Crypto Wealth Management Co. Stock Up 160% Year to Date

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metalpha Technology Holding Ltd.
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1. Disclosure for the quote from the John Newell article published on October 27, 2025

1. For the quoted article (published on October 27, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Metalpha Technology Holding Ltd. (MATH:NASDAQ; D92:FSE) gained about 160% year to date.

During the same period, the SPDR S&P 500 Exchange-Traded Fund Trust (SPY:NYSEArca) and the iShares Russell 3000 Exchange-Traded Fund (IWV:NYSEArca) were up about 16%.

"This recent [MATH] surge is the product of a sustainable growth trajectory," wrote Douglas McKenny in an Oct. 26 Seeking Alpha article. "The rally has a fundamental foundation with room to run."

McKenny attributed this stock performance to Metalpha's successful strategic restructuring, its global partnerships, and its move into the black after six years of net losses.

¹The company posted its first annual net profit in fiscal year 2025 (FY25), announced July 30, which was US$15.9 million (US$15.9M), up from (US$3.7M) in FY24, reported John Newell of Newell & Associates in an October 27 report.

In FY25, Metalpha revenue from its wealth management business nearly tripled FY24's, coming in at US$44.6M.

Also, Metalpha improved its balance sheet in FY25. Total assets rose to US$246.8M, and equity was up to US$36.6M, giving the company financial flexibility for additional client activity and partnerships. What helped drive the company's FY25 financials was the mass adoption of digital assets and clarity regarding global regulation, Metalpha CEO Adrian Wang said in a news release.

"Financially, FY25 (year ended March 31, 2025) marked an inflection," Newell wrote.

Regarding partnerships, Metalpha relies on them to diversify into additional markets and thereby mitigate its regulatory and geographical risk, McKenny wrote. Given the evolving nature of the regulatory landscape globally, the company faces ongoing uncertainty and the potential for new or changed regulations to negatively impact its business, primarily in Hong Kong but also in other jurisdictions.

Metalpha's partnership with the Swiss crypto bank AMINA, for example, affords it credibility, access to a stable, mature regulatory environment, and the opportunity to serve a new European clientele. Through its joint venture partnership with Gewan Holding, an Abu Dhabi investment firm, and Zodia Markets, an institutional-grade digital asset exchange and brokerage platform based in London, Metalpha gains access to the Middle Eastern market.

"These add distribution and balance sheet partners in two key growth corridors," wrote Newell.

Provides an Array of Services

Metalpha is a holding company domiciled in the Cayman Islands, which operates via its subsidiaries in Hong Kong's Special Administrative Region, the British Virgin Islands, and Panama, noted McKenny.

With dedicated blockchain experience and an institutional-grade platform, the firm provides services including issuance of traditional financial and cryptocurrency derivative products to over-the-counter clients, hedging and liquidity, crypto derivative market making, proprietary trading of digital assets and crypto derivative products, and securities advising and asset management. Clients include high-net-worth individuals, family offices, and institutions.

"MATH is a way to participate in digital-asset adoption without owning spot coins directly," wrote Newell.

One of Metalpha's several subsidiaries, LSQ Capital Ltd., has Hong Kong Securities and Futures Commission (SFC) licenses, Types 1, 4, and 9, for dealing in securities, advising on securities, and asset management, and all cover virtual assets, Newell noted. These give Metalpha a "credible, compliant way to serve Asian institutions as policy normalizes," during a time when institutions demand compliant access and risk-managed returns.

The company's breadth of products and its performance are highlights. For instance, LSQ's Next Generation Bitcoin-themed fund closed with a reported 375.6% net asset value increase, outperforming Bitcoin by about 67%. Additionally, Metalpha "packages accumulators, decumulators, collars and 'airbag' structures to convert crypto volatility into defined risk-return profiles for clients."

"FY25 profitability, SFC-licensed operations and new partnerships in the Middle East and Europe create a clearer path to scale," Newell wrote.

Strong Sector Growth Forecasted

The digital asset wealth management sector is expected to expand at a very strong compound annual growth rate of 24.6% between 2024 and 2030, according to Grand View Research. The market is forecasted to reach US$4.6 billion (US$4.6B) in value by 2030, up from US$1B in 2023. In its report, Grand View presented the following key factors projected to continue driving the sector's growth:

1) Proliferation of blockchain technology. Advancements in blockchain technology enhance the security, transparency and functionality of crypto assets, in turn elevating their attractiveness to investors. Three growing trends in blockchain tech are artificial intelligence integration, decentralized finance (DeFi) and tokenization, reported Jappware, a custom software developer for fintech, in a Sept. 25 article. The increasing reliance on blockchain technology fuels demand for advanced asset management solutions to deal with the growing volume and complexity of digital assets.

2) Increasing involvement of institutional crypto investors. This trend elevates the standards and requirements for the professional management of digital assets. As of mid-2025, 71% of institutional investors had invested in digital assets, and 96% of institutional investors said they believe in the long-term value of blockchain and digital assets, CoinLaw, a news media platform, reported in July.

3) Rising investment in and widespread adoption of cryptocurrencies. This has led to a substantial increase in market participation. For the first time, the total crypto market cap surpassed US$4 trillion (US$4T) this year, reported a16zcrypto on Oct. 22.

Newell wrote in his October report that he rates Metalpha stock Speculative Buy and remains bullish on it.

"The shift from a hostile regulatory environment to a much more supportive one, alongside accelerating adoption of these technologies — from stablecoins to the tokenization of traditional financial assets to other emerging use cases — will define the next cycle," a16zcrypto wrote. 

