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Metalpha Technology Holding Limited

MATH

Metalpha Technology Holding Limited • NASDAQ
$2.72 ▼ -6.21% (-0.18)
Market Cap $107.44 M
52w High $4.17
52w Low $0.88
Dividend Yield 0%
P/E 6.63
Volume 33.22K
Outstanding Shares 39.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $2.009M ▲ $6.045M ▲ 0% $0.16 ▲ $6.505M ▲
Q4-2024 $0 $1.432M ▼ $177.546K ▲ 0% $0.005 ▲ $-9.192K ▲
Q2-2024 $0 ▲ $2.775M ▲ $-3.857M ▲ 0% ▼ $-0.12 ▲ $-3.577M ▲
Q4-2023 $-432K ▼ $0 ▼ $-16.695M ▼ 3.865K% ▲ $-0.66 ▼ $-7.821M ▼
Q2-2023 $432.263K $4.247M $-5.377M -1.244K% $-0.22 $-4.488M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $20.7M ▼ $246.772M ▲ $210.213M ▼ $36.559M ▲
Q2-2025 $236.715M ▲ $237.221M ▲ $211.9M ▲ $25.321M ▲
Q4-2024 $48.075M ▲ $174.719M ▲ $157.867M ▲ $16.851M ▲
Q2-2024 $28.109M ▲ $86.272M ▲ $75.856M ▲ $10.416M ▲
Q4-2023 $9.471M $56.078M $47.482M $8.596M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $6.045M ▲ $-11.449M ▼ $14.004M ▲ $183.731K ▼ $-1.066M ▲ $-11.449M ▼
Q4-2024 $177.546K ▲ $-5.338M ▼ $1.9M ▲ $8.74M ▲ $-2.642M ▼ $-5.338M ▼
Q2-2024 $-3.857M ▲ $12.323M ▲ $-1.901M ▼ $994.066K ▲ $774.78K ▲ $12.322M ▲
Q4-2023 $-6.932M ▼ $550.085K ▲ $-343.789K ▼ $-808.427K ▼ $-523.469K ▼ $561.979K ▲
Q2-2023 $-5.377M $-1.672M $305.441K $3.404M $5.496M $-1.688M

Five-Year Company Overview

Income Statement

Income Statement Revenue is still very small in absolute terms, but it has been climbing steadily each year, which suggests early commercial traction in the new business model. Profitability has improved from repeated losses to a small profit most recently, helped by better operating efficiency and a focus on higher‑margin services. That said, all of this is happening off a very low base, so reported earnings are likely to be volatile and sensitive to market conditions in digital assets.

Balance Sheet

Balance Sheet The balance sheet has strengthened over the past few years, with total assets and shareholders’ equity both rising meaningfully. The company carries very little debt, which reduces financial risk and interest burdens. However, the cash position looks modest relative to total assets, implying that while leverage is low, the company does not appear to have a very large cash cushion if the operating environment becomes tougher.

Cash Flow

Cash Flow Cash generation is still tentative. Operating cash flow has hovered around break‑even, with occasional small outflows, and free cash flow tells a similar story. Capital spending is light, which fits a service and product‑engineering business rather than a heavy asset model. The key watch‑point is whether the recent move into accounting profit turns into consistently positive cash inflow, as the history so far is too short and thin to draw firm conclusions.

Competitive Edge

Competitive Edge Metalpha is carving out a niche in institutional digital‑asset wealth management and derivatives rather than in traditional industrial or airline activities suggested by some classifications. Its main strengths are deep derivatives expertise, a focus on customized structured products, and strong regulatory licensing in Hong Kong, which can be a meaningful barrier to entry. Strategic partnerships in Europe and the Middle East, plus links to the Bitcoin mining ecosystem, broaden its reach and deal flow. The flip side is that it operates in a highly competitive and fast‑changing crypto environment, where regulation, market sentiment, and large global players can quickly shift the landscape.

Innovation and R&D

Innovation and R&D Innovation is centered on financial engineering and product design rather than on heavy internal software development. The team’s background in major investment banks supports the creation of tailored derivatives and risk‑management structures for digital assets. Licenses and partnerships are being used as part of its innovation strategy, enabling it to build institutional‑grade platforms, hedging tools, and new funds in collaboration with regulated banks and asset managers. Future innovation seems to be aimed at deeper infrastructure for institutional digital‑asset trading and wealth management, but execution and regulatory evolution remain key uncertainties.

Summary

Metalpha appears to be in the early but more stable phase of a business transformation, shifting from loss‑making origins to a small, profitable, service‑driven model in digital‑asset wealth management. The income statement shows improving profitability on still tiny revenue, the balance sheet is light on debt with growing equity, and cash flows are close to neutral but not yet firmly positive. Its edge lies in structured crypto derivatives for institutions, backed by regulatory licenses and global partnerships, rather than in scale. The main opportunities are in expanding this institutional franchise globally, while the main risks are its small size, thin operating history, exposure to crypto market cycles, and ongoing regulatory and competitive uncertainty.

NEWS

November 6, 2025 · 5:45 AM UTC

Nasdaq-Listed Metalpha and Pioneering Investment Group Avenir Group Forge Alliance to Shape Future of Digital Assets

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October 30, 2025 · 8:30 AM UTC

Metalpha Announces 12 Million USD Strategic Investment by Gortune and Avenir Group

Read more