Fintech lender Antalpha has sold roughly $142.28 million of its Tether Gold holdings as the metal slid below $4,000 an ounce. The Nasdaq-listed firm cut a position once worth $329.86 million to $138.77 million, tracking gold’s retreat from its March peak.
Antalpha Platform Holding Company has been trimming its Tether Gold (XAUT) exposure just as the metal breaks lower, according to Arkham Intelligence. The Nasdaq-listed lender sold off approximately $142.28 million worth of its XAUT holdings after accumulating the token over the past year.
The value of the position tells the story of gold’s turn. At its peak the company held XAUT tokens worth $329.86 million, but that has fallen to $138.77 million. Some of the drop reflects sales, and some reflects the metal itself losing ground.
From a $40 million bet to the exit
Antalpha, the primary lending partner of Bitcoin miner Bitmain, moved into gold last year. On May 27, 2025, it announced a strategic allocation of up to $40 million into Tether Gold, framing the token as a hedge against macroeconomic volatility and a cornerstone collateral asset in its loan structure. Each XAUT is backed by one fine troy ounce of physical gold meeting the London Bullion Market Association Good Delivery standard.
Gold traded near $3,350 an ounce when the allocation was announced, then surpassed $5,400 in early March this year. The rally has since reversed.
Rate-cut bets fade, and gold follows
The wider selloff has a clear driver. Spot gold traded around $4,015 an ounce on Thursday, down roughly 1.11% on the day, as expectations for a Federal Reserve rate cut faded. Resilient retail sales and falling jobless claims left markets pricing a near-90% chance the Fed holds rates steady at its July 29 meeting.
Firmer Treasury yields and a stronger dollar have capped the metal even as softer inflation data offered support. For a holder like Antalpha, that reversal turned its entry into a shrinking balance.
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