The increase in value of crypto stocks listed this year far outstrips 90% of altcoins and dog coins.
After the sluggish market in the first quarter of this year, May finally saw a rise in cryptocurrencies. Bitcoin slightly increased by about 9.7%, but what many do not know is that this batch of 'crypto newcomers' that listed on NASDAQ this year has significantly outperformed Bitcoin and most altcoins during these months. Antalpha triggered a trading halt on its first day of listing, eToro closed up 23%, Amber Premium surged nearly 8 times in Q1, and Strive, which completed a reverse merger, skyrocketed more than 10 times within five months.
In this article, Rhythm BlockBeats will analyze several of the most representative cryptocurrency listed companies in 2025 based on financial report data, stock performance, and business models.
Antalpha
On May 14, 2025, Antalpha officially landed on the NASDAQ global market through an initial public offering (IPO), with the stock ticker 'ANTA'. The IPO issue price was $12.80 per share, a total of 3,850,000 shares of common stock were issued. On the first day of listing, the stock price surged by 73.59%, triggering a trading halt mechanism, becoming one of the most watched new stocks in the recent market.
Antalpha is a crypto fintech company focused on Bitcoin mining financial services, with a core positioning to provide structured financing and risk management solutions for the global Bitcoin industry chain. The company primarily serves miners, mining machine manufacturers, and their upstream and downstream ecosystems, with a business system that includes supply chain financing, clearing networks, risk control platforms, and technology service output. Specifically, Antalpha provides equipment procurement and operational funding loans to Bitcoin miners and implements real-time monitoring of collateral positions through its Antalpha Prime technology platform, enhancing asset security and liquidity management. In terms of industrial cooperation, Antalpha is also a core loan partner of Bitmain, deeply embedded in the mining ecosystem. Additionally, the company has launched EVM-compatible anchored Bitcoin asset FBTC in collaboration with Mantle and established standardized solutions in custodial and asset security fields with Cobo in 2023.
In 2024, Antalpha achieved total revenue of $47.45 million, a 321% increase compared to $11.27 million in 2023, showcasing strong business expansion capabilities. Its revenue structure also increasingly exhibits characteristics of a dual-engine model:
On one hand, Technology Financing Fee revenue skyrocketed from $10.35 million to $38.69 million, nearly tripling. This part mainly comes from the structured financing, collateral lending, and clearing services the company participates in as an institutional fund provider, reflecting the continuous enhancement of its market acceptance as the 'plumber of Bitcoin finance'.
On the other hand, Technology Platform Fee revenue also achieved a leap, increasing from $910,000 to $8.76 million, a year-on-year growth of 859%. This growth mainly came from Antalpha packaging its core capabilities in fund scheduling systems, risk monitoring APIs, SaaS platforms, etc., showing that it not only possesses financial execution capabilities but is also gradually building a scalable replicable technology service business.
These two types of income together form the basic business loop for Antalpha as a compliant crypto infrastructure service provider: on one hand, providing liquidity to the industry through structured financing, being seen as the 'plumber of Bitcoin finance'; on the other hand, platforming its technical capabilities, creating a programmable and integrable 'Infrastructure as a Service' toolchain.
Accompanied by rapid revenue growth, the company's operating expenses have also significantly increased. The total operating cost for the year 2024 reached $44.27 million, a growth of approximately 135% compared to $18.89 million in 2023. Among these, financing costs rose from $6.3 million to $24.62 million, closely matching the expansion of the platform's asset scale; R&D spending reached $4.92 million, a year-on-year increase of 57%, indicating the company's continued investment in technology stack development; while marketing and administrative expenses totaled approximately $13.35 million, primarily used for business expansion, compliance framework construction, and IPO-related preparations.
Despite the rapid growth in costs, thanks to the release of scale effects, the company achieved operational profitability in 2024, with an operating profit of $3.18 million for the year, while the same period last year was still a loss of $7.62 million.
