Metalpha Technology is a small Hong Kong-based financial services firm that provides cryptocurrency-focused wealth management products and services to institutional investors and HNWIs. The core product is structured derivative products built on major cryptocurrencies like Bitcoin and Ethereum, which allow clients to get risk-adjusted exposure to crypto with reduced volatility compared to simply buying and holding. Metalpha also acts as a market maker for crypto derivatives through a partnership with a major crypto exchange. Metalpha targets institutions and HNWIs exclusively — not retail investors — and conducts all marketing through relationship-driven outreach due to regulatory restrictions on public advertising of crypto-related services. Metalpha makes money by issuing and hedging structured OTC derivative products, earning spread income from market making, trading digital assets and derivatives for its own account, and collecting advisory and asset management fees through its subsidiary LSQ Capital, an SFC-licensed entity holding securities dealing, advising, and asset management licenses. Wealth management services account for roughly 89% of income, with securities advising and asset management contributing the remainder. Metalpha is headquartered in Hong Kong, where it holds its SFC licenses, and is expanding into North America through a joint venture in Canada called NOWLIT FinTech Solutions.