair
Cango (CANG) has finalized a secondary sale of Class B shares and installed an entirely new leadership team as it completes its transformation into a global Bitcoin miner, according to a press release. Of note, the Hong Kong-based miner appointed Xin Jin as Chairman and Non-Executive Director, Founder and CEO of Bitmain-backed financial service firm Antalpha. Cango also appointed Peng Yu as Chief Executive Officer and Director, Chang-Wei Chiu as Director, Yongyi Zhang as Chief Financial Officer, and Simon Ming Yeung Tang as Chief Investment Officer. The board also added Chi Ming Lee, Yanjun Lin and Haitian Lu to key committee roles, while co-founders Xiaojun Zhang and Jiayuan Lin resigned from their executive and director positions. Under the secondary transaction, the co-founders sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited for $70 million and converted their remaining Class B shares into Class A shares. Post-transaction, Enduring Wealth holds 2.82% of outstanding shares but controls 36.73% of voting power, while the founders retain 18.54% ownership and 12.07% voting power. Since entering the crypto space in November 2024, Cango has deployed 50 EH/s of hashrate and amassed a treasury of over 4,000 BTC, positioning it among the world's largest publicly traded bitcoin miners. The new leadership team brings deep expertise in digital assets, finance, and energy investments to drive the next phase of time of publication, CANG is up 2.5% during pre-market hours. Update July 23 10:40 AM ET: Information about Xin Jin's role with Antalpha added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
15-07-2025
- Business
- Business Insider
Function Ushers in the Era of Bitcoin Yield With Galaxy Digital as Investor in $10M Seed Round
New York, New York, July 15th, 2025, FinanceWire Backed by Galaxy Digital, Antalpha, and Mantle, FBTC Reaches $1.5B in TVL—Establishing the Gateway for Institutional Bitcoin Productivity. Function (formerly Ignition) today announced that Galaxy Digital (NASDAQ/TSX: GLXY) has joined as a core contributor and investor in its $10M seed round alongside Antalpha and Mantle. With strategic support from Galaxy, Mantle, and Antalpha (NASDAQ: ANTA), Function is transforming Bitcoin from a passive store of value into a productive, composable financial asset that can flow seamlessly across decentralized and traditional markets. FBTC—a fully reserved Bitcoin asset with over $1.5B in Total Value Locked—serves as the flagship asset, establishing Function as the definitive gateway for corporate treasuries and institutions seeking to deploy Bitcoin productively while maintaining security and sovereignty. Activating Bitcoin as a Yield Generating Asset Bitcoin's financial utility has reached a critical inflection point. With growing attention on strategic crypto reserves with the United States and Pakistan, and regulatory clarity enabling publicly traded companies like Microstrategy and MetaPlanet to adopt the Bitcoin Standard for corporate treasury, the question is no longer whether Bitcoin should evolve beyond a passive store of value, but how to unlock its productive potential at institutional scale. The Bitcoin Growth story needs to have utility in its next phase. 'At Function, we're not just wrapping Bitcoin—we're building the infrastructure and routing it into productive capital flows,' said Thomas Chen, CEO of Function. 'We're establishing the gateway for institutional Bitcoin yield, starting with FBTC as our standardized omnichain asset. This represents a structural shift in how Bitcoin participates in the global financial system, enabling corporate treasuries to optimize their Bitcoin holdings while preserving the asset's core properties.' Galaxy Strengthens Institutional Foundation Galaxy joins Mantle and Antalpha as core contributors to FBTC, enhancing the institutional infrastructure through: Enhanced Liquidity: Supporting the development of institutional-quality liquidity rails for seamless capital deployment Security Council Leadership: Contributing to governance, risk framework development, and security standards Strategic Investment: Accelerating the development of FBTC's standard infrastructure for Bitcoin's integration into global financial markets "Galaxy's partnership validates our vision of Function as the gateway for Bitcoin productivity," said Chen. "Their institutional expertise strengthens our mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets." Jason Urban, Global Head of Trading at Galaxy, added: "I believe Function represents the next evolution in Bitcoin's journey toward becoming a productive financial asset. We're excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets." Building on a Foundation of Trust and Security FBTC is a fully reserved, 1:1 Bitcoin-backed asset already integrated with over 8 major protocols and over 25 leading dApps, including Ethereum, Mantle, Aave, and Babylon. Purpose-built to meet the needs of institutions, DeFi protocols, and sophisticated participants, the platform is anchored by three foundational pillars: Institutional Trust & Security: Multi-layer security architecture, comprehensive risk management, and rigorous audit standards designed for institutional adoption Sustainable Yield & Liquidity: Smart contract architecture that maintains Bitcoin's 1:1 backing alongside transparent yield strategies and liquidity provisioning