MATH: The Smartest Bet in the Post-$17 B Bitcoin Proxy Shake-Out
1️⃣ The $17 B Lesson
According to 10x Research, retail investors have lost over $17 billion chasing “Bitcoin Treasury” stocks — companies that simply hoarded BTC and traded at inflated NAV premiums.
10x calls it “the end of financial magic.”
The winners of the next cycle will be real operators with scalable models, not passive balance-sheet holders.
(Source: 10x Research, Bloomberg, Business Insider)
2️⃣ The Next Wave: Infrastructure > Treasuries
Crypto-infrastructure equities (brokers, derivatives, custody, wealth platforms) historically outperform BTC during adoption upswings.
Bitwise and academic studies confirm miners/exchanges show 2–5× beta to Bitcoin due to operational leverage.
With ETFs and institutional flows expanding (BlackRock, EY, Reuters 2025), infrastructure is where adoption monetizes.
3️⃣ MATH (Nasdaq: MATH) — The Undervalued Leader
Metric Highlight
FY2025 Results First annual profit, revenues tripled (SEC 6-K, July 30 2025)
Guidance ~US$40 m total income FY2025 (June 9 update)
Partnerships ZMG7 JV (Gewan Holding & Zodia Markets / Standard Chartered) – Middle East launch<br>AMINA Bank partnership – Europe & HK distribution (Aug 28 2025)
Business Model Derivatives & structured wealth products — scales with adoption, not balance-sheet BTC
Valuation Trades below US$500 M cap vs peers COIN, HOOD, MSTR — yet faster growth, lower dilution
4️⃣ Why It Matters Now
Bitcoin adoption hitting record ETF inflows.
Gold’s ATH historically precedes BTC’s parabolic run → perfect setup.
MATH’s six-month financials (to Sept 30 2025) will confirm another step-change in earnings.
Global partnerships expand reach → Middle East, Europe, Asia.
💡 Thesis:
The $17 B wipe-out proved “hoarding isn’t a business.”
MATH is the pure-play operator with real earnings, institutional partners, and exponential upside to Bitcoin’s next adoption phase.
Ticker: MATH (Nasdaq) | Website: metalpha.finance
Tagline: “Do the MATH — the leverage is operational.
According to 10x Research, retail investors have lost over $17 billion chasing “Bitcoin Treasury” stocks — companies that simply hoarded BTC and traded at inflated NAV premiums.
10x calls it “the end of financial magic.”
The winners of the next cycle will be real operators with scalable models, not passive balance-sheet holders.
(Source: 10x Research, Bloomberg, Business Insider)
2️⃣ The Next Wave: Infrastructure > Treasuries
Crypto-infrastructure equities (brokers, derivatives, custody, wealth platforms) historically outperform BTC during adoption upswings.
Bitwise and academic studies confirm miners/exchanges show 2–5× beta to Bitcoin due to operational leverage.
With ETFs and institutional flows expanding (BlackRock, EY, Reuters 2025), infrastructure is where adoption monetizes.
3️⃣ MATH (Nasdaq: MATH) — The Undervalued Leader
Metric Highlight
FY2025 Results First annual profit, revenues tripled (SEC 6-K, July 30 2025)
Guidance ~US$40 m total income FY2025 (June 9 update)
Partnerships ZMG7 JV (Gewan Holding & Zodia Markets / Standard Chartered) – Middle East launch<br>AMINA Bank partnership – Europe & HK distribution (Aug 28 2025)
Business Model Derivatives & structured wealth products — scales with adoption, not balance-sheet BTC
Valuation Trades below US$500 M cap vs peers COIN, HOOD, MSTR — yet faster growth, lower dilution
4️⃣ Why It Matters Now
Bitcoin adoption hitting record ETF inflows.
Gold’s ATH historically precedes BTC’s parabolic run → perfect setup.
MATH’s six-month financials (to Sept 30 2025) will confirm another step-change in earnings.
Global partnerships expand reach → Middle East, Europe, Asia.
💡 Thesis:
The $17 B wipe-out proved “hoarding isn’t a business.”
MATH is the pure-play operator with real earnings, institutional partners, and exponential upside to Bitcoin’s next adoption phase.
Ticker: MATH (Nasdaq) | Website: metalpha.finance
Tagline: “Do the MATH — the leverage is operational.
Disclaimer
CRG.AI is not operated by a licensed broker, a dealer, or a registered investment adviser. This content is for informational purposes only and is not intended to be investment advice. The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investors investment may be lost or impaired due to the speculative nature of the companies profiled. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by CRG.AI or any third party service provider to buy or sell any securities or other financial instruments. All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. CRG.AI is not a fiduciary by virtue of any persons use of or access to this content.
This article is for informational purposes only and should not be considered financial or investment advice. The content reflects the author's views based on publicly available information but does not constitute a recommendation to buy or sell any securities. Cryptocurrency and equity investments carry risks, including market volatility and potential loss of capital. Investors should conduct their own research and consult a professional financial advisor before making any investment decisions. Past performance is not indicative of future results.
Disclosure & Disclaimer Statement
Ownership Disclosure
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.
No Compensation for Report
The report linked or posted on this website regarding Metalpha Technology Holding Ltd. (NASDAQ: MATH) was not commissioned, purchased, or solicited by me or this website. I did not receive any form of direct or indirect compensation—monetary or otherwise—for publishing or sharing this report. I am merely reposting or referencing it for informational and educational purposes.
Third-Party Content Disclaimer
This report was authored by a third party not affiliated with this website. I make no warranties or representations as to the accuracy, completeness, or reliability of the information, forward-looking statements, or opinions contained within. Readers are encouraged to verify all claims independently and consider the source of the report.
Investment Risk & No Investment Advice
The information presented on this website, including this report, is provided strictly for informational purposes and does not constitute an offer to buy or sell any securities. It should not be construed as personalized investment advice or a recommendation to make any specific investment decision. Investing in securities is inherently risky and may result in the loss of your entire investment.
Compliance with SEC Rule 17(b)
In accordance with Section 17(b) of the Securities Act of 1933, while I have not been compensated by any third party to distribute or promote this report, I am disclosing my ownership in the security mentioned. I am committed to full transparency regarding any and all positions held or compensation received related to any content posted on this website.
Forward-Looking Statements Warning
Any statements contained in the report that are not historical facts may be forward-looking statements as defined under federal securities laws. Such statements may involve risks and uncertainties that could cause actual results to differ materially. Readers should not place undue reliance on forward-looking statements and are encouraged to consult with a qualified investment advisor or legal counsel before making investment decisions.
Contact for Questions
For questions or concerns regarding this disclosure, please contact:
Sergei Stetsenko, CEO