#Overview of Metalpha’s Turnaround
Metalpha Technology Holding Ltd (NASDAQ: MATH) has shifted from a loss-making crypto-wealth management firm into a profitable enterprise over the past year. That makes Metalpha a rare crypto underdog: turning a loss into a profit, despite tough markets and regulatory uncertainty. A key growth driver is its wealth management business, where income rose from approximately US$16.8 million in FY2024 to US$44.6 million in FY2025 (year ended Mar 31, 2025). The company reported net income of US$15.9 million in FY2025, compared with a net loss of US$3.7 million the prior year. That financial rebound has been mirrored in its stock price, which is up more than 220% year-to-date after hitting lows near $1 in early 2023. While still far below its all-time highs, the recovery is drawing fresh investor attention to its turnaround strategy.
The company is aligned with Bitmain, the world’s leading manufacturer of Bitcoin mining equipment, and continues to build strategic partnerships with major crypto players.
More recently, Metalpha entered a strategic partnership with AMINA Bank, a Swiss FINMA-regulated crypto-focused bank, and its Hong Kong subsidiary AMINA (Hong Kong) Limited, which holds SFC Type 1, 4, and 9 licenses. They are distributing “Principal Fund I,” a crypto equity fund available to qualified professional investors in Hong Kong, with a minimum investment of US$1 million. These developments signal both financial momentum and better regulatory positioning.
#Why This Is Important for Retail Investors
You can see a path from losses to profits, which shows the business model may be working.
Growing revenue rapidly suggests that demand is rising, indicating a potential for future growth and scale.
The AMINA partnership adds regulatory credibility, lowering some of the risks associated with crypto exposure.
Partnerships with well-known crypto industry names also boosts credibility.
If the company sustains its financial performance and eventually launches products with broader access (beyond “professional” investors), retail investors could benefit, though this remains speculative.
If institutional demand keeps rising, Metalpha may explore lower-barrier offerings, like crypto ETFs or structured funds, that could open access to retail investors in regulated markets.
#About Metalpha
Metalpha is backed by Antalpha Platform Holding Co (NASDAQ: ANTA), a Singapore-based firm focused on structured financing and risk management in the crypto and mining space. Antalpha has a strategic partnership with Bitmain, the world’s largest maker of Bitcoin mining equipment, which supplies more than half the global market. Under a formal memorandum of understanding (MOU), Antalpha holds the right of first refusal to provide financing to Bitmain’s customers, reinforcing its role as a key capital partner in the mining ecosystem.
This close connection to Bitmain adds meaningful strategic value for Metalpha, aligning the company with one of the most influential players in digital asset infrastructure. Through this alliance, Metalpha reportedly gains access to Bitcoin at discounted rates, enhancing profitability. Its focus on derivatives provides a steady stream of low-volatility income from institutional clients, setting it apart from traditional miners and offering resilience against market cycles.
Meanwhile, Metalpha’s team brings experience from top institutions like Edmond de Rothschild, Goldman Sachs, UBS, JPMorgan, HSBC, Citibank, and Barclays, with strong expertise in structured products, trading, and risk management. Built on a derivatives-driven model designed to perform in both bull and bear markets, the company is continuing to strengthen its team of crypto derivatives specialists to stay ahead in digital asset management.
The company is also expanding its global presence through partnerships with major institutions, including Amina Bank of Switzerland to develop digital asset offerings in Hong Kong, and Zodia Markets, a subsidiary of Standard Chartered, to pursue opportunities in the Middle East through a joint venture.
#Revenue Growth and Profitability
Metalpha’s FY2025 report shows income from wealth management surged ~165% to US$44.6 million. Net profit was US$15.9 million in FY2025, compared with a net loss of US$3.7 million in FY2024. That jump suggests the cost base is more under control and that growth is translating to the bottom line, not just top-line expansion.
A high gross profit increase (from US$5.6 million to US$21.3 million) further suggests margins are improving. For retail investors, these are encouraging signs. It’s one thing to grow revenue, but quite another to turn that revenue into profit.
