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Metalpha Technology Holding Ltd

Metalpha Technology Holding Ltd is a finance services company in Hong Kong, listed on Nasdaq (MATH).1

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Last updated Oct 21, 2026.

Overview

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  • TickerMATH on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersK31
  • Incorporated inHong Kong2
  • Business addressSuite 5506-07, Central Plaza, 18 Harbour Road, Wan Chai2
  • Filer categoryNon-accelerated filer2

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We are not an operating company but a Cayman Islands holding company. Currently, we are a provider of digital asset services.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.8%Gross margin4
39.1%Operating margin4
35.7%Net margin4
165.9%Revenue growth, 20254
43.5%Return on equity4
$24.7KFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue52¢$23.3M
  • Selling, general and admin9¢$3.8M
  • Other costs3¢$1.5M
  • Interest0¢$75.3K
  • Profit36¢$15.9M

Out of $44.6M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending66¢$47.3K
  • Kept or used elsewhere34¢$24.7K

Out of $72.0K of cash from operations.4

Financial statements

Revenue564$44.6M in 2025+1516% since 2019
0$20.0M$40.0M$60.0M2019: $2.8M$2.8M20192020: $11.3K$11.3K2020−100%2021: $225.7K$225.7K2021+1906%2022: $2.2M$2.2M2022+855%2023: $5.7M$5.7M2023+164%2024: $16.8M$16.8M2024+195%2025: $44.6M$44.6M2025+166%
Gross profit74$21.3M in 2025+45296% since 2022
0$10.0M$20.0M$30.0M2022: $46.9K$46.9K20222023: $2.0M$2.0M2023+4206%2024: $5.6M$5.6M2024+179%2025: $21.3M$21.3M2025+279%
Operating income574$17.4M in 2025
-$10.0M0$10.0M$20.0M2019: -$2.2M-$2.2M20192020: -$2.1M-$2.1M2020−5%2021: -$3.9M-$3.9M2021+86%2022: -$3.2M-$3.2M2022−17%2023: -$1.6M-$1.6M2023−52%2024: $1.3M$1.3M20242025: $17.4M$17.4M2025+1210%
Net income574$15.9M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M$20.0M2019: -$1.1M-$1.1M20192020: -$1.4M-$1.4M2020+34%2021: -$5.1M-$5.1M2021+263%2022: -$14.4M-$14.4M2022+180%2023: -$20.2M-$20.2M2023+40%2024: -$3.7M-$3.7M2024−82%2025: $15.9M$15.9M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2026-03-312025-03-312024-03-31
Revenue$37.1M$44.6M$16.8M
Cost of income-$21.7M-$23.3M-$11.1M
Gross profit$15.4M$21.3M$5.6M
Selling and promotion-$5.7K-$69.7K-$41.4K
General and administrative-$14.0M-$3.8M-$4.3M
Total operating expenses-$14.0M-$3.9M-$4.3M
Profit from operation$1.4M$17.4M$1.3M
Other income$237.5K$882.2K$1.0M
Impairment loss on financial asset at fair value through profit or loss-$671.4K
Share purchase warrants expenses-$1.7M-$6.0M
Finance costs-$17.8K-$75.3K-$4.2K
Total other income and expense, net$219.7K-$1.5M-$5.0M
Profit (loss) before income tax expense from continuing operations$1.6M$15.9M-$3.7M
Income tax expense-$289.1K
Profit (loss) for the year$1.3M$15.9M-$3.7M
Foreign operations foreign currency translation differences-$118.4K-$117.4K-$35.1K
Income (loss) attributable to owners of the Company$1.3M$15.9M-$3.7M
Total comprehensive income (loss) for the year attributable to Owners of the Company$1.2M$15.8M-$3.7M
- Basic$0.03$0.41-$0.11
- Diluted$0.02$0.28-$0.11
- Basic42.9M shares38.5M shares34.7M shares
- Diluted64.6M shares57.4M shares34.7M shares

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Corporate structure

Metalpha Technology Holding Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Metalpha Technology Holding Ltd

