olivLaw · US equity research
Metalpha Technology Holding Limited MATH
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Metalpha Technology Holding Limited is a Cayman Islands holding company that, after ceasing its mainland China operations, now provides digital asset services, mainly structured crypto derivative products for institutional clients and high-net-worth individuals. Revenue reached 37.1 million USD in fiscal 2026, while net profit declined sharply from the prior year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Metalpha Technology Holding Limited (MATH) stock was 1.04 USD (+5.05% on the day), with market capitalisation 49.0 m USD, P/E 2.5 on diluted EPS of 0.41 USD over the last 12 months, beta 0.78, 52-week range 0.75–3.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 0.94 – 1.12
- in the upper half of the band · %B 0.56 · band width 16.9%
- SMA 50 / 200
- 0.99 / 1.09
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.6% | −1.1% | −3.5 pp | — |
| 3 months | +12.6% | −0.5% | +13.0 pp | — |
| 6 months | −6.3% | +4.4% | −10.7 pp | — |
| Year to date | −50.5% | +12.3% | −62.8 pp | — |
| 1 year | −61.9% | +13.5% | −75.4 pp | −47.5% |
| 3 years | −27.8% | +76.4% | −104.2 pp | −48.3% |
| 5 years | −35.8% | +63.7% | −99.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 4.1, median 88.1, max 172.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 m | 2.8 m | 11.3 k | 225.7 k | 2.2 m | 5.7 m | 16.8 m | 44.6 m |
| Revenue YoY | +19.2% | −35.6% | −99.6% | +1,906.3% | +854.9% | — | +194.5% | +165.9% |
| Net income | 193.1 k | -1.1 m | -1.4 m | -5.1 m | -14.4 m | -20.6 m | -3.7 m | 15.8 m |
| Net income YoY | −88.7% | −647.0% | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | 0.02 | -0.09 | -0.12 | -0.44 | -0.79 | -0.76 | -0.11 | 0.41 |
| Diluted EPS YoY | −88.2% | −550.0% | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| net % | 4.5% | -38.3% | -12,590.8% | -2,280.4% | -669.9% | -361.1% | -21.9% | 35.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | -1.1 m | -11.6 m | 24.7 k |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 6.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 36.6 m USD
- Total assets
- 246.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.17x
- ROE
- 59.1%
- ROA
- 7.5%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.3 k | 225.7 k | 2.2 m | 5.7 m | 16.8 m | 44.6 m | SEC (XBRL)· 30 Jul 2025verified |
| Cost of revenue | — | — | 75.8 k | 3.7 m | 11.1 m | 23.3 m | SEC (XBRL)· 30 Jul 2025verified |
| Gross profit | — | — | 46.9 k | 2.0 m | 5.6 m | 21.3 m | SEC (XBRL)· 30 Jul 2025verified |
| SG&A | 2.1 m | 4.2 m | — | — | — | — | SEC (XBRL)· 02 Aug 2021verified |
| Operating income | -2.1 m | -3.9 m | -3.2 m | -1.6 m | 1.3 m | 17.4 m | SEC (XBRL)· 30 Jul 2025verified |
| Depreciation & amortisation | 86.4 k | 76.7 k | 65.0 k | 2.9 k | 3.2 k | 3.1 k | SEC (XBRL)· 30 Jul 2025verified |
| EBITDA | -2.0 m ≈ | -3.9 m ≈ | -3.2 m ≈ | -1.6 m ≈ | 1.3 m ≈ | 17.4 m ≈ | SEC (XBRL)· 30 Jul 2025derived |
| Interest expense | 3 | 1.6 m | 1.9 m | 8.5 k | 4.2 k | 75.3 k | SEC (XBRL)· 30 Jul 2025verified |