Omnichain & Composable Infrastructure: Seamless integration with major blockchain ecosystems—including Ethereum, Arbitrum, Mantle—and emerging institutional DeFi networks To learn more about Function and FBTC, users can visit About Function Function is pioneering a new standard for Bitcoin yield, transforming BTC into a secure, composable, and institutionally trusted asset across decentralized finance. FBTC represents the first omnichain Bitcoin yield asset, enabling BTC holders to participate in structured, risk-managed yield strategies. Function is supported by Galaxy Digital, Mantle, Antalpha Prime, and leading institutions. For more information, users can visit: Website | X/Twitter | LinkedIn About Galaxy Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we invest in and operate cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. About Antalpha Antalpha (NASDAQ: ANTA) is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data. About Mantle Mantle is building the largest sustainable hub for on-chain finance. Through its core products — Mantle Network, mETH Protocol, and FBTC — Mantle is unlocking the future of finance by blending institutional expertise with the transformative power of blockchain. Anchored by the Mantle Treasury, the largest community-owned treasury in the ecosystem, Mantle ensures robust liquidity and financial stability. With over $4.3 billion in assets, it actively funds core product development and fosters the growth of asset partners, such as Agora AUSD, Ethena USDe, Ondo USDY, and EigenLayer restaking, enhancing sustainable yield, deep liquidity, and financial utility on the Mantle Network. Contact
Bahrain News Gazette
06-05-2025
- Business
- Bahrain News Gazette
Antalpha Announces Launch of Initial Public Offering
SINGAPORE, May 06, 2025 (GLOBE NEWSWIRE) — Antalpha Platform Holding Company ('Antalpha' or the 'Company') today announced that it has launched the roadshow for its proposed initial public offering of 3,850,000 ordinary shares with expected pricing between $11.00 and $13.00 per ordinary share. Antalpha expects to grant the underwriters a 30-day option to purchase an additional 577,500 ordinary shares to cover over-allotments, if any. The Company has applied to list its ordinary shares on the Nasdaq Global Market under the ticker symbol 'ANTA.' Antalpha announces launch of initial public offering Antalpha officially launches its Initial Public Offering on Nasdaq. Roth Capital Partners and Compass Point are joint book-running managers for the proposed offering. The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at Alternatively, copies of the preliminary prospectus, when available, may be obtained from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 Attn: Prospectus Department, by phone: (800) 678-9147, or by email at [email protected] ; or Compass Point Research & Trading, LLC, Attention: Syndicate, 1055 Thomas Jefferson Street, N.W. Suite 303, Washington, D.C. 20007, or by email to: [email protected] . A registration statement on Form F-1 relating to the proposed offering of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Antalpha Antalpha is a leading fintech company specializing in providing financing, technology and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data. Contact Investor Relations: [email protected] Safe Harbor Statement This press release contains statements that may constitute 'forward-looking' statements pursuant to the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to,' and similar statements. Statements that are not historical facts, including statements about Antalpha's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha's filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law. A photo accompanying this announcement is available at GlobeNewswire Distribution ID 9445392
Yahoo
06-05-2025
- Business
- Yahoo
Antalpha Announces Launch of Initial Public Offering
Antalpha Platform Holding Company SINGAPORE, May 06, 2025 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company ('Antalpha' or the 'Company') today announced that it has launched the roadshow for its proposed initial public offering of 3,850,000 ordinary shares with expected pricing between $11.00 and $13.00 per ordinary share. Antalpha expects to grant the underwriters a 30-day option to purchase an additional 577,500 ordinary shares to cover over-allotments, if any. The Company has applied to list its ordinary shares on the Nasdaq Global Market under the ticker symbol 'ANTA.' Antalpha IPO Launch Announcement Roth Capital Partners and Compass Point are joint book-running managers for the proposed offering. The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at Alternatively, copies of the preliminary prospectus, when available, may be obtained from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 Attn: Prospectus Department, by phone: (800) 678-9147, or by email at rothecm@ or Compass Point Research & Trading, LLC, Attention: Syndicate, 1055 Thomas Jefferson Street, N.W. Suite 303, Washington, D.C. 20007, or by email to: syndicate@ A registration statement on Form F-1 relating to the proposed offering of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Antalpha Antalpha is a leading fintech company specializing in providing financing, technology and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data. Contact Investor Relations: ir@
