Good day and thank you for standing by. Welcome to the Antalpha's Investment in Aurelian treasury conference call. Today's call is being recorded. All participants are in a listen only mode. After management's prepared remarks, we will open the line for questions. I'd now like to turn the call over to Gary Dvorczak, Managing Director at Blue Shield Group and representative for Antalpha Platform Holding Company’s Investor Relations. Mr. Dvorczak, please go ahead. Thank you, Sandra, and welcome everyone. Joining me on the call today from the Antalpha Management team are Chief Financial Officer Paul Liang and Head of Strategy Herman Yu. Before we begin, please note that today's discussion will include forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. We encourage you to review our risk factors and other disclosures in our SEC filings and recent press releases. We undertake no obligation to update these statements except as required by law. Today's call will focus on Antalpha's investment in Aurelian treasury, the first Tether Gold treasury listed on the Nasdaq, and on our recent strategic initiatives around Tether Gold. A webcast replay and presentation materials will be available on our investor relations website following the call. With that, I'll turn it over to Paul. Paul. Thank you, Gary, and thank you all for joining on short notice. Last Friday, we announced the closing of our $43 million anchor investment in Prestige Valve Inc., which will be renamed to Aurelian subject to customary approvals. For the purpose of this call, we will refer to the Aurelian treasury as Aurelian, which is traded under the ticker symbol AURE as of Monday, October 13. Aurelian closed a $150 million round of financing last Friday, which includes a $100 million PIPE and a $50 million three-year term loan at 6% APR. On the $100 million PIPE, $64 million came from Antalpha, Kiara Capital, and Tether as a whole. Kiara Capital is invested by Antalpha Management. Aurelian represents Nasdaq's first pure play tokenized gold treasury, giving the public the opportunity to participate in the development of gold RWA, which is quite exciting to us. Tokenized treasury, or USDT plus USDC, is a $200 billion plus market. Crypto is a $3 trillion market. Digital gold has reached over $200 billion today, but only about 1% is trading on chain. This means that when you have a market shock like the one we saw on Friday, if you were a holder of stablecoin or crypto assets, you have limited options to go to for flight to safety. That's why we believe with money moving digital, the demand for tokenized gold will grow tremendously. Tether, the largest stablecoin company in our mind, is the best partner to work with to build up gold stablecoin or tokenized gold, which is what XAUT is from Antalpha's point of view. We set up the process to purchase XAUT earlier this year with a $20 million test pilot. We then collaborated with Tether a couple of weeks ago to launch Antalpha RWA Hub to increase the access to Tether Gold. One can redeem XAUT anywhere in Switzerland today. We think that when XAUT holders can walk into a jewelry store and gold retailer across Asia to redeem gold bars, not only will crypto holders have more confidence in digital assets, there is a separate very large gold community that can latch onto tokenized gold. Just as Tether CEO Paolo says, Tether Gold is the best way to move, hold, and chase to gold, and Antalpha wants to be Tether's largest partner in Asia to assist with the development of the Tether Gold ecosystem to move, hold, and trade tokenized gold. There are many benefits with Tether Gold. The first, XAUT is 100% gold backed. It takes someone of the size of Tether with a large balance sheet to grow tokenized gold to billions or even tens of billions of token market cap. It's easy to transport, easy diversity, easily redeemable, easy storage, and easily verifiable. There is 24/7 trading with ease. Just this weekend, there have been changing news events on the geopolitical front. At Antalpha, we are working with Aurelian to manage these news events, and we are able to help Aurelian take advantage of the market dynamics. For example, Aurelian took advantage of the situation to purchase $133.34 million in XAUT over the weekend. As of the end of Monday, that $133.4 million has appreciated to $138.5 million, up 3.3%. Aurelian Gold holding is transparently disclosed at www.aurelian.com. For those interested in knowing the latest metric on Aurelian Gold holding, by collaborating with Tether to build the XAUT ecosystem in Asia, Antalpha can derive new business opportunities. For example, we have built an infrastructure for XAUT. As a result, on Antalpha Prime, we can now provide XAUT-collateralized loans. In the future, we may possibly be able to assist our institutional clients to buy tokenized gold and strengthen the resilience of their investment portfolios. In addition, tokenized gold is more stable than Bitcoin. Today, most of the gold collateral behind our digital asset loans are in Bitcoin. We think a more prudent way to manage our balance sheet is to increase our tokenized gold holding in the overall collateral portfolio, which will build greater resistance to our supply chain loan over time. By having Aurelian as a treasury vehicle, it's mutually beneficial to both Aurelian and us that Aurelian increases size over time. Reach to a lending platform like Antalpha is strategically important. Our goal is to assist Aurelian to first become a $1 billion treasury and along the way build a long-term strategy to grow Aurelian treasury to a $10 billion treasury. It is at these levels that Aurelian treasury will be interesting to Antalpha and to Tether. Switching to investments, as part of our $43 million investment in Aurelian, we hold approximately 32.4% of Aurelian's equity shares and approximately 73.1% of its equity voting power. Assuming that there's no exercise on the PIPE warrants, Antalpha Platform Holding Company also has the rights to nominate two seats on the Aurelian board. These are our prepared remarks. With that, let's open the line for questions. Thank you. To ask a question, please press 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Once again, please press star 1 and 1. If you wish to ask a question, please stand by while we compile the Q&A. We will now take the first question from the line for Darren Aftahi from Ross, please go ahead. Hi guys, can you hear me? Yes, go ahead. Hello? Yep. Hi, hi Darren. Hi. Good