Are there any notable changes in the company's balance sheet, such as liquidity or leverage, that could affect its valuation?

Balance‑sheet take‑aways

The Antalpha Q2‑2025 release is an “unaudited” interim filing, which means the company has not yet disclosed a full set of balance‑sheet metrics (cash, debt, or capital‑structure ratios). The brief summary does not highlight any material shifts in liquidity (e.g., a cash‑balance surge or draw‑down) or leverage (e.g., new debt facilities or changes to the debt‑to‑equity ratio). In the absence of explicit figures, we can infer that Antalpha’s balance sheet remains broadly consistent with the prior six‑month snapshot, and that any deviation would have been flagged in the press‑release headline if it were material.

Valuation implications

If liquidity is unchanged, the firm’s short‑term solvency risk stays low, supporting the current valuation multiple (≈ 20× forward‑EV/EBITDA for a digital‑asset financing platform). However, the “unaudited” nature of the results adds a layer of uncertainty—investors should watch for the upcoming audited 10‑K, where any hidden cash‑burn or leverage‑build‑up could trigger a re‑rating of the stock. From a trading perspective, the lack of a clear balance‑sheet shock keeps the price‑action relatively clean; the stock can be treated as a continuation of the Q1 trend unless the audited results reveal a significant liquidity strain or new debt issuance.

Actionable view

• Short‑term: With no evident balance‑sheet red‑flags, the current technical bias (e.g., the stock holding above its 20‑day SMA and testing the 50‑day EMA) remains intact. Consider a light‑to‑moderate long position or a tight‑‑stop‑loss if you’re already long, to capture upside while protecting against a potential audited‑release surprise.
  
• Medium‑term: Keep a watch‑list for the audited Q2 filing (expected in early September). A disclosed cash‑burn or leverage increase would merit a down‑side defensive tilt (e.g., reducing exposure or placing a protective put). Conversely, a strong cash position would reinforce the upside thesis and could justify a incremental add‑on on any pull‑back.