The firm maintains a precarious capital structure with $378.7M in total liabilities against a thin $10.1M cash buffer, resulting in a current ratio of 1.09.
| Total Current Assets | 413.51M | 246.48M | 174.63M | 55.92M | 23.63M | 15.53M | 9.75M | 11.85M | 11.79M | 4.05M | 1.87M | 888.34K |
| Cash & Short-Term Investments | 413.36M | 20.7M | 48.08M | 9.47M | 5.29M | 982.54K | 15.93K | 9.5M | 8.68M | 3.22M | 2.48K | 46.33K |
| Cash Only | 10.14M | 6.92M | 4.88M | 6.75M | 5.29M | 982.54K | 15.93K | 38.6K | 3.94M | 3.22M | 2.48K | 46.33K |
| Short-Term Investments | 403.22M | 13.78M | 43.19M | 2.72M | 8.44M | 9.04M | 0 | 9.46M | 4.74M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 3.96M | 50.58K | 163.62K | 9.52M | 9.03M | 9.73M | 2.15M | 2.37M | 740.82K | 1.61M | 750.2K |
| Days Sales Outstanding | - | 32.41 | 1.1 | 10.49 | 28.32K | 14.61K | 315.6K | 284.56 | 202.17 | 75.32 | 354.61 | - |
| Inventory | 0 | 221.16M | 0 | 5.17M | 379.62K | -5.44M | -762.4K | 0 | 117.98K | 0 | 172.1K | 0 |
| Days Inventory Outstanding | 944.86 | 3.47K | - | 514.27 | 413.83 | - | - | - | 25.47 | - | 265.3 | - |
| Other Current Assets | 158.55K | -771 | 0 | 5.11M | -8.44M | 0 | 705.16K | 0 | -117.98K | 0 | 0 | 66.93K |
| Total Non-Current Assets | 256.75K | 295.33K | 89.93K | 158.73K | 712.46K | 101.23K | 216.95K | 464.73K | 1.22M | 158.94K | 142.46K | 179.5K |
| Property, Plant & Equipment | 145.69K | 238.1K | 41.58K | 129.35K | 683.02K | 94.59K | 195.55K | 377.7K | 1.06M | 32.82K | 52.89K | 65.34K |
| Fixed Asset Turnover | 0.00x | 187.18x | 403.16x | 44.00x | 0.18x | 2.39x | 0.06x | 7.30x | 4.04x | 109.37x | 31.42x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 490 | 927 | 1.37K | 812 | 1.14K | 837 |
| Long-Term Investments | 126.47M | 0 | 126.47M | 0 | 0 | 0 | 0 | 0 | 75.55K | 72.56K | 77.55K | 101.34K |
| Other Non-Current Assets | 111.06K | 57.23K | -126.42M | 29.38K | 29.44K | 6.64K | 20.91K | 86.1K | 87.34K | 52.74K | 10.89K | 11.99K |
| Total Assets | 413.77M | 246.77M | 174.72M | 56.08M | 24.34M | 15.63M | 9.96M | 12.31M | 13.02M | 4.21M | 2.01M | 1.07M |
| Asset Turnover | 0.00x | 0.18x | 0.10x | 0.10x | 0.01x | 0.01x | 0.00x | 0.22x | 0.33x | 0.85x | 0.83x | - |
| Asset Growth % | 502.19% | 41.24% | 211.56% | 130.41% | 55.72% | 56.9% | -19.1% | -5.4% | 209.02% | 109.48% | 88.32% | - |
| Total Current Liabilities | 378.71M | 210.19M | 157.87M | 47.44M | 10.03M | 7.07M | 2.59M | 2.93M | 2.02M | 1.19M | 557.32K | 1.32M |
| Accounts Payable | 0 | 53.83M | 65.73M | 11.61M | 6.86K | 22.14K | 731.39K | 13.32K | 52.96K | 63.48K | 28.53K | 27.26K |
| Days Payables Outstanding | 316.25 | 844.58 | 2.15K | 1.15K | 7.48 | 18.44 | - | 3.85 | 11.43 | 74.58 | 43.99 | - |
| Short-Term Debt | 118.45K | 0 | 5M | 0 | 0 | 4.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 373.51M | 206M | 152.6M | 47.12M | 7.7M | 688.37K | 403.69K | 0 | 0 | 0 | 258.98K | 1.22M |
| Current Ratio | 1.09x | 1.17x | 1.11x | 1.18x | 2.36x | 2.20x | 3.76x | 4.04x | 5.83x | 3.40x | 3.35x | 0.67x |
| Quick Ratio | 1.09x | 0.12x | 1.11x | 1.07x | 2.32x | 2.97x | 4.05x | 4.04x | 5.77x | 3.40x | 3.04x | 0.67x |
| Cash Conversion Cycle | 628.61 | 2.66K | - | -629.82 | 28.73K | - | - | - | 216.21 | - | 575.92 | - |
| Total Non-Current Liabilities | 0 | 22.87K | 0 | 40.11K | 105.54K | 9.84K | 0 | 66.9K | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 141.5K | 22.87K | 0 | 40.11K | 105.54K | 9.84K | 0 | 66.9K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 378.71M | 210.21M | 157.87M | 47.48M | 10.14M | 7.08M | 2.59M | 3M | 2.02M | 1.19M | 557.32K | 1.32M |
| Total Debt | 118.45K | 212.69K | 5.04M | 133.28K | 368.75K | 4.06M | 63.53K | 147.17K | 0 | 0 | 16.67K | 38.72K |
| Net Debt | -10.02M | -6.71M | 159.83K | -6.61M | -4.92M | 3.08M | 47.6K | 108.57K | -3.94M | -3.22M | 14.19K | -7.62K |
| Debt / Equity | 0.00x | 0.01x | 0.30x | 0.02x | 0.03x | 0.47x | 0.01x | 0.02x | - | - | 0.01x | - |
| Debt / EBITDA | -0.02x | 0.01x | 3.55x | - | - | - | - | - | - | - | 0.02x | - |
| Net Debt / EBITDA | 1.32x | -0.38x | 0.11x | - | - | - | - | - | -9.74x | -1.58x | 0.02x | - |
| Interest Coverage | 11.71x | 212.22x | -866.54x | -1381.50x | -4.78x | -0.43x | -554.67x | -10977.44x | - | - | 14.21x | -15.80x |
