HONG
KONG, Feb. 15, 2024 /PRNewswire/ -- Metalpha
Technology Holding Limited (Nasdaq: MATH) (the "Company" or
"Metalpha"), a global digital asset-based wealth management
company, announced financial results for the fiscal year ended
March 31, 2023 (the "FY 2023"). The
Company reported the notional amount of derivative products issued
of $382 million under its
wealth management business arm, which generated fiscal-year income
of $5.7
million. The adjusted loss
of the Company in FY 2023 was about $0.7 million.
The Company recorded strong year-over-year growth driven by its
wealth management business, a key pillar of its operations and
revenue model. The Company designs and issues derivative products
for institutions and professional investors and recognizes the fair
value change of (i) trading of digital assets and derivative
contracts and (ii) investment in trusts as income from our wealth
management business.
Metalpha prides itself on being one of the world's largest
digital asset-based derivative trading firms. The notional amount
of derivative products issued in FY 2023 was $382 million compared to only $49 million in the fiscal year ended March 31, 2022 (the "FY 2022"). The income from
the wealth management business jumped from $0.1 million in FY 2022 to $5.7 million in FY 2023.
Metalpha aims to provide
qualified investors with high-quality product design and trading
capabilities and is committed to delivering structured derivative
products to cryptocurrency market participants.
"We are pleased to see strong demand for customized products and
earn high customer satisfaction. The fast growth of our wealth
management business indicates the market's confidence in our
business approach. We strive to
design products and services with compliance at the core. In the
new year, we are confident about the improving market conditions
which could lead to stronger demand for our derivative product
subscriptions.
At the company level, we aim to maintain a high growth rate and
significantly lower expenses as our business scale expands. We will
also continue to innovate and diversify our business offerings in a
bid to expand our market share in Asia," said Adrian
Wang, President of Metalpha.
FINANCIAL HIGHLIGHTS
Notional Amount of Derivative Products Issued
|
FY
2022
|
FY
2023
|
|
Notional Amount
of Derivative Product Issued
|
49 million
|
382 million
|
Income from Wealth Management Business
|
FY
2022
|
FY
2023
|
|
Income from Wealth
Management Business
|
0.1 million
|
5.7 million
|
Adjusted Loss to the Company
|
FY
2022
|
FY
2023
|
|
Loss of the
Year
|
(14,428,033)
|
(20,167,351)
|
|
Add: Equity-settled
share-based payments under share award scheme
|
1,468,800
|
1,045,315
|
|
Add: Share purchase
warrants expenses
|
6,063,086
|
10,176,995
|
|
Add: Total loss from
discontinued operation
|
3,193,385
|
8,248,013
|
|
Adjusted
Loss
|
(3,702,762)
|
(697,028)
|
The Company filed its annual report on Form 20-F for the FY 2023
(the "2023 Annual Report") with the U.S. Securities and Exchange
Commission on February 12, 2024. The
2023 Annual Report included audited financial statements for the FY
2023. The 2023 Annual Report is available online at
www.sec.gov.
About Metalpha Technology Holding Limited
Founded in 2015, Metalpha Technology Holding Limited (NASDAQ:
MATH) went public on October 20,
2017. The listed Company is dedicated to providing investing
and wealth management services with a full-service,
institutional-grade platform. With dedicated blockchain expertise,
the Company aims to become a leader in the field of
crypto wealth management services, bringing robust
innovation and transparency to the customers and businesses it
serves.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Management has based these forward-looking
statements on its current expectations, assumptions, estimates and
projections. While they believe these expectations, assumptions,
estimates and projections are reasonable, such forward-looking
statements are only predictions and involve known and unknown risks
and uncertainties, many of which are beyond management's control.
These statements involve risks and uncertainties that may cause
Metalpha's actual results, performance or achievements to differ
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
Non-IFRS Financial
Measure
The Company uses adjusted loss for the period,
which is a non-IFRS financial measure, in evaluating its operating
results and for financial and operational decision-making purposes.
Metalpha believes that adjusted loss helps identify underlying
trends in the Company's business that could otherwise be distorted
by the effect of certain expenses that the Company includes in its
loss for the period. Metalpha believes that adjusted loss for the
period provides useful information about its results of operations,
enhances the overall understanding of its past performance and
future prospects and allows for greater visibility with respect to
key metrics used by its management in its financial and operational
decision-making.
Adjusted loss for the period should not be
considered in isolation or construed as an alternative to loss for
the period or any other measure of performance or as an indicator
of its operating performance. Investors are encouraged to review
adjusted loss for the period and the reconciliation to its most
directly comparable IFRS measure. Adjusted loss for the period
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company's data. Metalpha encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure.
Adjusted loss for the period represents profit
for the period excluding (i) equity-settled share-based payments
under the Company's share award scheme, (ii) share purchase
warrants expenses (i.e. expenses in relation to the issuance of
warrants to certain consultants, employees and business partners);
and (iii) loss from discontinued operation.
The table captioned "Reconciliations of Non-IFRS Measure to the
Nearest Comparable IFRS Measure" included at the end of this
announcement contains a full reconciliation of adjusted loss for
the period to loss for the period.
Media Contact
Yiwei Wang
info@metalpha.finance
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SOURCE Metalpha Technology Holding Limited