4) Integration of crypto asset management platforms into traditional financial and banking systems. One example of this is the Citigroup Inc. (C:NYSE) and Coinbase Global Inc. (COIN:NASDAQ) collaboration announced on Oct. 27 to develop digital asset payment capabilities for institutional clients.  

Another market in which Metalpha operates is experiencing material growth: crypto derivatives. Now valued at US$28T annually, it is one of the most active digital finance sectors, reported CoinLaw in July. This year, crypto derivatives represent about three-quarters (76%) of the total cryptocurrency trading volume, and this is higher than in prior years.

Going forward, stocks ideal for investing in are ones that bolster and support crypto adoption, according to 10X Research, a provider of data-backed market intelligence for digital assets​, not crypto/Bitcoin treasury stocks that generally are responsible for retail traders recently losing about US$17B when digital asset prices plummeted. The stocks to buy have "an operational model rooted in actual strategy rather than simply increasing exposure to a volatile asset," Internet Stock Review wrote in an Oct. 29 summary of 10X's report.

A pure play derivatives and wealth services provider with new profitability, growing revenue, and new distribution via its partnerships, Metalpha is one of these 10X-described stocks, the company said. In its operating arena, increasing crypto adoption expands volumes, spreads, and assets under advice.

The Catalysts: Events in Crypto Space

The next major Metalpha-specific catalyst is an interim update expected in the medium term, according to the company.

Also, numerous events happening in the digital asset space could also provide a lift to MATH's share price and perhaps buoy the sector.

In the near term, they include:

1) Peers' Q3/25 earnings reports. With Robinhood Markets Inc. (HOOD:NASDAQ) (to be reported Nov. 5), its retail engagement and crypto trading mix is a high-beta signal. With Circle Internet Group Inc. (CRCL:NYSE) (to be reported Nov. 12), USD Coin issuance and flows are a direct proxy for on-chain activity.

2) Report on inflows into spot Bitcoin ETFs and assets under management totals. Renewed inflows and news typically lift crypto beta stocks. Growth in the stablecoin market cap and reported momentum in tokenized entities also could boost the sector.

In the medium term, possible catalysts include:

1) New or expanded products by peers and their capex. Any COIN derivatives expansion, Prime and custody wins, or staking and earn yields impact the perceived addressable market for Metalpha's hedging and structured products. Crypto feature rollouts like options, altcoins, or wallets by HOOD could reignite retail flows. CRCL updates on USD Coin integrations and treasury adoption would bode well for the sector, as would Galaxy Digital Inc.'s (GLXY:NASDAQ) data center and trading counterparty growth, sustaining a bullish infrastructure backdrop. 

2) Regulatory milestones. MiCA, or Markets in Crypto-Assets Regulation, implementation steps in the European Union and stablecoin legislation in the U.S. could derisk institutional adoption and boost the use of derivatives. 

3) Increased breadth of complexity in ETFs. Additional products like more spot and derivatives ETFs, along with growth in ETF share count, typically are linked to higher on-chain volumes and hedging demand. 

In the long term, potential catalysts include:

1) A sustained Bitcoin upcycle: If BTC maintains higher highs (ETF penetration, corporate/sovereign adoption narratives), structured-product demand and delta-hedging volumes should compound — a core MATH tailwind. 

2) Stablecoins becoming more mainstream. Continued market cap expansion, along with payments and treasury use cases, by banks and networks like Visa and Mastercard, would deepen liquidity and derivatives turnover. 

3) Tokenization at scale: Growth in tokenized equities and real-world assets beyond Kraken would broaden hedging and market-making needs across venues, thereby supporting Metalpha's institutional platform. 

4) Peer consolidation and partnerships. Mergers and acquisitions and/or strategic tie-ups among exchanges, custodians, lenders, and issuers that often standardize infrastructure and rails could boost sector multiples.

High-Risk, High-Reward Opportunity

Newell wrote in his October report that he rates Metalpha stock Speculative Buy and remains bullish on it at least in the near term.

"For existing holders, buybacks, a stronger balance sheet, and expanding distribution should support the story into FY26," Newell wrote.

He explained that his technical analysis of MATH shows it seems to be entering its point of recognition. After forming a long base, the stock busted through the ceiling and met the first and second price objectives, US$2.90 and US$3.50 per share, respectively. The third objective, which still stands, is US$5.20.

"A decisive weekly close above US$5.20 would confirm an upside resolution and should attract trend followers," Newell wrote.

MATH's price is "digesting gains inside a controlled falling channel, which is a typical pause in a developing uptrend," Newell added. The weekly moving average convergence divergence is positive and moving up, in this case indicating consolidation. The 50-week moving average turned upward and surpassed the 200-week moving average, an alignment that usually comes before months-long advances.

McKenny has a Strong Buy rating on Metalpha and a target price implying a 14% return from the company's closing share price on October 23. The financial blogger pointed out that Metalpha is trading at a significant discount to both its sector and relevant peers, and its share price does not reflect its noteworthy turnaround and growth potential.

"For investors with a tolerance for the inherent risks of the crypto sector and complex international structures, Metalpha represents a high-risk, high-reward opportunity," McKenny wrote.

Ownership and Share Structure²

Five strategic entities own 34.48% of Metalpha, 12 institutions have 10.21% and retail investors hold the rest. The Top 3 shareholders are Northstar Digital Holding with 17.72%, KBR Fund Management Ltd. with 9.39% and Folius Ventures LLC with 8.86%.

Metalpha has 39.5 million (39.5M) outstanding shares and 25.88M free float traded shares. Its market cap is US$123.23M. Its 52-week range is US$0.875–4.17 per share.