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  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>As filed with the Securities and Exchange Commission on November 19, 2024</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Metalpha Technology Holding Limited</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
  charter)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD>
      <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or other jurisdiction of<BR>
  incorporation or organization)</B></FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer<BR>
  Identification Number)</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 6703-04, Central Plaza</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 Harbour Road, Wan Chai</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong Kong, China</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: +852-3565-2920</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
  number, including area code, of registrant&rsquo;s principal executive offices)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 Share Incentive Plan<BR>
  (Full title of the plan)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency Global Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP>
  Floor</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1 800-221-0102</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
  number, including area code, of agent for service)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Indicate by check mark whether the registrant is
  a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
  the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and
  &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
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    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&#9744;</FONT></TD>
      <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&#9746;</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT>&nbsp;&#9744;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If an emerging growth company, indicate by check
  mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).&nbsp;&#9744;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><I>Copies to:</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 49%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Bingzhong Wang<BR>
  Chief Executive Officer<BR>
  Suite 6703-04, Central Plaza<BR>
  18 Harbour Road, Wan Chai<BR>
  Hong Kong, China<BR>
  Telephone: +852-3565-2920</B></FONT></TD>
      <TD STYLE="width: 2%; text-align: center; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Will H. Cai, Esq.<BR>
  Cooley LLP<BR>
  c/o 35th Floor Two Exchange Square<BR>
  8 Connaught Place<BR>
  Central, Hong Kong<BR>
  +852 3758-1200</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INFORMATION REQUIRED
  IN THE SECTION 10(a) PROSPECTUS</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 1. Plan Information*</P>
  
  
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 2. Registrant Information and Employee Plan Annual Information*</P>
  
  
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the plan, as specified by Rule 428(b)(1) under the Securities Act.</TD>
  </TR></TABLE>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INFORMATION REQUIRED
  IN THE REGISTRATION STATEMENT</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 3. Incorporation of Documents by Reference</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents filed
  or to be filed (other than portions of these documents furnished or otherwise not deemed filed) by <FONT STYLE="background-color: white">Metalpha
  Technology Holding Limited</FONT> (the &ldquo;Registrant&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
  are incorporated by reference as of their respective dates and deemed to be a part hereof:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024012567/f20f2023_metalphatech.htm">Form 20-F</A> for the fiscal year ended March 31, 2024 filed with
  the Commission on October 30, 2024 (File No. 001-38208);</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s current reports on Form 6-K furnished to the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024029038/ea0203003-6k_metalpha.htm">April 2, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024030430/ea0203307-6k_metalpha.htm">April 4, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024031727/ea0203628-6k_metalpha.htm">April 10, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024060801/ea0208551-6k_metalpha.htm">July 12, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000101376224001766/ea0210172-6k_metalpha.htm">July 29, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024070413/ea0211727-6k_metalpha.htm">August 19, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024081956/ea021576801-6k_metalpha.htm">September 26, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024081958/ea021576802-6k_metalpha.htm">September 26, 2024</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024093192/ea0219569-6k_metalpha.htm">November 1, 2024</A>;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act; and</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The description of the Registrant&rsquo;s ordinary shares contained in <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390021039832/f20f2021ex2-2_dragon.htm">Exhibit 2.2</A> to the Registrant&rsquo;s
  annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390021039832/f20f2021_dragonvictory.htm">Form 20-F</A> for the fiscal year ended March 31, 2021, filed with the Commission on August 2, 2021, including any amendment
  and report subsequently filed for the purpose of updating that description.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All documents subsequently
  filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement
  and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have
  been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration
  statement and to be part hereof from the date of filing of such documents. In addition, any current report on Form 6-K of the Registrant
  hereafter furnished to the Commission pursuant to the Exchange Act shall be incorporated by reference into this registration statement
  if and to the extent provided in such document. Any statement in a document incorporated or deemed to be incorporated by reference in
  this registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration
  statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement.
  Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration
  statement.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 4. Description of Securities</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 5. Interests of Named Experts and Counsel</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.&nbsp;</P>
  
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 6. Indemnification of Directors and Officers</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cayman Islands law does not
  limit the extent to which a company&rsquo;s articles of association may provide for indemnification of directors and officers, except
  to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
  against civil fraud or the consequences of committing a crime. The Registrant&rsquo;s currently effective second amended and restated
  memorandum and articles of association, adopted by special resolutions on November 15, 2022, provides that the Registrant shall indemnify
  its existing or former secretaries, directors (including alternate directors) and other officers and their personal representatives against
  all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such person(s) in their capacity
  as such, other than by reason of such person&rsquo;s own dishonesty, in or about the conduct of the Company&rsquo;s business or affairs
  or in the execution or discharge of such person&rsquo;s duties, powers, authorities or discretions.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the indemnification
  agreements, the form of which was filed as Exhibit 10.2 to the Registrant&rsquo;s registration statement on Form F-1/A (File No. 333-214932),
  the Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in
  connection with claims made by reason of their being such a director or officer.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
  to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public
  policy as expressed in the Securities Act and is therefore unenforceable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Registrant also maintains
  a directors and officers liability insurance policy for its directors and officers.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 7. Exemption from Registration Claimed</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 8. Exhibits</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See the Index to Exhibits attached hereto.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 9. Undertakings</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
  registration statement:</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">to include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">to reflect in the prospectus any facts or events arising after the effective date of this registration
  statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
  in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
  offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
  high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
  424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price
  set forth in the &ldquo;Calculation of Filing Fee&rdquo; table in the effective registration statement; and</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"></P>
  
  <!-- Field: Page; Sequence: 4; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to include any material information with respect to the plan of distribution not previously disclosed
  in the registration statement or any material change to that information in the registration statement;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><I>provided</I>, <I>however</I>,
  that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by
  those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section
  15(d) of the Exchange Act that are incorporated by reference in this registration statement;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
  amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
  at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
  which remain unsold at the termination of the offering.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
  <FONT STYLE="font-family: Times New Roman, Times, Serif">Securities Act, </FONT>each <FONT STYLE="font-family: Times New Roman, Times, Serif">filing
  of the Registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the</FONT> Exchange Act (and, where applicable, each filing
  of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
  this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
  of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
  that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
  adjudication of such issue.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT INDEX</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 9%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in"><B>Exhibit<BR>
   Number</B></TD>
      <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; width: 1%; text-align: center; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 90%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in"><B>Description</B></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">4.1</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024012567/f20f2023ex1-1_metalphatech.htm">Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 1.1 to the Registrant&rsquo;s annual report on Form 20-F (File No. 001-38208) for the fiscal year ended March 31, 2023 filed with the Commission on February 12, 2024)</A> </TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">4.2</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000114420417037340/v470981_ex4-1.htm">Registrant&rsquo;s Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s registration statement on Form F-1 (File No. 333-214932) filed with the Commission on December 6, 2016)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">5.1*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="ea022123301ex5-1_metalpha.htm">Opinion of BGA Law (Cayman) Limited, regarding the validity of the Ordinary Shares being registered</A> </TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">10.1</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="http://www.sec.gov/Archives/edgar/data/1682241/000121390024081956/ea021576801ex4-1_metalpha.htm">2024 Share Incentive Plan, effective on October 12, 2024 (incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s current report on Form 6-K (File No. 001-38208) furnished with the Commission on September 26, 2024)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">23.1*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="ea022123301ex23-1_metalpha.htm">Consent of WWC, P.C.</A> </TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">23.2*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="ea022123301ex23-2_metalpha.htm">Consent of Onestop Assurance PAC </A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">23.3*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="ea022123301ex5-1_metalpha.htm">Consent of BGA Law (Cayman) Limited (included in Exhibit 5.1)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">24.1*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="#poa_001">Power of Attorney (included on the signature page hereto)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; text-indent: 0in">107*</TD>
