Wealth Firm Taps Veteran to Drive Crypto Growth in Hong Kong

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metalpha.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Metalpha Technology Holding Ltd. (MATH:NASDAQ; D92:FSE), a digital asset-focused wealth management company, announced that Monique Chan has been appointed Chief Executive Officer of its Hong Kong-based subsidiary LSQ Capital Limited, effective August 1, 2025. LSQ Capital is licensed by Hong Kong's Securities and Futures Commission (SFC).

Chan brings over three decades of experience in the banking and wealth management sectors. Her previous roles include CEO of Banque Privée Edmond de Rothschild HK, Asia Head of the Rothschild Group, Chief Executive of HSBC Private Bank in Hong Kong, CEO of BMO Private Bank Asia, and Vice Chair Asia of Bank J. Safra Sarasin. She also served on the board of the Private Wealth Management Association and was named among the Top 50 Most Influential Private Banking Executives in Asia.

According to Adrian Wang, CEO of Metalpha, in the news release, "Combining Mrs. Chan's exceptional wealth management expertise with our innovative digital asset solutions, we are uniquely positioned to redefine the digital asset wealth management for ultra-high-net-worth clients and family offices."

Metalpha focuses on structured products and derivatives tied to digital assets, serving institutional and high-net-worth investors through its regulated platforms.

Digital Asset Wealth Management Sector Expands Amid Institutional Integration and Regulatory Shifts

The digital asset wealth management sector has continued to evolve as cryptocurrency adoption expands and traditional financial players deepen their involvement in blockchain-based systems. The broader cryptocurrency market has seen steady growth, even as public sentiment and regulatory scrutiny remain mixed.

According to a July 24 article by NerdWallet, cryptocurrencies such as Bitcoin and Ethereum have gained prominence by allowing transactions without central bank oversight. The publication explained that stablecoins — cryptocurrencies pegged to real-world assets like the U.S. dollar — have become increasingly relevant due to their perceived stability. These digital assets are intended to deliver many of the benefits of cryptocurrencies while avoiding the price volatility associated with most coins.

A July 25 report from PR Newswire noted that stablecoins were further legitimized by the recent passage of the Genius Act, which aimed to provide a regulatory pathway for these instruments. This move has enabled institutional capital to enter the sector more confidently. However, the same report also referenced concerns from financial analysts who warned that a widespread rollout of stablecoins by private firms could increase systemic risk.

Economist Barry Eichengreen observed that such a system could undermine the consistency of the national currency, recalling historical failures during the Free Banking era in the United States. "If regulators have this much trouble keeping an eye on insured banks, how can they be expected to exercise perfect oversight of hundreds, if not thousands of stablecoins issued not just by banks but by tech firms and crypto start-ups?" he asked.

Despite such concerns, institutional adoption has accelerated. In a July 29 article, David Edwards reported that the cryptocurrency market reached an estimated value of US$44.29 billion in 2024 and was projected to grow to US$64.41 billion by 2029. He stated that trading volumes had also rebounded strongly, with March 2024 reaching US$77 billion in combined volume—its second-highest level since March 2021. Institutional confidence has played a key role in this trend, with only 5% of institutional investors reporting plans to reduce their crypto allocations as of late 2024.

Edwards further explained that the expansion of cryptocurrency access points, such as Bitcoin ATMs, and the adoption of risk management protocols like cold storage and smart contract auditing, have enhanced the sector's credibility. He noted that decentralized finance (DeFi), a segment of the industry focused on blockchain-based financial products without traditional intermediaries, grew to a global market size of US$20.48 billion in 2024. DeFi's rapid growth rate, with some estimates citing a compound annual growth rate of 66% through 2028, highlighted the sector's dynamism.

Overall, the digital asset wealth management industry has been shaped by rapid innovation, regulatory developments, and growing institutional participation. These trends have positioned the sector as a more mature and integral part of the global financial system, despite continued scrutiny over its potential risks and long-term sustainability.

Third-Party Expert Analysis Highlights Strategic Strengths and Upside Potential

On June 18, Joshua Enomoto of InvestorPlace offered a technically cautious but fundamentally favorable view of Metalpha Technology Holding Ltd. He acknowledged the company's volatile share price in the short term, noting that despite a sharp drawdown, "MATH has also gained almost 163% year-to-date, implying that this is a solid enterprise facing temporary hardships."

Enomoto emphasized that his skepticism was based on market breadth metrics, not the company's core fundamentals. He concluded by stating, "There's no denying that MATH stock overall is an intriguing investment," reinforcing the distinction between short-term technical patterns and long-term potential.

In a July 14 analysis, Sergei Stetsenko of CRG.AI presented a strong endorsement of Metalpha's positioning within the crypto finance ecosystem. He referred to Metalpha as "a swiftly expanding, lesser-known derivatives juggernaut offering maximum exposure to BTC upside with minimized downside risk." According to Stetsenko, Metalpha's operational focus on crypto derivatives, rather than direct Bitcoin holdings, allowed it to remain cash-positive across market cycles due to "trading spreads, structuring fees, and consistent transaction flows."

He also cited Metalpha's close relationships with Bitmain and Antalpha as structural advantages, stating that the company maintained "exclusive client relationships and preferential access to emerging opportunities in crypto infrastructure." On the earnings side, Stetsenko highlighted that Metalpha was "expected to achieve over US$0.50 per share in EPS for the fiscal period concluding March 2025," a figure he considered notable compared to its trading levels at the time. Using this earnings figure, he projected that "with merely a 30x earnings multiple, the stock could reach between US$15–US$20," based on valuation models.

Stetsenko further credited Metalpha's global footprint, citing its regulatory presence in Hong Kong and Europe, and concluded that the company had "unparalleled exposure to BTC transaction growth, robust earnings momentum, and international infrastructure development."

Strategic Direction and Market Positioning

Chan's appointment reflects Metalpha's intent to expand its reach in the Asia-Pacific wealth management market through LSQ Capital, as noted in the company's investor presentation. The firm has been building a platform designed for digital asset-friendly family offices, with an emphasis on compliance and tailored investment strategies. LSQ Capital's regulatory licensing under the SFC may support its ability to offer customized financial solutions in a rapidly evolving digital asset environment.

The company's efforts align with broader trends in the digital finance sector, where experienced traditional finance executives are increasingly entering roles in Web3 and crypto-related firms. Chan's leadership could enhance Metalpha's profile among ultra-high-net-worth clients in Asia, particularly those seeking regulated exposure to digital assets. 

Ownership and Share Structure

According to Refinitiv, approximately 36.57% of Metalpha Technology Holding Ltd. is held by strategic entities, 10.91% by institutions, and 11.31% by individual investors. The remainder is held by other retail and unclassified holders.

Major shareholders include Antalpha Technologies Holdings Limited with 15.31%, KBR Fund Management Ltd. with 10.46%, Folius Ventures LLC with 9.95%, Bingzhong Wang with 3.13%, and Limin Liu with 3.04%.

As of the latest data, the company had 38.37 million shares outstanding and a market capitalization of approximately US$133.16 million. It traded within a 52-week range of US$0.80 to US$4.17.