<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001999313</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>COM</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>01/27/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001682241</issuerCik>
        <issuerName>Metalpha Technology Holding Ltd</issuerName>
        <issuerCusip>G28365107</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>SUITE 5506-07, CENTRAL PLAZA</com:street1>
          <com:street2>18 HARBOUR ROAD</com:street2>
          <com:city>WAN CHAI</com:city>
          <com:stateOrCountry>K3</com:stateOrCountry>
          <com:zipCode>9999</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>0.0</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>holding of securities reduced to 0 share as a result of investor redemption</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Metalpha Technology Holding Ltd</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>SUITE 5506-07, CENTRAL PLAZA, 18 HARBOUR ROAD, WAN CHAI, HONG KONG, 9999</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP ("LSQ")
KBR Fund Management Limited ("KBR")
The shares reported in previous filings were 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.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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</principalBusinessOfficeOrResidenceAddress>
        <citizenship>LSQ: Cayman Islands
KBR: Hong Kong</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>FI</typeOfPersonFiling>
        <otherTypeOfPersonFiling>LSQ: Investment company
KBR: Investment adviser</otherTypeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</amountBeneficiallyOwned>
        <classPercent>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information requested in these paragraphs is incorporated herein by reference to the cover pages to this Schedule 13G/A.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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 &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>LSQ Investment Fund SPC - Disruptive Opportunity Fund II SP</reportingPersonName>
      <signatureDetails>
        <signature>Bingzhong WANG</signature>
        <title>Director of Investment Company</title>
        <date>02/25/2026</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Bob Yau Ching Chan</signature>
        <title>Sub-Investment Manager</title>
        <date>02/25/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