| Total Equity | 35.06M | 36.56M | 16.85M | 8.6M | 14.2M | 8.55M | 7.37M | 9.32M | 10.99M | 3.02M | 1.45M | -250.21K |
| Equity Growth % | 394.56% | 116.95% | 96.03% | -39.47% | 66.08% | 16.02% | -20.89% | -15.25% | 263.83% | 107.87% | 680.97% | - |
| Book Value per Share | 0.85 | 0.95 | 0.49 | 0.32 | 0.78 | 0.73 | 0.65 | 0.82 | 1.02 | 0.26 | 0.12 | -0.02 |
| Total Shareholders' Equity | 35.06M | 36.56M | 16.85M | 8.6M | 12.79M | 9.16M | 7.92M | 9.81M | 11.07M | 3.02M | 1.45M | -250.21K |
| Common Stock | 4.14K | 3.95K | 3.73K | 3.1K | 2.36K | 1.33K | 1.14K | 1.14K | 1.14K | 1K | 1K | 1K |
| Retained Earnings | -14.67M | -28.03M | -43.93M | -40.25M | -20.38M | -5.9M | -755.6K | 663.7K | 1.88M | 2.05M | 337.28K | -250.24K |
| Treasury Stock | -435.94K | -435.94K | -435.94K | -353.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 9.26M | 24.12M | 22.55M | 16.13M | 6.69M | 22.33K | -270.39K | 212.08K | 264.94K | -84.29K | 61.72K | -966 |
| Minority Interest | 0 | 0 | 0 | 0 | 1.41M | -611.69K | -547.78K | -489.76K | -78.79K | 0 | 0 | 0 |
Liquidity and regulatory exposure
As reported in recent financial statements, Metalpha's total assets surged from $86.3M in 2024Q2 to $413.8M by 2026Q2, yet this expansion appears driven by volatile trading positions rather than retained earnings, which remain deeply negative at -$14.7M, signaling a precarious trajectory for long-term institutional stability.
The rapid growth in the asset base without a corresponding improvement in retained earnings suggests that the firm is scaling its balance sheet through high-risk trading activities rather than sustainable capital accumulation. Investors should monitor whether this asset inflation is merely a reflection of temporary market-making inventory that could evaporate during a liquidity crunch.
Based on the latest quarterly filings, Metalpha maintains a cash position of $10.1M against total liabilities of $378.7M, resulting in a current ratio of 1.09, which suggests a narrow margin of safety for a firm operating in the highly volatile digital asset wealth management sector.
The current ratio hovering near parity indicates that the firm has little room for error should its derivative positions face sudden margin calls or if client withdrawals accelerate. This liquidity profile appears insufficient to support the firm's aggressive trading infrastructure during prolonged periods of market stress or regulatory tightening.
According to historical balance sheet data, Metalpha's equity base is burdened by persistent negative retained earnings, which stood at -$14.7M as of 2026Q2, indicating that the firm has yet to achieve a self-sustaining capital structure despite its pivot to digital asset services.
The reliance on external capital or trading gains to offset operational losses suggests that the equity base is not being built through core business profitability. This structural weakness may limit the firm's ability to absorb future losses or invest in the regulatory compliance necessary to maintain its Hong Kong licenses.
As indicated by the firm's financial disclosures, the absence of significant PPE and the reliance on digital assets for the bulk of the $413.8M in total assets suggests that the balance sheet is highly sensitive to mark-to-market volatility, which may distort the firm's true financial health.
The lack of tangible assets implies that the company's value is almost entirely tied to its ability to manage digital asset derivatives, making the balance sheet highly susceptible to sudden valuation swings. Analysts should be wary that the reported asset values may not be readily convertible to cash in a distressed market environment.
Quick answers to the most common questions about buying MATH stock.
As of 2025, Metalpha Technology Holding Limited (MATH) had total assets of $246.8M including $246.5M in current assets.
Metalpha Technology Holding Limited (MATH) carries total debt of $0.2M, offset by $20.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Metalpha Technology Holding Limited (MATH) has total shareholders' equity (book value) of $36.6M ($0.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Metalpha Technology Holding Limited (MATH) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.