| Pre-tax income | -1.5 m | -2.3 m | -11.2 m | -11.7 m | -3.7 m | 15.9 m | SEC (XBRL)· 30 Jul 2025verified |
| Income tax | 27.4 k | — | 8.1 k | 218.0 k | — | — | SEC (XBRL)· 12 Feb 2024verified |
| Net income | -1.4 m | -5.1 m | -14.4 m | -20.6 m | -3.7 m | 15.8 m | SEC (XBRL)· 30 Jul 2025verified |
| Diluted EPS | -0.12 | -0.44 | -0.79 | -0.76 | -0.11 | 0.41 | SEC (XBRL)· 30 Jul 2025verified |
| Weighted average diluted shares | 11.4 m | 11.7 m | 18.3 m | 27.0 m | 34.7 m | 38.5 m | SEC (XBRL)· 30 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 15.9 k | 982.5 k | 5.3 m | 6.7 m | 4.9 m | 6.9 m | SEC (XBRL)· 30 Jul 2025verified |
| Current assets | 9.7 m | 15.5 m | 23.6 m | 55.9 m | 174.6 m | 246.5 m | SEC (XBRL)· 30 Jul 2025verified |
| Property, plant & equipment, net | 134.6 k | 48.3 k | 298.0 k | 8.4 k | 5.9 k | 50.1 k | SEC (XBRL)· 30 Jul 2025verified |
| Intangibles (excl. goodwill) | 490 | 283 | 8.4 m | 41.1 m | 126.5 m | 221.2 m | SEC (XBRL)· 30 Jul 2025verified |
| Total assets | 10.0 m | 15.6 m | 24.3 m | 56.1 m | 174.7 m | 246.8 m | SEC (XBRL)· 30 Jul 2025verified |
| Accounts payable | 14.3 k | 22.1 k | 1.5 m | 1.3 m | 11.5 m | 7.0 m | SEC (XBRL)· 30 Jul 2025verified |
| Current liabilities | 2.6 m | 7.1 m | 10.0 m | 47.4 m | 157.9 m | 210.2 m | SEC (XBRL)· 30 Jul 2025verified |
| Total liabilities | 2.6 m | 7.1 m | 10.1 m | 47.5 m | 157.9 m | 210.2 m | SEC (XBRL)· 30 Jul 2025verified |
| Equity | 7.4 m | 8.6 m | 14.2 m | 8.6 m | 16.9 m | 36.6 m | SEC (XBRL)· 30 Jul 2025verified |
| Shares outstanding at year end | 11.4 m | 13.3 m | 23.6 m | 37.2 m | — | 39.5 m | SEC (XBRL)· 30 Jul 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -815.3 k | -2.8 m | -4.8 m | -1.1 m | -11.6 m | 72.0 k | SEC (XBRL)· 30 Jul 2025verified |
| Capex | — | — | — | 3.2 k | 1.3 k | 47.3 k | SEC (XBRL)· 30 Jul 2025verified |
| Free cash flow | — | — | — | -1.1 m ≈ | -11.6 m ≈ | 24.7 k ≈ | SEC (XBRL)· 30 Jul 2025derived |
| Investing cash flow | 71.4 k | 879.2 k | 348.1 k | -20.4 k | 32.7 k | -23.3 k | SEC (XBRL)· 30 Jul 2025verified |
| Financing cash flow | 298.7 k | 3.1 m | 9.0 m | 2.6 m | 9.7 m | 2.1 m | SEC (XBRL)· 30 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 49.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.33 – 11.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E3.33 – 11.61 (Mid 8.59)10 companies used · median multiple 20.9x · quartiles 8.1x – 28.3xATCH, AXP, JFU, NU, PGY, PURR, RHLD, SNFCA, SOFI, UPST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.4% | 86 (vs peers) | 13% |
| FCF conversion · Quality | 0.2% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 174.5% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 231.7x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 2.5x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.1% | 1 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Metalpha Technology Holding Limited (MATH). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 44.6 m USD in 2025; YoY growth 165.9%; net margin 35.4%; ROE 59.1%.
