CFO Fan Pengyuan lists RSU awards and shares at Metalpha (MATH)

Rhea-AI Filing Summary

Metalpha Technology Holding Ltd director and CFO Fan Pengyuan filed an initial ownership report showing equity awards and share holdings. The filing lists 2,500 Ordinary Shares held directly and restricted share units (RSUs) covering 7,500 additional Ordinary Shares from an original 10,000-RSU grant.

The remaining 7,500 RSUs vest in three equal annual installments on each anniversary of December 1, 2025, contingent on continued service. A separate grant of 15,000 RSUs dated June 30, 2025 vests in four equal installments on each anniversary of that grant date, starting July 1, 2026.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Fan Pengyuan

Role Chief Financial Officer

Type	Security	Shares	Price	Value
holding	Restricted Share Units	--	--	--
holding	Restricted Share Units	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Restricted Share Units — 7,500 shares (Direct); Ordinary Shares — 2,500 shares (Direct)

Footnotes (1)

1. Represents the unvested portion of an original grant of 10,000 restricted share units ("RSUs"). Each RSU represents a contingent right to receive one Ordinary Share. 2,500 RSUs vested on December 1, 2025. The remaining 7,500 RSUs vest in three equal annual installments on each anniversary of December 1, 2025, subject to the Reporting Person's continued service to the Issuer. Represents an original grant of 15,000 RSUs on June 30, 2025. Each RSU represents a contingent right to receive one Ordinary Share. The RSUs vest in four equal installments on the day following each anniversary of the grant date, commencing on July 1, 2026, subject to the Reporting Person's continued service to the Issuer.

Key Figures

Direct Ordinary Shares held: 2,500 shares Unvested RSUs from original 10,000 grant: 7,500 RSUs / underlying shares Vested RSUs from original grant: 2,500 RSUs +1 more

4 metrics

Direct Ordinary Shares held 2,500 shares Initial ownership report on Form 3

Unvested RSUs from original 10,000 grant 7,500 RSUs / underlying shares Remaining portion after 2,500 vested on December 1, 2025

Vested RSUs from original grant 2,500 RSUs Vested on December 1, 2025

New RSU grant 15,000 RSUs / underlying shares Original grant dated June 30, 2025 with four-year vesting from July 1, 2026

Key Terms

Restricted Share Units, Ordinary Shares, vested, contingent right

4 terms

Restricted Share Units financial

"Represents the unvested portion of an original grant of 10,000 restricted share units"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Ordinary Shares financial

"Each RSU represents a contingent right to receive one Ordinary Share"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

vested financial

"2,500 RSUs vested on December 1, 2025"

contingent right financial

"Each RSU represents a contingent right to receive one Ordinary Share"

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Fan Pengyuan

(Last) (First) (Middle)

C/O SUITE 5506-07, CENTRAL PLAZA

18 HARBOUR ROAD, WAN CHAI

(Street)

HONG KONG

(City) (State) (Zip)

HONG KONG

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Metalpha Technology Holding Ltd [ MATH ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	2,500	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units	(1)	12/01/2038	Ordinary Shares	7,500	$0.00	D
Restricted Share Units	(2)	07/01/2039	Ordinary Shares	15,000	$0.00	D

Explanation of Responses:

1. Represents the unvested portion of an original grant of 10,000 restricted share units ("RSUs"). Each RSU represents a contingent right to receive one Ordinary Share. 2,500 RSUs vested on December 1, 2025. The remaining 7,500 RSUs vest in three equal annual installments on each anniversary of December 1, 2025, subject to the Reporting Person's continued service to the Issuer.

2. Represents an original grant of 15,000 RSUs on June 30, 2025. Each RSU represents a contingent right to receive one Ordinary Share. The RSUs vest in four equal installments on the day following each anniversary of the grant date, commencing on July 1, 2026, subject to the Reporting Person's continued service to the Issuer.

Remarks:

Exhibit 24.1 - Power of Attorney.

	/s/ Xiaosi Zhang, as Attorney-in-Fact for Pengyuan Fan	04/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Metalpha (MATH) CFO Fan Pengyuan’s Form 3 report show?

It shows Fan Pengyuan’s initial equity position as a Metalpha insider, including 2,500 directly held Ordinary Shares and multiple restricted share unit (RSU) awards that can convert into additional shares over time, subject to vesting conditions and continued service with the company.

How many Metalpha (MATH) RSUs from the December 2025 schedule remain unvested?

The filing states 7,500 RSUs remain unvested from an original 10,000-RSU grant. Each RSU equals one Ordinary Share, and these 7,500 units are scheduled to vest in three equal annual installments beginning on the December 1, 2025 anniversary date.

What are the vesting terms of Fan Pengyuan’s June 30, 2025 RSU grant at Metalpha (MATH)?

The June 30, 2025 grant covers 15,000 RSUs. These units vest in four equal installments on the day after each anniversary of the grant date, starting on July 1, 2026, provided Fan Pengyuan continues to serve Metalpha Technology Holding Ltd.

How many Ordinary Shares does Fan Pengyuan currently hold directly in Metalpha (MATH)?

The Form 3 lists 2,500 Ordinary Shares held directly by Fan Pengyuan. This shareholding is in addition to his restricted share units, which represent contingent rights to receive further Ordinary Shares as specific vesting conditions are satisfied over time.

What is an RSU in the context of Metalpha (MATH) insider holdings?

An RSU, or restricted share unit, is described as a contingent right to receive one Ordinary Share. For Fan Pengyuan, the filing notes RSU grants totaling 7,500 and 15,000 underlying Ordinary Shares, which vest over several years if service conditions are met.