Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. It offers digital asset-based wealth management services; executes cryptocurrency-related transactions, including the issuance of derivative products to over-the-counter clients; proprietary trading services; crypto derivative market making services for clients, as well as facilitates the trading of crypto derivative products; traditional financial derivative products; and securities …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative vs peers (score 0.88).
Improving Margin TrajectoryMargin trajectory is improving (trend score 1.00).
Key risks
AUM Retention RiskRevenue stickiness is low (stability score 0.06).
Below-Peer Return on EquityReturn on equity lags peers (score 0.38).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Metalpha Technology Holding Lim ranks #41 of 67
scored companies in Capital Markets by moat score — the top 61%.
The widest moat in the group is Interactive Brokers Group, Inc. (IBKR)
at 83/100.
Moat scores for companies ranked near MATH in Capital Markets
How MATH scores on the Asset Management Specialized defenses
Fee Revenue Quality
Score 27
· 20% of the moat score
Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.
Client Retention & Revenue Stickiness
Score 21
· 18% of the moat score
Assets under management leave far more easily than they arrive, and the fee leaves with them.
Compensation Discipline
Score 66
· 18% of the moat score
Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.
Capital Efficiency
Score 30
· 20% of the moat score
Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.
Earnings Quality & Cash Conversion
Score 27
· 14% of the moat score
Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.
Balance Sheet Strength
Score 48
· 10% of the moat score
Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.
What is Metalpha Technology Holding Lim's moat score?
Metalpha Technology Holding Lim (MATH) scores 36 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #41 of 67 scored companies in Capital Markets, the top 61%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 74 companies in Capital Markets. Its strongest defense is Compensation Discipline (66/100) and its weakest is Client Retention & Revenue Stickiness (21/100).
How does Metalpha Technology Holding Lim compare with other Capital Markets companies?
Metalpha Technology Holding Lim ranks #41 of 67 scored companies in Capital Markets by moat score. The widest moat in Capital Markets is Interactive Brokers Group, Inc. (IBKR) at 83/100. The companies ranked closest are Mawson Infrastructure Group Inc (MIGI) at 37 just above it and Garden Stage Limited (GSIW) at 35 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 74 companies in Capital Markets. The defenses are then weighted to produce the overall score out of 100.
Why is Metalpha Technology Holding Lim scored with the Asset Management Specialized template?
An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.
Which competitive defenses are measured for Metalpha Technology Holding Lim?
The Asset Management Specialized template measures 6 defenses, and MATH scores: Fee Revenue Quality (27), Client Retention & Revenue Stickiness (21), Compensation Discipline (66), Capital Efficiency (30), Earnings Quality & Cash Conversion (27), Balance Sheet Strength (48). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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