On the basis of operating profit, after considering other income and expenses, the company achieved a net profit of $4.39 million, successfully transitioning from loss to positive profitability. Among these, the performance of non-core business segments also played a supporting role: other net income recorded $1.78 million, mainly including interest income and valuation gains from currency-based liabilities; at the same time, due to fluctuations in the prices of certain cryptocurrency assets, the company recognized a fair value loss of $740,000 but also obtained an equivalent valuation hedging gain from related party currency-based liabilities. Overall, these non-operational projects did not impose substantial pressure on profits, but rather provided a certain financial buffer amidst the fluctuations.
From the asset-liability structure perspective, by the end of 2024, Antalpha's total assets reached $1.25 billion, a 71% increase compared to $730 million in 2023. Among them, the receivables from crypto asset collateral jumped from $370 million to $737 million, reflecting the rapid expansion of on-chain collateral assets held by the platform as a lending facilitator. At the same time, the loan receivable balance also rose to $429 million, indicating a significant increase in the activity level of the funding supply side.
On the liability side, total liabilities increased from $719 million to $1.208 billion, mainly composed of platform customer currency-based loans and collateral obligations. This growth is generally matched by the asset side, with no significant liquidity mismatch risk. At the same time, the company's shareholders' equity rose from $12.71 million to $46.38 million, reflecting steady net asset accumulation driven by business growth and ongoing profitability, laying a solid foundation for subsequent financing and capital operations.
On cash flow, Antalpha had a net outflow of $11.69 million in operating cash flow and an investment cash outflow of $76.17 million in 2024, indicating that the company is still in a high investment, high growth phase. However, through proactive financing activities, the company secured $93.35 million in net financing funds that year, achieving a net cash increase of $5.48 million, with a year-end cash and cash equivalents balance of $5.92 million, maintaining healthy liquidity.
To further reflect operational efficiency and true profitability, Antalpha disclosed a non-GAAP financial metric — Adjusted EBITDA. After excluding income taxes, depreciation, and stock-based compensation, this metric improved significantly from -$7.57 million in 2023 to +$5.91 million in 2024, showing that the company's core operating model is continuously optimizing and has successfully entered the profit release stage.
Galaxy Digital
Galaxy Digital is a comprehensive digital asset service company spanning crypto finance and traditional capital markets, founded in 2018 by former Goldman Sachs partner Mike Novogratz. From its inception, Galaxy has aimed to build a 'next-generation Morgan Stanley', with main businesses encompassing asset management, cryptocurrency trading, market-making and lending, investment banking services, structured products, as well as rapidly growing emerging sectors like data centers and AI high-performance computing leasing.
Galaxy's path to listing appears quite representative, as early as 2018, Galaxy completed a backdoor listing on the Toronto Stock Exchange's Venture Board (TSX Venture) through a reverse takeover with a Canadian shell company, Bradmer Pharmaceuticals, with the stock ticker GLXY. With the maturation of the regulatory environment and the construction of compliance frameworks, Galaxy began structural reorganization in 2022, initiating a complex Up-C structure design, relocating its registration from the Cayman Islands to Delaware, USA, and establishing a new holding entity, Galaxy Digital Inc., as the publicly traded company set to be listed on NASDAQ.
This Up-C model allows the company to retain the flexibility of the existing partner structure while achieving transparency for public shareholders' rights and optimizing the voting rights structure, which is a standard reorganization path often adopted by new economy companies in the U.S. like Coinbase and Robinhood before going public. It reflects how cryptocurrency industry companies have circumvented traditional regulatory barriers in recent years, gradually moving towards mainstream capital markets.
The asset management business is one of the brightest performing segments for Galaxy in 2024. The annual asset management scale (AUM) grew to $5.7 billion, setting a new historical high. Of this, $3.5 billion came from ETF products co-issued with global traditional financial giants like Invesco and State Street, while $2.2 billion was composed of alternative investment portfolios such as hedge funds and venture capital funds. The spot Bitcoin ETF (BTCO) and spot Ethereum ETF (QETH) jointly launched by Galaxy and Invesco went live at the beginning and middle of the year, quickly penetrating the mainstream U.S. market; simultaneously, Galaxy also partnered with State Street to launch three crypto-ecological theme ETFs, covering indices related to decentralized technology and Web3 technology.
