Metalpha Technology Holding Ltd

Metalpha Technology Holding Ltd primarily provides wealth management services through its subsidiaries. The company initiated digital asset-focused wealth management services in December 2021, generating income mainly from cryptocurrency-related transactions. This includes issuing derivative products to over-the-counter (OTC) clients and engaging in proprietary trading activities. For the fiscal years ended March 31, 2024 and 2025, Metalpha partnered with a leading crypto exchange to offer crypto derivative market making services to clients, facilitating the trading of crypto derivative products. Additionally, the company provides traditional financial derivative products to certain clients to meet diverse wealth management needs. Income from wealth management services represented approximately 93.8%, 100%, and 88.8% of total income for the fiscal years ended March 31, 2023, 2024, and 2025, respectively. Metalpha's Hong Kong subsidiary, LSQ Capital Limited, holds a license from the SFC to provide securities advising and asset management services in Hong Kong, from which the company commenced generating revenue during the current financial year. For the fiscal year ended March 31, 2025, income from these SFC-licensed activities accounted for 11.2% of total income. Before March 2023, Metalpha also offered supply chain management platform services to auto parts suppliers and one auto parts logistics company in China, generating revenue from transaction fees. This segment contributed 6.2%, nil, and nil of business income for the fiscal years ended March 31, 2023, 2024, and 2025, respectively. The digital asset-focused wealth management business provides structured derivative products and related services to institutional investors and high-net-worth individuals interested in cryptocurrency investment.