Financial Services · Software - Services
Price
$0.96
Market Cap
$41.7M
Employees
25
Beta
-0.69
Avg Volume
92,367
CEO
Bing Zhong Wang
Business Description
Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. It offers digital asset-based wealth management services; executes cryptocurrency-related transactions, including the issuance of derivative products to over-the-counter clients; proprietary trading services; crypto derivative market making services for clients, as well as facilitates the trading of crypto derivative products; traditional financial derivative products; and securities advisory and asset management services. The company also provides licensed services. It serves institutional investors and high-net-worth individuals. The company was formerly known as Dragon Victory International Limited and changed its name to Metalpha Technology Holding Limited in November 2022. Metalpha Technology Holding Limited was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
5.66
Stock Price: $0.96
EPS (Diluted): 0.41
EPS (Diluted): 0.41
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.79
Stock Price: $0.96
Total Equity: $36.56M
Shares: 38,549,056
Total Equity: $36.56M
Shares: 38,549,056
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-6.08
Market Cap: $41.71M
Total Debt: $0.00
Cash: $6.92M
EBITDA: $16.13M
Total Debt: $0.00
Cash: $6.92M
EBITDA: $16.13M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$58.8M
Market Cap: $41.71M
Total Debt: $0.00
Cash: $6.92M
Total Debt: $0.00
Cash: $6.92M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
47.8%
Gross Profit: $21.30M
Revenue: $44.57M
Revenue: $44.57M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
39.1%
Operating Income: $17.44M
Revenue: $44.57M
Revenue: $44.57M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
35.7%
Net Income: $15.89M
Revenue: $44.57M
Revenue: $44.57M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
19.4%
Net Income: $15.89M
Total Equity: $36.56M
Total Equity: $36.56M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
41.4%
Operating Income: $17.44M
Tax Rate: 0.0%
Equity: $36.56M
Total Debt: $0.00
Cash: $6.92M
Tax Rate: 0.0%
Equity: $36.56M
Total Debt: $0.00
Cash: $6.92M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.17
Current Assets: $246.48M
Current Liabilities: $210.19M
Current Liabilities: $210.19M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $36.56M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $36.56M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$1.16
Revenue: $44.57M
Shares: 38,549,056
Shares: 38,549,056
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.95
Total Equity: $36.56M
Shares: 38,549,056
Shares: 38,549,056
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.00
Operating CF: $71,990
CapEx: -$47,309
Shares: 38,549,056
CapEx: -$47,309
Shares: 38,549,056
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $0.96
Stock Price: $0.96
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $15.89M
Net Income: $15.89M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares MATH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 9:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $225,749 | $122,711 | $5.7M | $16.8M | $44.6M |
| Cost of Revenue | $438,259 | $334,822 | $3.7M | $11.1M | $23.3M |
| Gross Profit | $-213,000 | $46,926 | $2.0M | $5.6M | $21.3M |
| Operating Expenses | $201,536 | $3.3M | $3.6M | $4.3M | $3.9M |
| Operating Income | -$3.9M | -$3.3M | -$1.6M | $1.3M | $17.4M |
| Net Income | -$5.1M | -$14.4M | -$20.6M | -$3.7M | $15.9M |
| EBITDA | $-622,491 | -$9.1M | -$11.6M | -$3.6M | $16.1M |
| EPS | $-0.44 | $-0.79 | $-0.76 | $-0.11 | $0.41 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 9:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $982,538 | $5.3M | $6.7M | $4.9M | $6.9M |
| Total Current Assets | $15.5M | $23.6M | $55.9M | $174.6M | $246.5M |
| Total Assets | $15.6M | $24.3M | $56.1M | $174.7M | $246.8M |
| Current Liabilities | $7.1M | $10.0M | $47.4M | $157.9M | $210.2M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $7.1M | $10.1M | $47.5M | $157.9M | $210.2M |
| Total Equity | $9.2M | $12.8M | $8.6M | $16.9M | $36.6M |
| Retained Earnings | -$5.9M | -$20.4M | -$40.2M | -$43.9M | -$28.0M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 9:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M | -$4.9M | -$1.1M | -$11.6M | $71,990 |
| Capital Expenditure | $-238 | $-288,329 | $-3,160 | $-1,281 | $-47,309 |
| Free Cash Flow | -$3.1M | -$5.1M | -$1.1M | -$11.6M | $24,681 |
| Acquisitions (net) | $0 | $-92,458 | $-70,736 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $-353,816 | $-82,127 | $0 |
| Net Change in Cash | $966,612 | $4.3M | $1.5M | -$1.9M | $2.0M |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 9:39pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -45.6% | +4,538.5% | +194.5% | +165.9% |
| Gross Profit Growth | +122.0% | +4,206.8% | +178.5% | +278.5% |
| Operating Income Growth | +17.3% | +52.2% | +185.7% | +1,209.3% |
| Net Income Growth | -180.6% | -42.4% | +82.1% | +532.0% |
| EBITDA Growth | -1,366.5% | -27.0% | +69.1% | +549.9% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 6:00am (2h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-18 | Kawayanagi Kiyohiro Yang | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Tian Jingxin | 0.00 | $0.00 | $0 | |
| 2026-05-12 | Wang Bingzhong | J-Other | 434,520.00 | $0.00 | $0 |
| 2026-03-18 | Zhang Xiaosi | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Fan Pengyuan | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Fan Pengyuan | 15,000.00 | $0.00 | $0 | |
| 2026-03-18 | Lin Sen | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Wang Bingzhong | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Wang Bingzhong | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Wang Bingzhong | 1,200,000.00 | $1.00 | $1.2M | |
| 2026-03-18 | Wang Bingzhong | 500,000.00 | $0.00 | $0 | |
| 2009-10-26 | MCPEAK MERRILL A/ | A-Award | 1,000.00 | $1.30 | $1,300 |
| 2008-12-12 | MCPEAK MERRILL A/ | P-Purchase | 1,000.00 | $0.72 | $720 |
| 2007-11-29 | MCPEAK MERRILL A/ | P-Purchase | 5,000.00 | $0.94 | $4,700 |
| 2007-10-26 | MCPEAK MERRILL A/ | A-Award | 5,000.00 | $1.07 | $5,350 |
| 2007-09-17 | CRUCKSHANK JAMES W | A-Award | 40,000.00 | $1.22 | $48,800 |
| 2007-09-17 | Riley Sean P | A-Award | 65,000.00 | $1.22 | $79,300 |
| 2007-08-29 | CRUCKSHANK JAMES W | P-Purchase | 10,000.00 | $1.10 | $11,000 |
| 2007-08-29 | CRUCKSHANK JAMES W | P-Purchase | 10,000.00 | $1.11 | $11,100 |
| 2007-05-17 | CRUCKSHANK JAMES W | A-Award | 75,000.00 | $1.69 | $126,750 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 9:39pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2015-12-29 | $0.10 | 2016-01-05 | ||
| 2014-12-29 | $0.18 | 2015-01-05 | ||
| 2012-12-27 | $0.23 | 2013-01-03 | ||
| 2011-12-28 | $0.02 | 2011-12-28 | 2012-01-04 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for MATH — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30