Moreover, Galaxy also initiated the multi-asset hedge fund product Galaxy Absolute Return Fund within the year, specifically designed for institutional investors, emphasizing a no-coin exposure fund portfolio. In terms of trading and derivatives business, the annual report did not disclose detailed annual trading revenue data, but Galaxy emphasized its continued investment in product diversity, depth of institutional services, and compliance capabilities, introducing various new cryptocurrencies and leveraged trading products, continuously enriching the trading tools on its derivatives platform.
At the same time, Galaxy has also been continuously laying out services at the blockchain infrastructure level, including node hosting services, RPC interface products, multi-chain verification services, etc., gradually building a product system of 'Financial Infrastructure as a Service' and exploring opening it up to project parties and developers in a SaaS model. By the end of 2024, Galaxy's organizational scale continued to expand, with local teams established in places like New York, London, Tokyo, Hong Kong, and Singapore, maintaining a total staff of several hundred, with recruitment focused on asset management, infrastructure operations, and compliance teams.
Starting from Q1 2025, Galaxy also completed the restructuring of its financial report structure, integrating the original three major business lines into two operating sectors and one corporate sector to better align with its strategic focus. The 'Digital Assets' sector consolidates all services related to crypto-native business, such as trading, investment banking, asset management, and infrastructure development (including staking, tokenization, and custody technology); the 'Data Centers' sector independently presents the long-term value and transformation progress of the Helios project, with revenue expected to be recognized in early 2026; the 'Treasury and Corporate' sector primarily includes the impact of investment holdings on the balance sheet and the remaining mining business and other non-operating projects.
In the Q1 2025 financial report, Galaxy Digital disclosed a total revenue of $12.98 million under its GAAP basis. This figure arises from the 'gross-up' treatment of digital asset trading under U.S. GAAP, which requires the total amounts of trades between customers to be recorded as revenue and expenses separately, rather than just recording the actual earned difference or fees. While this accounting method complies with regulatory requirements, it does not accurately reflect the company's profitability and can exaggerate the revenue appearance, particularly typical for a company like Galaxy that encompasses asset management, financial services, and digital infrastructure.
To more accurately present operational performance, Galaxy has simultaneously disclosed a non-GAAP metric - Adjusted Gross Profit, as a primary reference for its internal management and external communication.
In Q1 2025, Galaxy's non-GAAP operating income totaled $87 million, of which $65 million came from digital asset-related businesses and $22 million from asset management. This revenue primarily derives from proprietary trading, Prime brokerage, structured credit, ETF management fees, and fund income, forming a stable and sustainable cash flow source for the company, further demonstrating that its 'trading-asset management-infrastructure' integrated operational system is continuously effective.
After deducting the corresponding costs, Galaxy recorded a net operating profit of $3.5 million, mainly contributed by the digital asset business. This demonstrates the resilience and scalability advantages of its core business against the backdrop of overall volatility in the cryptocurrency market.
However, the GAAP statement shows that the net loss attributable to shareholders for this quarter was $295 million, which was not due to a decline in main business but resulted from two non-recurring items: one was the temporary correction in prices of core holding assets like BTC and ETH in Q1, causing paper losses; the other was Galaxy's retirement restructuring of old mining machines in the Helios project, for which it recognized a one-time large asset impairment. Although these non-operating losses depressed profit performance on the statement level, they did not affect Galaxy's cash flow and main operational quality.
