Hong Kong-based crypto brokerage Metalpha has become the wholly-owned subsidiary of Nasdaq-listed Metalpha Technology Holding. Separately, E-bike maker TENWAYS has raised $44.3 million in its Series A fundraising round.
Antalpha now largest shareholder in Metalpha
Hong Kong-based crypto brokerage Metalpha, which provides cryptocurrency derivative products to institutional investors such as exchanges and family offices, has become the wholly-owned subsidiary of Nasdaq-listed Metalpha Technology Holding, which was previously called Dragon Victory International, per a release on Tuesday.
Prior to the restructuring, Metalpha was a joint venture of Meta Rich and Antalpha Technologies, which held 49% and 51% of the shares, respectively.
Antalpha, which is the strategic partner of the world’s largest bitcoin mining equipment maker Bitmain, is now the “single largest shareholder” of the listed firm, Metalpha’s founder and CEO Adrian Wang told DealStreetAsia in an interview earlier.
The news comes two months after the Hong Kong government announced a slew of virtual-asset-related initiatives, amid a global crypto downturn that saw the market value of digital assets tumble by at least two-thirds from its peak level of almost $3 trillion in November 2021 to below $1 trillion as of late December in 2022, according to data from Coinmarketcap.
Despite the series of crypto business meltdowns in 2022, Wang told DealStreetAsia that the firm has seen an inflow of new clients, which include some of the largest family offices in Hong Kong, joining the firm. Looking ahead, the firm said it will work with regulators on compliance as well as expanding its team in Hong Kong, per the release.
L Catterton leads TENWAYS’ funding round
E-bike maker TENWAYS has raised 300 million yuan ($44.3 million) in its Series A fundraising round for product R&D, marketing promotion, as well as team expansion, the firm announced on Monday.
L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, led TENWAYS’ Series A2 round, the firm said.
Founded in May 2021, TENWAYS, headquartered in the Netherlands, snapped an undisclosed sum from GL Ventures in a pre-Series A round in the same year.