      <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify; text-indent: 0in"><A HREF="ea022123301ex-fee_metalpha.htm">Filing Fee Table</A></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="poa_001"></A>SIGNATURES</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
  of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in Hong Kong, China, on November 19, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 60%; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="width: 40%; padding: 0.25pt"><B>Metalpha Technology Holding Limited</B></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="padding: 0pt; width: 60%">&nbsp;</TD>
      <TD STYLE="padding: 0pt; vertical-align: top; width: 5%">By:</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0pt; vertical-align: bottom; width: 35%">/s/ <FONT>Bingzhong Wang</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0pt">&nbsp;</TD>
      <TD STYLE="padding: 0pt">Name:&nbsp;</TD>
      <TD STYLE="padding: 0pt; text-align: justify"><FONT>Bingzhong Wang</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0pt">&nbsp;</TD>
      <TD STYLE="padding: 0pt">Title:</TD>
      <TD STYLE="padding: 0pt">Chief Executive Officer and<BR>
  Chairman of the Board of Directors</TD></TR>
    </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">POWER OF ATTORNEY</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">KNOW ALL PERSONS BY THESE
  PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of <FONT STYLE="background-color: white">Bingzhong
  Wang and Ming Ni</FONT>, with full power to act alone, as his true and lawful attorney-in-fact, with the power of substitution, for and
  in such person&rsquo;s name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments)
  to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
  Securities and Exchange Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every
  act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying
  and confirming all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on November
  19, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 40%; font-size: 10pt; text-align: center"><B>Signature</B></TD>
      <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 58%; font-size: 10pt; text-align: center"><B>Title</B></TD></TR>
    <TR>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ Bingzhong Wang</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Chairman of the Board of Directors and Chief Executive Officer</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT>Bingzhong Wang </FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">(<I>Principal Executive Officer</I>)</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ Xiaohua Gu</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Chief Financial Officer</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">Xiaohua Gu</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">(<I>Principal Financial Officer</I>)</TD></TR>
    <TR>
      <TD STYLE="text-align: center; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Ming Ni</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT>Ming Ni</FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Limin Liu</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT>Limin Liu</FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Jingxin Tian</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT>Jingxin Tian</FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Kim Fung Lai</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT>Kim Fung Lai</FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Sen Lin</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT>Sen Lin</FONT></TD>
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center">/s/ <FONT STYLE="background-color: white">Kiyohiro Kawayanagi</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">Director</TD></TR>
    <TR>
      <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT>Kiyohiro Kawayanagi</FONT></TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE OF AUTHORIZED
  REPRESENTATIVE IN THE UNITED STATES</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Securities
  Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of <FONT STYLE="background-color: white">Metalpha
  Technology Holding Limited</FONT> has signed this registration statement or amendment thereto in New York, New York on November 19, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="width: 40%; padding: 0.25pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized U.S. Representative</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cogency Global Inc.</B></P></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="vertical-align: top; width: 60%; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; font-size: 10pt">By:</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 35%; padding: 0.25pt; font-size: 10pt">/s/ Colleen A. De Vries</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Name:</TD>
      <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Colleen A. De Vries</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Title:</TD>
      <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Senior Vice-President</TD></TR>
    </TABLE>
  
  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">II-6</P>
  
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  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
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  </BODY>
  </HTML>
metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea0221233-s8_metalpha.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 58883}]
metadata_filer: {"company-data": {"conformed-name": "Metalpha Technology Holding Ltd", "cik": "0001682241", "assigned-sic": "6799", "organization-name": "05 Real Estate & Construction", "irs-number": "000000000"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-283335", "film-number": "241475948"}, "business-address": {"street1": "SUITE 1508, CENTRAL PLAZA", "street2": "18 HARBOUR ROAD", "city": "WAN CHAI", "state": "K3", "zip": "000000", "phone": "852 35652920"}, "mail-address": {"street1": "SUITE 1508, CENTRAL PLAZA", "street2": "18 HARBOUR ROAD", "city": "WAN CHAI", "state": "K3", "zip": "000000"}, "former-company": {"former-conformed-name": "Dragon Victory International Ltd", "date-changed": "20160812"}}
text: As filed with the Securities and Exchange Commission on November 19, 2024
  Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  Metalpha Technology Holding Limited
  (Exact name of registrant as specified in its
  charter)
  Cayman Islands
  Not Applicable
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification Number)
  Suite 6703-04, Central Plaza
  18 Harbour Road, Wan Chai
  Hong Kong, China
  Telephone: +852-3565-2920
  (Address, including zip code, and telephone
  number, including area code, of registrant's principal executive offices)
  2024 Share Incentive Plan
  (Full title of the plan)
  Cogency Global Inc.