Galaxy Digital's revenue structure in Q1 2025 shows its increasingly mature diversified operational framework. Trading and Lending businesses continue to play core roles in generating cash flow. In January, the market rebounded strongly, and Galaxy's proprietary trading and client facilitation businesses achieved considerable returns, but entering February, prices of digital assets stabilized, volatility decreased, and trading volumes subsequently declined, exerting some pressure on trading operations. Nevertheless, its Lending segment maintained stable growth, with total loan balances reaching $870 million, a 25% increase from the previous quarter, mainly driven by institutional clients' increased demand for structured financing and liquidity. This quarter, the Lending business generated $23 million in interest income, demonstrating Galaxy's significant effectiveness in stable income asset deployment.
In asset management, although the market downturn led to a total scale of managed and staked assets dropping to $7 billion, nearly a 30% decrease compared to the previous period, management fee income remained robust, demonstrating good client stickiness and product moats. Its jointly issued Bitcoin spot ETF with Invesco — BTCO, successfully entered several top wealth management platforms in traditional finance in Q1, cumulatively covering over $2 trillion in asset systems. This marks that Galaxy's ETF products have truly penetrated into mainstream compliant funds. Additionally, its crypto venture fund Galaxy Crypto Venture Fund II also completed over $160 million in fundraising during this quarter, showing strong capital appeal in the primary market.
Notably, Galaxy is building its AI data center business, specifically the Helios project in Texas. Although this part of revenue has not yet begun to be recognized this quarter, its transformation process has entered a critical phase. The first two phases of the project have deployed a total of 393 megawatts of computing power and have signed a 15-year long-term lease agreement with AI infrastructure leader CoreWeave. Based on the agreement, this data center is expected to create cumulative revenues of about $1.3 billion or even more for Galaxy over the next fifteen years. Currently, this expenditure is considered capitalized investment and does not affect current profits, but it is evidently a key component of Galaxy's growth curve in the next phase.
At the same time, Galaxy reported a net loss of $295 million this quarter, which mainly did not stem from its main business but was due to paper losses caused by the price correction in the digital asset market and asset impairment from the decommissioning of old mining machines in the Helios project. These floating items totaled $392 million, which, while suppressing GAAP net profit, did not actually affect its operating income and cash flow performance. From a non-GAAP perspective, Galaxy's main operating profit remains stable, with structural earnings continuously generated from segments such as asset management, trading facilitation, lending, and fund issuance.
It can be said that the financial report for this season is a transformation window for Galaxy to fully 'connect with Wall Street' from operations to accounting systems. From the GAAP reports, it is a company under pressure from market volatility; however, from a non-GAAP perspective, Galaxy is steadily building a global multi-asset platform with stable cash flow, a wide range of financial products, and AI data centers as the medium to long-term support.
eToro
On May 14, 2025, eToro completed its IPO pricing, officially listing on NASDAQ (stock code ETOR) on May 15, selling 6 million shares at a price of $52 per share, raising approximately $312 million from investors. This listing valued the company at $4.2 billion. The platform, established in 2007 in Israel, primarily provides social trading services for cryptocurrencies, stocks, ETFs, and other multi-asset products, positioning itself as a competitor to Robinhood.
Previously, eToro attempted to go public through a SPAC merger (valued at $10.4 billion in 2021) but terminated the plan in 2022 due to changes in market conditions. It is worth noting that the BlackRock fund has already committed to purchasing $100 million in stock at the issue price before the IPO, showing the high interest of institutional investors in the Web3 track.
In 2024, eToro's total revenue combined with other income reached $12.64 billion, more than three times that of 2023 ($3.89 billion), far exceeding $6.33 billion in 2022. Among these, revenue from cryptocurrency trading was the main contributor, reaching $12.147 billion, accounting for over 96%, whereas in 2023, this revenue was only $3.431 billion, indicating a significant increase in the platform's market share in this round of cryptocurrency market.
In terms of non-crypto asset business, eToro has also maintained steady growth: net revenue from stock, commodity, and forex trading reached $329 million; net interest income from users was $197 million, a year-on-year increase of about 25%; foreign exchange conversion and other income amounted to $81.41 million; other interest income totaled $16.65 million.