Despite this financial turnaround, Metalpha still trades like a niche micro-cap. With a market cap near US$146 million, its valuation implies roughly 3.2× sales and 9× earnings (based on FY2025 results). By comparison, crypto wealth infrastructure peers such as Coinbase, Robinhood, and OSL Group trade at materially higher multiples. This discount reflects limited awareness, jurisdictional complexity, and the fact FY2025 was its first full profitable year. These are factors that may shift if profitability continues and coverage expands.
#Regulatory/Partnership Moves
The tie-up with AMINA Bank, which is regulated under Swiss law (FINMA), and the launch of Principal Fund I via AMINA’s Hong Kong arm, give Metalpha a more robust credibility profile. They’re not just promising new products; they now have partners and regulatory licenses. That reduces some of the execution risk and might open more doors (e.g. to institutional investors, more jurisdictions).
Principal Fund I reportedly includes equities such as Coinbase (NASDAQ: COIN), Circle (NYSE: CRCL), and Strategy (NASDAQ: MSTR), and has outperformed its benchmark by more than 20% since its launch in August 2024, using derivatives strategies. Past performance is not indicative of future results. That suggests Metalpha isn’t just riding crypto prices; it's applying active management. But performance for professional-tier funds doesn’t always translate to retail offerings.
#Limitations & Risks
The fund is only available to qualified professional investors, with a minimum investment of US$1 million. Retail access is currently restricted under existing regulatory conditions.
No breakdown yet of how much of Metalpha’s revenue or profit is already tied to this fund or partnership. If the impact is small, the financial benefit may be delayed.
Crypto markets remain volatile; regulation in different jurisdictions (Hong Kong, Switzerland) could shift quickly.
As a smaller company, Metalpha may face liquidity issues in its stock or a higher risk of missteps in execution.
#MATH’s Rebound: A Smarter Crypto Play?
Yes, especially if you believe in institutional crypto adoption and the idea that regulated, professionally managed crypto exposure will become mainstream. Unlike giants like Coinbase, Metalpha combines crypto exposure with active management and regulatory partnerships, a niche strategy that may appeal to investors seeking differentiation.
Metalpha now shows that it can make money, grow fast, and form valuable partnerships. That shifts its risk/reward profile more favorably than it was a year ago. With a market cap of about $146 million and a year-to-date gain of over 220%, MATH is drawing fresh attention as a small-cap crypto rebound story, offering potentially high upside if its profitability and partnerships continue to scale.
That said, for investors who prioritize stable cash flows, low volatility, or limited crypto exposure, MATH may still be too speculative.
#FAQs
Why Are Investors Paying Attention to MATH Now?
The case for MATH is stronger than it was a year ago. Metalpha has delivered a financial turnaround, built regulated partnerships, and launched a professionally managed crypto fund. While it’s still a speculative stock, these moves add real weight. As with any small-cap or crypto-exposed play, size your position accordingly and stay alert to earnings and market developments.
How sustainable are these profits?
It's early, but encouraging. The FY2025 profit suggests that Metalpha has found traction with its core business. Future reports will show whether that trend holds. The AMINA partnership, if it scales well, could drive more stable recurring income. Watch for updates on fund flows, new products, and cost discipline.
Could retail investors access products like Principal Fund I?
Not yet. Principal Fund I is limited to qualified professional investors with a US$1 million minimum. But if Metalpha continues growing and sees strong institutional demand, it may develop lower-barrier offerings, such as ETFs or structured funds, tailored for retail investors in regulated markets.
What happens if crypto regulation tightens?
Regulatory shifts are always a consideration in crypto, but Metalpha’s partnerships with licensed institutions in Switzerland and Hong Kong may help it stay ahead of evolving rules. That said, changes in regulatory frameworks could impact product availability, costs, or growth plans, so ongoing adaptation will be key.
What should an investor monitor from here?
Earnings momentum and consistency in profits
AUM (assets under management), especially from new funds
New partnerships or expansion into new regions or investor types
New product launches, especially those accessible to broader investor segments
Announcements of retail-accessible offerings (e.g. ETFs, structured funds)
Regulatory developments in Hong Kong, Switzerland, and target markets
How Metalpha manages cost control and strategic expansion