  122 East 42
  nd
  Street, 18
  th
  Floor
  New York, NY 10168
  +1 800-221-0102
  (Name, address, including zip code, and telephone
  number, including area code, of agent for service)
  Indicate by check mark whether the registrant is
  a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
  the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and
  "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934 (the "Exchange Act").
  Large accelerated filer ☐
  Accelerated filer ☐
  Non-accelerated filer ☒
  Smaller reporting company ☐
  Emerging growth company
  ☐
  If an emerging growth company, indicate by check
  mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"). ☐
  Copies to:
  Bingzhong Wang
  Chief Executive Officer
  Suite 6703-04, Central Plaza
  18 Harbour Road, Wan Chai
  Hong Kong, China
  Telephone: +852-3565-2920
  Will H. Cai, Esq.
  Cooley LLP
  c/o 35th Floor Two Exchange Square
  8 Connaught Place
  Central, Hong Kong
  +852 3758-1200
  PART I
  INFORMATION REQUIRED
  IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information*
  Item 2. Registrant Information and Employee Plan Annual Information*
  *
  Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the plan, as specified by Rule 428(b)(1) under the Securities Act.
  1
  PART II
  INFORMATION REQUIRED
  IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference
  The following documents filed
  or to be filed (other than portions of these documents furnished or otherwise not deemed filed) by
  Metalpha
  Technology Holding Limited
  (the "Registrant") with the Securities and Exchange Commission (the "Commission")
  are incorporated by reference as of their respective dates and deemed to be a part hereof:
  (a)
  The Registrant's annual report on
  Form 20-F
  for the fiscal year ended March 31, 2024 filed with
  the Commission on October 30, 2024 (File No. 001-38208);
  (b)
  The Registrant's current reports on Form 6-K furnished to the Commission on
  April 2, 2024
  ,
  April 4, 2024
  ,
  April 10, 2024
  ,
  July 12, 2024
  ,
  July 29, 2024
  ,
  August 19, 2024
  ,
  September 26, 2024
  ,
  September 26, 2024
  and
  November 1, 2024
  ;
  (c)
  All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act; and
  (d)
  The description of the Registrant's ordinary shares contained in
  Exhibit 2.2
  to the Registrant's
  annual report on
  Form 20-F
  for the fiscal year ended March 31, 2021, filed with the Commission on August 2, 2021, including any amendment
  and report subsequently filed for the purpose of updating that description.
  All documents subsequently
  filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement
  and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have
  been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration
  statement and to be part hereof from the date of filing of such documents. In addition, any current report on Form 6-K of the Registrant
  hereafter furnished to the Commission pursuant to the Exchange Act shall be incorporated by reference into this registration statement
  if and to the extent provided in such document. Any statement in a document incorporated or deemed to be incorporated by reference in
  this registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration
  statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement.
  Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration
  statement.
  Item 4. Description of Securities
  Not applicable.
  II-
  1
  Item 5. Interests of Named Experts and Counsel
  Not applicable.
  Item 6. Indemnification of Directors and Officers
  Cayman Islands law does not
  limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except
  to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
  against civil fraud or the consequences of committing a crime. The Registrant's currently effective second amended and restated
  memorandum and articles of association, adopted by special resolutions on November 15, 2022, provides that the Registrant shall indemnify
  its existing or former secretaries, directors (including alternate directors) and other officers and their personal representatives against
  all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such person(s) in their capacity
  as such, other than by reason of such person's own dishonesty, in or about the conduct of the Company's business or affairs
  or in the execution or discharge of such person's duties, powers, authorities or discretions.
  Pursuant to the indemnification
  agreements, the form of which was filed as Exhibit 10.2 to the Registrant's registration statement on Form F-1/A (File No. 333-214932),
  the Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in
  connection with claims made by reason of their being such a director or officer.
  Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
  to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public
  policy as expressed in the Securities Act and is therefore unenforceable.