At the same time, it is worth noting that the cryptocurrency derivatives trading segment recorded a net loss of $131 million in 2024, which is related to its risk exposure management and some volatility trading strategies, reflecting the double-edged sword nature of the crypto leverage market.
While eToro experienced significant revenue growth, its expenses also expanded noticeably. In 2024, total costs reached $12.39 billion, of which the cost of revenue for cryptocurrency assets (i.e., trading counterparties and market execution fees) was $11.816 billion, nearly tripling year-on-year; sales and marketing expenses amounted to $178 million, a year-on-year increase of approximately 20%, mainly used for user growth, brand expansion, and market input before the IPO; general and administrative expenses were approximately $228 million, slightly below the $246 million in 2023; R&D expenses were $131 million, maintaining a relatively stable level; interest expenses, financial costs, etc., were minor cost items, totaling approximately $49 million.
Despite the significant increase in total costs, eToro's profitability has soared this year, driven by revenue growth far exceeding cost increases.
Driven by strong revenues, eToro achieved a pre-tax profit of $245 million, nearly 9 times that of 2023 ($27.73 million). After deducting $53.24 million in income tax, the net profit was $192 million, while the previous year's net profit was only $15.25 million, and in 2022, it was a loss of $215 million.
CoreWeave
CoreWeave, formerly Atlantic Crypto (established in 2017), initially focused on providing GPU mining infrastructure for cryptocurrencies like Ethereum. With Ethereum transitioning to a PoS consensus mechanism in 2022, it quickly adjusted its strategy, repurposing GPU clusters originally used for mining to graphic rendering and AI training, seizing the opportunity presented by the generative AI boom, and transforming into a company focused on AI cloud computing services, collaborating with multiple mining enterprises in the cryptocurrency space.
CoreWeave went public on NASDAQ on March 28, 2025, with the stock ticker 'CRWV', raising $1.5 billion and valued at approximately $23 billion. Although the stock price performed poorly on its first day, the company's positioning in the AI infrastructure sector has garnered significant attention, with NVIDIA subscribing to $250 million in stock as a strategic investor, earning it the nickname 'NVIDIA's favored child' in the U.S. stock market.
On May 14, CoreWeave released its first quarterly report since going public, showing its revenue growth rate far exceeding analysts' expectations.
Revenue: For the quarter ending March 31, revenue reached $981.6 million, a staggering increase of 420% year-on-year (compared to $188.7 million in the same period last year), far exceeding market expectations of $853 million.
Earnings per share: net loss of $1.49, with net losses expanding from $129.2 million in the same period last year to $314.6 million, partly due to $177 million in equity incentive costs related to the IPO.
Business growth rate: The total revenue growth rate for 2024 was 737%, although it slowed in this quarter, it still maintained triple-digit high growth.
In terms of business model, CoreWeave provides computing power services by renting out NVIDIA graphics processors (GPUs) to enterprises, competing with tech giants like Amazon Cloud, but industry leaders like Google and Microsoft have become its dependent clients, with Microsoft contributing 62% of its revenue in 2024 ($1.92 billion).
It is noteworthy that OpenAI signed a five-year cooperation agreement with CoreWeave this quarter, worth up to $11.9 billion, alongside its reliance on Microsoft (which contributed 62% of CoreWeave's revenue in 2024), highlighting its critical position in the AI computing power sector.
Strive Asset Management
Strive Asset Management has completed its listing on NASDAQ on May 7 through a reverse merger, having reached a final merger agreement with the NASDAQ-listed company Asset Entities Inc. (NASDAQ: ASST), and will continue to trade on NASDAQ under the 'Strive' brand. After the transaction, Strive holds 94.2% of the new company’s shares, with the former CEO Matt Cole serving as chairman and CEO.
Strive was founded by Vivek Ramaswamy, co-leader of the U.S. government's efficiency department DOGE, with investors including vice-presidential candidate JD Vance, closely related to the Trump camp. The company is seen as an important force in promoting 'Bitcoin Strategic Reserves'.
