While traditional BTC proxy stocks like MSTR depend largely on holding Bitcoin on the balance sheet, MATH benefits from the massive growth in crypto derivatives, which are 20–40x larger than the spot market in volume. Here’s what makes it stand out:
Business Model Edge
Metalpha specializes in structured crypto derivatives and institutional hedging products, serving miners, funds, and high-net-worth individuals.
Unlike firms that hold BTC as an asset (and thus suffer during BTC drawdowns), MATH earns from trading spreads, structuring fees, and recurring flows, making it cash-flow positive in both bull and bear markets.
Deep Ties to Bitmain and Antalpha
MATH is strategically aligned with Bitmain, the world's leading BTC mining equipment provider, and Antalpha, its sister company, which recently IPO’d. This ecosystem grants MATH privileged client flow and early-stage deal access in crypto infrastructure.
Earnings Power
Based on the latest guidance, MATH is on track to earn over $0.50 per share in EPS for the fiscal year ending March 2025 — an astounding achievement compared to its current valuation.
At just a 30x earnings multiple, the stock could trade between $15–$20, representing 5x–10x upside from recent levels below $3.
As BTC volumes rise, so do derivatives and hedging demand — MATH’s core revenue drivers.
Regulatory clarity across Hong Kong, Singapore, and Europe is giving MATH an open runway to expand globally.
With a second listing in Germany (symbol D92) and growing institutional visibility, MATH is positioned for multiple expansion.
Bitcoin may have hit a new high, but for equity investors, with unmatched leverage to BTC transaction growth, strong earnings momentum, and global infrastructure expansion, MATH shows promise.