morning. Congratulations. First question on the treasury strategy, can you just talk about is this going to be exclusively for Aurelian. Appreciation product, are there yield components to it? I guess just from a broader strategy from Antalpha, is this. Just kind of a modular building block. In terms of commodities, so to speak. Where we might see things beyond goals? Thank you. Yeah, so two things. I think it's both a balance sheet and an income statement return. The balance sheet obviously is continued as a Treasury strategy to be able to, you know, raise more funding to buy gold. That would be on an NF concept and then on a yield because the parent Antalpha is a lending platform. Right. The goal that Aurelian has, any unsecured gold could be lent to us as custody and we could use that to strengthen Antalpha's balance sheet. In return we're willing to pay Aurelian a 50 to 100 basis point on a no default risk basis. We'll take the default from any funding that we lend out to our customer. At the same time, that gold would strengthen our LTV. It would make our whole collateral portfolio more resilient to market volatility. Last question on Aurelian will be fully focused on XAUT Tether Gold. Thanks Herman. Okay, great. Thank you. We will now take the next question from the line of Ed Angel from Compass Point. Please go ahead. Hi, thanks for taking the question. I just wanted to clarify, will Aurelian become a customer of Antalpha on a lending basis? As a follow up, just want to know, I guess as Aurelian continues to expand their crypto treasury or XAUT treasury with different instruments, can we expect that Antalpha might be participating on some of those, either other debt or equity financing? Thanks. Yeah, good question. I think on the customer it's the other way around, right? We are paying really for the gold that they lend to us. So they would be receiving revenue, to us it will be a cost of capital. That's our relationship with Aurelian. As a parent, we consolidate all of their balance sheet, obviously because we're the controlling shareholder. With regards to participation in CBs, we could help them get better lending. For example, this time in order to, as a debt, you want to increase the net enough for your shareholders. One of the ways you do that is you, for example, do a term loan, right? So Antalpha, with our relationship, we could get funding, cheap funding, and in this case it's 6%. You look at MicroStrategy, they're getting perpetual bonds at 8%, we're getting at 6%. With our relationship, we could do that. We are basically balance sheet light, so we don't provide specific funding ourselves, but we could help Aurelian do that. I think in the future we want to, for example, do an ATM to increase the liquidity of Aurelian's stock. I think that would help. Obviously, with liquidity and so forth, CBs would be cheaper, debt would be cheaper. Those are the things that we're looking at to get us to that first billion. Thank you. As a reminder, to ask a question, please press Star one and one. That's Star one and one. If you wish to ask a question, we will now take the next question from the line of Harold Gest from B. Vital Securities. Please go ahead. Good morning, guys. Thanks for having the call. I was wondering if you could maybe flesh out the pros and cons of having a separate public entity rather than maybe having a Bitcoin gold strategy, tokenized gold strategy on your own balance sheet. What were some of the reasons for having a separate public entity versus not having one? Thanks. I think the market typically values a fintech company based on a P/S or P/E basis. It's our ability to grow our revenue and the fact that we could keep a good margin. Antalpha has been doing that pretty well. We're guiding Q3 from 62% to 69% year over year. Last quarter, our margin incrementally were growing at 40%. Every $100 of revenue went all the way down to bottom line on the EBIT. That's what a fintech business model is and that's what we're really good at. You know, exactly for that. I think the focus is on the balance sheet, right on the NAV, right. If you could raise more, if your balance sheet could be bigger, if you could leverage so that the NAV per share is increasing, that's more of a balance sheet. I think if Antalpha could raise at a cheap price through CBs, through other type of debt offering, it could get a pretty good cheap funding. We would probably want to buy our own XAUT. That makes sense. At the same time, I think a pure play such as Aurelian probably has a better capability to raise a lot of funding to buy gold. Just like a MicroStrategy, you see pure plays do better because investors look at that on a NAV basis versus on a P/E or P/S basis. Excellent. Thank you, Herman. You're welcome. Thank you. That concludes the question and answer period. We will now turn the call back to management for closing remarks. Go ahead. I was going to say, Herman, do you have any final remarks for us? I think it's a pretty simple call. For a lending platform, you want to grow two areas. Number one, ability to lend out, and we have a huge market. We've been executing very well since our beginning of 2022. As I mention, even at the scale that we're doing right now, we're forecasting over 60% year over year. For us to continue to be able to do that, I think funding is very important. Number one is given the fact that crypto is very volatile, we want to diversify our balance sheet so that it's more resilient. If we could make a very successful debt, then we would be able to get additional funding. Obviously, the bigger they are, the cheaper cost it is. I think these two mechanics are required for a lending platform to grow. That's why we are very unique in the sense that unlike others, most are standalone, whereas here Antalpha is getting in the operation of XAUT on our RWA hub and so forth. We're giving air cover as we're promoting. Tether is trying to grow big on XAUT, so it's two large companies relative to Aurelian giving air cover and doing that promotion themselves. We're very different at that than others. Because of Antalpha as a parent, we can allow Aurelian to actually earn a return for the gold holding that they have. That allows it to be operational and at the same time, you know, be able to look at it on an NF basis. Okay, thank you all for joining our call today and happy to answer any questions offline if you guys have further questions. This concludes our call. Thank you again for joining our call today. You may now disconnect.