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Crypto fintech firm Antalpha is sitting on more than $100 million in unrealized gains after building a large position in tokenized gold, according to on-chain monitoring cited by blockchain analytics platform Arkham. The gains come as gold prices have risen, boosting the estimated value of Antalpha’s holdings in Tether Gold (XAUT).
Arkham data cited in the report indicates Antalpha previously accumulated about $241 million worth of Tether Gold. The position is described as equivalent to more than 1.8 tonnes of physical gold, based on XAUT’s structure of one token representing one troy ounce of gold stored in secure vaults. The report also cites an average acquisition price of roughly $3,693 per token, with the current market value implying unrealized gains of more than $100 million.
The report says Antalpha recently transferred around $15 million worth of XAUT to Cobo, an institutional platform providing custody and digital asset infrastructure. The transfer could reflect portfolio management or custody arrangements, though the report does not provide additional details on the firm’s rationale.
Gold-backed tokens such as XAUT and PAXG are seeing renewed demand as investors seek blockchain-based exposure to safe-haven assets. XAUT is issued by Tether, while PAXG is issued by Paxos. Both are designed to provide exposure to bullion prices while enabling blockchain-based transferability and settlement.
Antalpha has previously signaled plans to incorporate tokenized gold into its treasury strategy as part of broader diversification efforts. The report states the company aims to allocate up to $40 million into Tether Gold by June 2025, reflecting growing institutional interest in tokenized commodities.
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