Strive Asset Management has applied to U.S. regulators for approval to list an ETF that invests in convertible bonds issued by MicroStrategy and other companies. This ETF aims to provide exposure to 'Bitcoin Bonds', described as 'convertible bonds issued by MicroStrategy or other companies that plan to use all or most of the proceeds to purchase Bitcoin'.
As of Q1 2025, Strive's total assets under management (AUM) have reached approximately $2 billion, a year-on-year increase of over 70%. Strive's main business structure is built around ETF products, having launched 13 exchange-traded funds in less than three years, covering various dimensions such as core index strategies, thematic investments, and actively managed fixed-income funds.
These ETF products have become its main recurring revenue source, especially after gaining recognition in the retail market, rapidly expanding to over 7,000 registered investment advisor (RIA) teams and entering multiple corporate 401(k) pension platforms. Meanwhile, the company has also made breakthroughs in technology platform services, beginning to provide 'Technology Platform Fee' revenue to high net-worth clients and institutions through direct investment portfolios, customized index services, and tax optimization tools, which has also become its new revenue growth curve.
While the company has not yet released a complete GAAP financial statement, from the investor documents released in May 2025, the revenue structure is becoming increasingly clear, with the expense side focusing on organizational expansion and market promotion, highly relying on social media and content operations for market penetration, with over 200,000 users in TikTok and Discord communities and annual interactions in the tens of millions. Moreover, as Strive prepares to enter the public market, its expenditures on compliance, personnel, and listing architecture have also significantly increased, constituting its main operational cost items.
Simultaneously, Strive launched a breakthrough financial engineering plan during the merger: opening a Bitcoin equity exchange window of up to $1 billion. Through IRS Section 351, the company allows Bitcoin holders to exchange BTC for Strive equity without triggering capital gains tax. This mechanism is termed the 'Bitcoin Balance Sheet Engineering', aimed not merely at hoarding Bitcoin but at transforming BTC into a foundational anchor for corporate value pricing, creating a capital allocation platform supported by BTC as a reserve asset and stable income streams.
Furthermore, Strive has established Bitcoin as the 'capital deployment benchmark rate' within the company, which means that any investment decision, merger transaction, or financing activity must be judged based on 'whether it outperforms the long-term annualized return of BTC'. This concept reflects the company's firm belief in a Bitcoin-based economy: if the capital appreciation return cannot exceed that of BTC, then it is not worth pursuing.
From a new ETF issuer to a compliant listing platform building a 'Bitcoin Asset Treasury' model, Strive's transformation speed can almost be described as 'radical'. However, from its capital structure, business performance, and user community's stickiness, it is redefining the boundaries of asset management companies in a way different from traditional Wall Street.
Amber Premium
Amber Group was established in 2017 and is headquartered in Hong Kong, serving as a global crypto financial service provider. On March 12, 2025, Amber Group's crypto financial institution service and solution provider Amber International (brand name: Amber Premium) completed a merger transaction with iClick Interactive Asia Group Limited and started trading on the NASDAQ global market under the stock code 'AMBR'.
As the core subsidiary of Amber Group, Amber Premium will fully leverage its proprietary blockchain and financial technology, AI-powered risk management, as well as Amber Group's years of market experience and influence to continue strengthening its execution services, expanding compliance products, and promoting the scaled development of institutional-level digital asset finance through deepening institutional cooperation and enhancing compliance security.
In 2024, Amber International remains in a critical transition period of large-scale strategic transformation. From a financial performance perspective, although it is still in a loss position overall, signs of improvement in several core indicators are beginning to emerge, especially the growth potential of new business sectors is being gradually released.
