Metalpha is a digital asset services company based in Hong Kong that provides structured cryptocurrency derivative products to institutional investors and high-net-worth individuals. The company designs derivative solutions based on Bitcoin and Ethereum to provide clients with risk-adjusted exposure. Metalpha operates through two business lines: Digital Asset Services and Securities Advising and Asset Management. The Digital Asset Services segment provides structured crypto derivatives and liquidity, while the Securities Advising segment offers asset management and advisory services through its subsidiary, LSQ Capital. Metalpha acts as a principal dealer, transacts directly with clients, and earns income from spreads, fair value changes, and service fees. Metalpha mitigates market risk by hedging its positions through external trading platforms to maintain a neutral position relative to cryptocurrency price movements. The company maintains a lean operational structure with a small team focused on professional investors. Metalpha’s growth strategy includes expanding into North America via a joint venture in Canada and broadening its regulated service offerings under its Hong Kong licenses. The company avoids the retail market to focus on institutional demand for structured digital asset products.