Metalpha Technology Holding Ltd amended a Schedule 13G/A reporting that LSQ Investment Fund SPC - Disruptive Opportunity Fund II holds 3,709,600 shares, equal to 8.6% of the class as of 12/31/2025. The filing states KBR Fund Management Limited serves as sub-investment manager and may be deemed an indirect beneficial owner.
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Insights
LSQ holds 3,709,600 shares (8.6%), disclosed via an amended Schedule 13G.
The amendment lists shared voting and dispositive power of 3,709,600 shares as of 12/31/2025, reflecting passive reporting under beneficial ownership rules. The filing attaches a joint filing agreement as Exhibit 99.
Cash-flow treatment and transactions are not included; subsequent filings may clarify any trading activity or changes in position.
Filing attributes direct ownership to LSQ and indirect interest to KBR as sub-investment manager.
Item disclosures identify LSQ as the direct holder and KBR as sub-investment manager with potential indirect beneficial ownership. Signatures by fund and investment manager appear dated 02/19/2026 and a Joint Filing Agreement is referenced.
This is an ownership disclosure amendment; it does not report purchases or sales in the excerpt provided.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Metalpha Technology Holding Ltd
(Name of Issuer)
COM
(Title of Class of Securities)
G28365107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G28365107
1
Names of Reporting Persons
LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,709,600.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,709,600.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,709,600.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Metalpha Technology Holding Ltd
(b)
Address of issuer's principal executive offices:
SUITE 5506-07, CENTRAL PLAZA, 18 HARBOUR ROAD, WAN CHAI, HONG KONG, 9999
Item 2.
(a)
Name of person filing:
LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP ("LSQ")
KBR Fund Management Limited ('KBR')
The shares reported herein are directly held by LSQ.
KBR serves as the sub-investment manager for LSQ. Accordingly, KBR may be deemed to indirectly beneficially own the securities of the Issuer held by LSQ.
(b)
Address or principal business office or, if none, residence:
LSQ: 3-212 Governors Square, 23 Lime Tree Bay Avenue, PO Box 30746,Seven Mile Beach, Grand Cayman, Cayman Islands
KBR: 6/F Skyway Centre, 23 Queens Road West, Sheung Wan, Hong Kong
(c)
Citizenship:
LSQ: CAYMAN ISLANDS
KBR: HONG KONG
(d)
Title of class of securities:
COM
(e)
CUSIP No.:
G28365107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
LSQ: Investment company
KBR: Investment adviser
Item 4.
Ownership
(a)
Amount beneficially owned:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
(b)
Percent of class:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
(ii) Shared power to vote or to direct the vote:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
(iii) Sole power to dispose or to direct the disposition of:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
(iv) Shared power to dispose or to direct the disposition of:
The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP
Signature:
Bob Yau Ching Chan
Name/Title:
Sub-Investment Manager
Date:
02/19/2026
Signature:
Bingzhong WANG
Name/Title:
Director of Investment Company
Date:
02/19/2026
Comments accompanying signature: Joint Filing Agreement attached hereto as Ex-99
