If we assume crypto is bottoming (per Goldman), which business model actually outperforms from here: Exchanges Coinbase Retail brokers Robinhood Lending Figure Technology Solutions Derivatives

Goldman Sachs just said crypto may have bottomed…

They’re buying Coinbase… Robinhood… and Figure…

But what if I told you…

• The real opportunity is a $50 million company

• Already profitable

• Growing triple digits

• And sitting right at the center of where the REAL money in crypto is made

This is not another Bitcoin proxy.

This is something VERY different.

PART 1 — THE GOLDMAN SIGNAL (Set the macro)

Let’s start here. Goldman Sachs doesn’t throw words around lightly.

When they say:

• ‘Crypto may have bottomed’

That’s institutional language for:

• ‘We are starting to accumulate.’

But here’s the key… They’re not buying Bitcoin.

They’re buying:

• Coinbase
• Robinhood

Figure Technology Solutions Why?

Because they want:

• Exposure to crypto… WITHOUT betting on direction.

PART 2 — WHAT GOLDMAN IS MISSING

But here’s the problem… Goldman is still playing first-generation crypto stocks.

Let me explain:

• Coinbase = trading volume

• Robinhood = retail activity

• Figure = lending

All of them still depend on:

• The market going UP

But the REAL money in crypto?

It’s NOT spot trading. It’s NOT retail. It’s NOT even lending.

🔥 It’s DERIVATIVES.

And most investors don’t understand this:

• Crypto derivatives trading is 20 to 40 TIMES larger than spot markets.

That’s where the institutions play.

That’s where the margins are.

That’s where the smart money is.

PART 3 — ENTER MATH (The reveal)

“Now let me introduce you to something almost nobody is talking about:

• Metalpha Technology Holding Limited Ticker: MATH

Market cap:

• About $50 million Let that sink in for a second…

This company:

• Generated $44 million revenue

• Produced ~$16 million profit

• Growing triple digits

And yet…

• It’s trading near a 52-week low
• At roughly 3x earnings

That’s not cheap. That’s broken pricing.

PART 4 — WHY THIS BUSINESS MODEL IS DIFFERENT

“MATH is NOT an exchange.

It’s NOT a broker. It’s NOT a lender.

• It’s a crypto derivatives and structured products platform

What does that mean? It means they:

• Build yield products

• Hedge risk for institutions

• Structure trades for miners

• Monetize volatility

And here’s the key insight:

• They don’t care if Bitcoin goes up… or down.

• hey make money from: 👉 movement 👉 volatility 👉 complexity

So while everyone else is praying for a bull market… MATH gets paid either way.”

PART 5 — THE VALUATION DISCONNECT

“Now let’s compare:

• Coinbase → ~$40 BILLION

• Robinhood → ~$15 BILLION

• Figure → ~$5 BILLION

And MATH?

• ~$50 MILLION

Let me say that again:

• 50 MILLION vs BILLIONS

And yet:

• It’s already profitable

• Already scaling

• Already institutional

This is a 100x valuation gap category mistake.

PART 6 — WHY THE NEXT BULL MARKET CHANGES EVERYTHING

“Now this is where it gets really interesting.

Because Goldman is right about ONE thing: - We are entering the next phase of the cycle.

Here’s what happens next:

• Phase 1 (now)

• Bottoming

• Fear

• Institutions quietly accumulating

• Phase 2 (next 6–12 months)

• Bitcoin rises

• Volatility increases

• Institutions return

• MATH revenues accelerate here.

Phase 3 (full bull market)

Retail floods in Yield demand explodes

Structured products go vertical THIS is where MATH can go exponential.”

PART 7 — THE RE-RATING SCENARIO

“Let’s talk upside.

Right now:

• ~$50M valuation

If the market simply wakes up and says: ‘This is a real business’

• $150M–$300M

If it becomes: ‘Recognized infrastructure’

• $500M–$1B

If it becomes: ‘Core financial layer of crypto’

• $2B–$3B+

That’s not hype.

That’s just applying the same multiples Goldman is already using… To the right business model.”

PART 8 — FINAL TAKE (Close strong)

“So here’s the bottom line:

Goldman Sachs just told you:

Crypto is bottoming

Infrastructure is the play

But they’re buying:

• The obvious names Meanwhile…

• The real asymmetry

• The real mispricing

• The real second-generation infrastructure

Is sitting here:

• Metalpha Technology Holding Limited

• ~$50 million

• Profitable

• Growing

And almost completely undiscovered This is NOT a Bitcoin bet.

This is a bet on:

As of the date this content is published, I, the owner/operator of this website: www.crg.ai

hold a long position in the publicly traded securities of Metalpha Technology Holding Ltd. (NASDAQ: MATH). I may buy or sell shares at any time without notice.

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