The estimated value range is 3.33–11.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.59 USD, the price of 1.04 USD leaves a potential of 725.7% (value / price − 1) and a margin of safety of 87.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.4%
- Revenue CAGR 3Y: 174.5%
- Interest coverage: 231.7x
- P/E (TTM): 2.5x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 0.2%
- FCF yield: 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| MATHMetalpha Technology Holding Limited | 49.0 m | 2.5 | 59.1% | 35.4% | +165.9% | −62% / −28% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for MATH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.56 Total return -47% · Per year -47% | 0.98 Total return -6% · Per year -6% | 1.47 Total return 41% · Per year 41% |
| 3 years | 0.66 Total return -37% · Per year -14% | 1.29 Total return 24% · Per year 7% | 2.11 Total return 103% · Per year 27% |
| 5 years | 0.78 Total return -25% · Per year -6% | 1.71 Total return 64% · Per year 10% | 3.04 Total return 192% · Per year 24% |
- Exit P/E± 0.32
- Net margin± 0.23
- Annual revenue growth± 0.17
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 6-K (29 Sept 2026).
In brief
Metalpha Technology Holding Limited is a Cayman Islands holding company that, after ceasing its mainland China operations, now provides digital asset services, mainly structured crypto derivative products for institutional clients and high-net-worth individuals. Revenue reached 37.1 million USD in fiscal 2026, while net profit declined sharply from the prior year.
SWOT
Strengths
- The company has a clearly defined strategy focused on institutional and high-net-worth clients, which may provide more stable relationships than the retail segment.
- The trading team and experience across financial and technology sectors are regarded by the company as important assets.
- Its hedging structure reduces exposure to one-sided market moves, which may protect operating results.
Weaknesses
- The operating history in this field is short and the business model is still being tested by the market, which makes results volatile.
- The company depends on a few large clients, and a substantial shareholder plays an important role in product subscriptions.
- General and administrative expenses rose sharply in fiscal 2026, which significantly reduced profit.
Opportunities
- If institutional interest in digital assets continues, structured products could attract new clients.
- Expansion into North America through the Canadian joint venture could diversify revenue sources.
- Hong Kong licenses could support advisory and asset management services for clients seeking regulated exposure.
Threats
- A fall in cryptocurrency prices or higher volatility could reduce client demand for the company's products.
- Regulatory changes in the jurisdictions where the company operates could restrict its activity or raise compliance costs.
- Problems at trading and custody partners could interrupt services or lead to loss of assets.
Risks
- Client concentrationhigh
A small number of clients account for a significant share of transaction volume. If they reduce or stop subscriptions, revenue could fall quickly.
- Dependence on a shareholder-clienthigh
A substantial shareholder is also an important client and service provider. A deterioration in that relationship could affect subscriptions and operations.
- Custody and trading partner riskhigh
Operations depend on partners such as Binance for trading and custody. Security incidents or regulatory sanctions could lead to loss of assets or interruptions.
- Evolving regulatory landscapemedium
Digital asset rules are changing quickly in several jurisdictions. Failure to comply could damage reputation and the continuity of the business.
- Need for additional capitalmedium
The company states current resources should cover at least the next 12 months, but if cash flows weaken, new capital could be needed, with possible dilution.
Investment thesis
What would need to be true (bull case)
- If institutional interest in digital assets grows, the company could benefit from demand for its structured products and sustain its revenue.
- Cost control or stronger operating profitability could show that the business model is becoming more efficient after years of testing.
- Expansion in North America and the Hong Kong licenses could open new revenue sources and reduce dependence on a single segment.
What would break the thesis
- Revenue declined in fiscal 2026 and net profit fell sharply, which could indicate difficulty sustaining results.
- Reliance on a few clients and on a shareholder-client could expose the company to sudden losses of revenue.
- If regulation tightens or trading partners face problems, operations could be seriously affected.