First, looking at the revenue side, Amber achieved continuous operating revenue of $32.806 million that year, a decrease of approximately 9% compared to $36.051 million in 2023. This decline was mainly affected by the pressure of the macroeconomic environment, particularly the tightening of marketing budgets by advertisers, causing a 13% year-on-year decline in one of the company's main revenue sources, marketing solutions. However, revenue from its enterprise solutions segment still recorded slight growth, indicating that the demand for digital services has somewhat hedged the downward risks of traditional advertising business. Meanwhile, the company maintained good cost control, with an annual gross profit of $16.747 million and a gross margin of approximately 51.0%, basically in line with the previous year's 52.9%, showing that while revenues fluctuated, the overall profitability quality of the company remained stable.
However, on the expense side, Amber's operating costs have seen significant increases, with total operating expenses rising from $30.725 million in 2023 to $34.107 million, a year-on-year increase of approximately 11%. The changes in the expense structure have been quite dramatic: sales and marketing expenses plummeted from $17.28 million to $7.118 million, a reduction exceeding 59%, indicating that the company is consciously cutting back on traditional promotional spending and transitioning to more efficient marketing methods. However, the savings in marketing expenses did not fully translate into profit space. The largest increase in expenditure occurred in general and administrative expenses, which skyrocketed from $10.838 million to $26.058 million, a year-on-year surge of about 140%. This was mainly due to the one-time costs associated with the legal, auditing, compliance, and human resources of Amber DWM's acquisition. R&D spending remained relatively stable at $8.78 million for the year, slightly down from the previous year, indicating that the company maintains rational control over technology investments.
In the non-operating section, the company also faced net other losses of $72.1 million, far exceeding $22.99 million in 2023. This part of the loss may involve impairments of long-term investments, losses due to exchange rate fluctuations, and additional costs arising from the Amber DWM merger. Considering interest income and expenses, Amber's pre-tax operating loss for the year expanded to $24.07 million (compared to $13.03 million in 2023). Ultimately, the net loss attributable to common shareholders was $23.935 million, equivalent to a loss of $2.61 per ADS, with the loss margin expanding year-on-year, reflecting that the financial pressure from the merger transformation was being concentrated and released.
Furthermore, the company has gradually exited the mainland China market since 2023, and the related cessation of operations is still a drag in 2024, with a net loss of $5.104 million. Although this is a significant reduction compared to the previous year's loss of $25.187 million, it still poses a burden on the group's finances. Despite recording a one-time disposal gain of $2.585 million to partially hedge, the comprehensive impact led to Amber's total net loss attributable to shareholders reaching $29.007 million, equivalent to a loss of $3.17 per ADS. This represents an improvement compared to the loss of $3.78 per ADS in 2023, but overall, it remains in a 'growing pains phase' during a deep transformation.
It is worth noting that Amber recorded a foreign currency translation gain of $37.49 million in 2024, mainly from the appreciation of local currencies in Asia against the U.S. dollar. This exchange gain effectively hedged part of the accounting losses, keeping the company's comprehensive loss at $22.593 million, significantly better than the previous year's loss of $38.673 million. This indicates that, after excluding the effects of exchange rates and one-off accounting items, Amber's operational quality is steadily improving.
It is noteworthy that Amber DWM, the business entity that the company formally completed merging in 2025, had an impressive independent financial performance in 2024. Although it has not yet been consolidated, Amber disclosed in its annual report that this segment's annual revenue has exceeded $42 million, with significant profit growth in the second half of the year. This business entity operates under the Amber Premium brand and is the core segment of the company's comprehensive transformation into compliant crypto financial services, covering services such as institutional crypto asset custody, OTC liquidity facilitation, portfolio management, and payment solutions for high-net-worth clients, all of which have high added value and growth potential.
Looking ahead to 2025, Amber Premium is highly anticipated. The company expects its Q1 2025 revenue to reach between $12.5 million and $13.5 million, achieving 30% of DWM's revenue in just one quarter, indicating a rapid expansion speed. Meanwhile, Amber has announced the establishment of a $10 million cryptocurrency asset reserve fund, officially incorporating cryptocurrency assets into the company's balance sheet. This not only represents its financial system beginning to evolve towards a Web3 financial model but also marks Amber's departure from the old model, fully transforming into a crypto technology financial platform.