  • Bingzhong Wang Filed SCHEDULE 13D/A on Metalpha Technology Holding Ltd, latest May 14, 2026 (4 filings since Jun 7, 2023)
  • Xianqun Hu Filed SCHEDULE 13G/A on Metalpha Technology Holding Ltd, latest May 14, 2026 (6 filings since Feb 14, 2023)
  • LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP Filed SCHEDULE 13G/A on Metalpha Technology Holding Ltd, latest Feb 25, 2026 (2 filings since Feb 20, 2026)
  • KBR Fund Management Ltd Filed SCHEDULE 13G/A on Metalpha Technology Holding Ltd, latest Feb 6, 2025 (3 filings since Dec 6, 2021)
  • Ming Ni Filed SC 13D/A on Metalpha Technology Holding Ltd, latest Jan 22, 2024 (6 filings since Dec 3, 2021)
  • Folius Ventures LLC Filed SC 13G/A on Metalpha Technology Holding Ltd, latest Dec 4, 2023 (2 filings since Nov 14, 2023)
  • Antalpha Technologies Holdings Ltd Filed SC 13D on Metalpha Technology Holding Ltd, latest Jan 10, 2023
  • Metalpha Technology Holding Ltd K3

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Metalpha Technology Holding Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$50.1K4 Mar 31, 2025$5.9K4 Mar 31, 2024+750.2%
Operating-lease assets (leased space)$188.0K4 Mar 31, 2025$35.7K4 Mar 31, 2024+426.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.9M4 Mar 31, 2025$4.9M4 Mar 31, 2024+41.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$221.2M4 Mar 31, 2025$126.5M4 Mar 31, 2024+74.9%

Leadership

Who has led Metalpha Technology Holding Ltd, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Xiaosi Zhang2026–now
Board members and other officers (2)

Former names

  • Dragon Victory International LtdAug 22, 2016 to Nov 16, 20222

Filings

116 filings to the SEC since October 2021: 5 annual reports, 12 insider forms, 24 large holders, 75 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 29, 20264 EDGAR
  3. Sep 29, 20264 EDGAR
  4. Sep 29, 20264 EDGAR
  5. Sep 29, 20264 EDGAR
  6. Sep 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Sep 25, 2026EFFECT EDGAR
  8. Sep 15, 2026F-3/A AMENDMENT NO. 2 TO FORM F-3 EDGAR
  9. Aug 21, 2026F-3/A AMENDMENT NO. 1 TO FORM F-3 EDGAR
  10. Aug 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Aug 6, 202620-F ANNUAL REPORT EDGAR
  12. Jul 31, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
  13. Jun 29, 2026F-3 REGISTRATION STATEMENT EDGAR
  14. May 15, 20263 EDGAR
  15. May 15, 20263 EDGAR
  16. May 14, 2026SCHEDULE 13G/A EDGAR
  17. May 14, 2026SCHEDULE 13D/A EDGAR
  18. May 14, 20264 EDGAR
  19. Apr 15, 20263 EDGAR
  20. Apr 15, 20263 EDGAR

The 116 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Metalpha Technology Holding Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMetalpha Technology Holding Ltd1
  • CIK0001682241
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company3
  • Incorporated inCayman Islands3
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business addressSuite 5506-07, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong1
  • Phone852 356529201
  • Shares outstanding47,113,236 shares as of Mar 31, 20263
  • AuditorOnestop Assurance PAC, Singapore PCAOB ID 6732; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 22, 20161
  • Filings223 in all: 6-K (109), SC 13D/A (11), 20-F (9), SC 13D (8), CORRESP (7), NT 20-F (7), SC 13G (7), 3 (6)1
    All 31 form types

    4 (6), F-1/A (6), SCHEDULE 13G/A (6), UPLOAD (6), SC 13G/A (5), EFFECT (4), F-3 (4), F-3/A (3), SCHEDULE 13D/A (3), 144 (2), S-8 (2), 20-F/A (1), 424B4 (1), 424B5 (1), 6-K/A (1), 8-A12B (1), CERTNAS (1), DRS (1), DRS/A (1), DRSLTR (1), F-1 (1), S-8 POS (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (20-F) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value US$0.0001 per shareMATHNasdaq

From the cover page of the 20-F filed Aug 6, 2026 (Section 12(b) of the Exchange Act).3

Sources

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