  The Registrant also maintains
  a directors and officers liability insurance policy for its directors and officers.
  Item 7. Exemption from Registration Claimed
  Not applicable.
  Item 8. Exhibits
  See the Index to Exhibits attached hereto.
  Item 9. Undertakings
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this
  registration statement:
  (i)
  to include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)
  to reflect in the prospectus any facts or events arising after the effective date of this registration
  statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
  in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
  offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
  high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
  424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price
  set forth in the "Calculation of Filing Fee" table in the effective registration statement; and
  II-
  2
  (iii)
  to include any material information with respect to the plan of distribution not previously disclosed
  in the registration statement or any material change to that information in the registration statement;
  provided
  ,
  however
  ,
  that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by
  those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section
  15(d) of the Exchange Act that are incorporated by reference in this registration statement;
  (2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective
  amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
  at that time shall be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered
  which remain unsold at the termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
  Securities Act,
  each
  filing
  of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the
  Exchange Act (and, where applicable, each filing
  of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
  this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
  of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (c)
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
  that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
  adjudication of such issue.
  II-
  3
  EXHIBIT INDEX
  Exhibit
  Number
  Description
  4.1
  Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 1.1 to the Registrant's annual report on Form 20-F (File No. 001-38208) for the fiscal year ended March 31, 2023 filed with the Commission on February 12, 2024)
  4.2
  Registrant's Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the Registrant's registration statement on Form F-1 (File No. 333-214932) filed with the Commission on December 6, 2016)
  5.1*
  Opinion of BGA Law (Cayman) Limited, regarding the validity of the Ordinary Shares being registered
  10.1
  2024 Share Incentive Plan, effective on October 12, 2024 (incorporated herein by reference to Exhibit 4.1 to the Registrant's current report on Form 6-K (File No. 001-38208) furnished with the Commission on September 26, 2024)
  23.1*
  Consent of WWC, P.C.
  23.2*
  Consent of Onestop Assurance PAC
  23.3*
  Consent of BGA Law (Cayman) Limited (included in Exhibit 5.1)
  24.1*
  Power of Attorney (included on the signature page hereto)
  107*
  Filing Fee Table
  *
  Filed herewith.
  II-
  4
  SIGNATURES
  Pursuant to the requirements
  of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in Hong Kong, China, on November 19, 2024.
  Metalpha Technology Holding Limited
  By:
  /s/
  Bingzhong Wang
  Name:
  Bingzhong Wang
  Title:
  Chief Executive Officer and
  Chairman of the Board of Directors
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE
  PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of
  Bingzhong
  Wang and Ming Ni
  , with full power to act alone, as his true and lawful attorney-in-fact, with the power of substitution, for and
  in such person's name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments)
  to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
  Securities and Exchange Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every
  act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying
  and confirming all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements
  of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on November
  19, 2024.
  Signature
  Title
  /s/ Bingzhong Wang
  Chairman of the Board of Directors and Chief Executive Officer
  Bingzhong Wang
  (
  Principal Executive Officer
  )
  /s/ Xiaohua Gu
  Chief Financial Officer
  Xiaohua Gu
  (
  Principal Financial Officer
  )
  /s/
  Ming Ni
  Director
  Ming Ni
  /s/
  Limin Liu
  Director
  Limin Liu
  /s/
  Jingxin Tian
  Director
  Jingxin Tian
  /s/
  Kim Fung Lai
  Director
  Kim Fung Lai
  /s/
  Sen Lin
  Director
  Sen Lin
  /s/
  Kiyohiro Kawayanagi
  Director
  Kiyohiro Kawayanagi
  II-
  5
  SIGNATURE OF AUTHORIZED
  REPRESENTATIVE IN THE UNITED STATES
  Pursuant to the Securities
  Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of
  Metalpha
  Technology Holding Limited
  has signed this registration statement or amendment thereto in New York, New York on November 19, 2024.
  Authorized U.S. Representative
  Cogency Global Inc.
  By:
  /s/ Colleen A. De Vries
  Name:
  Colleen A. De Vries
  Title:
  Senior Vice-President
  II-6