What to watch
- Trend of digital asset revenue and the number of large clientsNext 10-K
- Level of general and administrative expenses after the fiscal 2026 increase2027
- Progress of the NOWLIT joint venture in Canada2027
- Cash position and the need for additional financingNext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 6-K (29 Sept 2026).
The business
The company no longer has operations in mainland China, having disposed of its supply chain management platform by March 2023 and terminated the VIE structure. Its main activity is providing digital asset services through subsidiaries, mainly structured derivative products based on cryptocurrencies such as Bitcoin and Ethereum, alongside proprietary trading. Income from these services was 37.1 million USD in fiscal 2026 1.
Its Hong Kong subsidiary, LSQ Capital Limited, holds SFC Type 4 and Type 9 licenses and offers securities advisory and asset management services. The company reported revenue from these activities in fiscal 2025 but none in fiscal 2026 1.
Target clients are institutional investors and high-net-worth individuals rather than the general public, and the company argues its structures offer risk-adjusted exposure compared with direct cryptocurrency purchases. An April 2024 joint venture, NOWLIT FinTech Solutions Corp. in Canada, aims to expand its presence in North America 1.
Segments
Digital asset services
This is the main revenue source, including gains on trading of digital assets, listed securities and derivative contracts, plus interest and service fee income. Revenue fell from 41.5 million USD in fiscal 2025 to 37.1 million USD in fiscal 2026 1.
Advisory and asset management (Hong Kong)
Through LSQ Capital Limited, this segment contributed 3.1 million USD of revenue in fiscal 2025 and nothing in fiscal 2026. The company also disposed of its 40% interest in NextGen Fund in June 2025 1.
Discontinued supply chain platform
The mainland China supply chain platform generated no revenue in fiscal 2024, 2025 or 2026, as operations ceased in January 2023 and were fully divested by March 2023 1.
Market context
The company operates in the market for structured financial products linked to cryptocurrencies, aimed at institutional and professional investors. The source notes that the sector has been marked by volatility and by the collapse of major platforms such as FTX and Luna, which affected investor confidence 1.
Regulation is still evolving, both in the British Virgin Islands under the VASP Act effective February 2023 and in Hong Kong, where the framework for virtual assets is developing. The company notes that regulatory changes could adversely affect its business 1.
Trends
- Volatility in crypto marketsheadwind
The value of the company's products depends on cryptocurrency prices. If prices fall or become more volatile, clients could reduce purchases, which would affect revenue 1.
- Institutional interest in digital assetstailwind
The company argues that crypto is increasingly recognized within traditional finance, which could open opportunities for structured products aimed at institutions 1.
- Regulatory scrutiny of trading platformsmixed
US and other authorities have increased scrutiny of crypto trading service providers. If key partners such as Binance were found in violation, restrictions or additional compliance costs could follow 1.
- Expansion into North Americatailwind
Through the NOWLIT joint venture in Canada, the company aims to build a presence in the North American digital asset market. The effect depends on winning clients and on local regulation 1.
Competitive position
The source does not explicitly identify the company's competitors or provide comparative market share data. The company differentiates itself by targeting institutions and high-net-worth clients rather than the retail public, which it considers less stable 1.
The company depends on industry partners for trading and custody, such as Binance and Deribit, so competitive pressure and supplier conditions directly influence its operations 1.
- Binance
Primary trading and custody provider and also an important client; the relationship carries reputational and regulatory risk.
- Deribit
Key industry partner for trading and custody, cited as an operational dependency.
- Northstar Technologies
Substantial shareholder and key client, which also provides technical services to the company.
- Retail-focused crypto platforms
The source notes that other crypto enterprises mainly serve retail individuals, unlike Metalpha.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)06 Aug 2026
- Annual report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)09 Mar 2026
- Current report (foreign issuer)20 Feb 2026
- Current report (foreign issuer)09 Feb 2026
- Current report (foreign issuer)05 Dec 2025
- Current report (foreign issuer)04 Nov 2025
- Current report (foreign issuer)30 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Metalpha Technology Holding Limited · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.