Zetrix AI Market Value Falls More Than 90% in 2026

By Tom Whitfield

Zetrix AI’s market value has fallen more than 90% during 2026 from a peak of RM10.5 billion, according to the supplied report. Founder Wong Thean Soon separately sold 2.22 billion shares after a margin call on a loan secured by his stock, ending his status as the company’s largest shareholder.

The two disclosures mark separate pressure points. The RM10.5 billion peak and subsequent 90%-plus decline measure the market’s repricing of Zetrix AI; the 2.22 billion-share sale shows the founder responding to collateral demands. The report does not disclose the loan balance, sale price, post-sale holding or current market value.

The report does not provide a dated market value alongside the “more than 90%” comparison, so the exact post-decline valuation remains unavailable. It also does not explain how the calculation treats Wong’s 2.22 billion-share disposal. Readers therefore cannot use the headline figures alone to calculate dilution, sale proceeds or his residual voting interest.

What does the margin call change?

The margin call preceded Wong’s share sale. He sold 2.22 billion shares and ended his position as largest shareholder, but the source gives no sale percentage, proceeds, execution price or remaining voting interest. His economic exposure fell, while the resulting shareholder concentration remains unquantified.

That leaves the post-sale shareholder register undisclosed. For a company planning a Nasdaq listing, the absence of disclosed buyers, institutional holdings or free-float data limits assessment of who now anchors the register. The transaction is a measurable ownership reset, not evidence of a completed control change.

What is the company’s operating base?

The report says Zetrix AI built a “near-monopoly position through its online-services business in Malaysia” before shifting toward AI and blockchain. That concentration established its domestic base, while the pivot moved the company toward two newer businesses. The source offers no revenue split, customer metric or market-share date for the near-monopoly position.

Operationally, the change puts greater weight on AI commercialization and blockchain delivery than on the Malaysian online-services market where the near-monopoly position arose. The source offers no AI product metric, blockchain transaction count or disclosed capital allocation for either business. It documents the direction of the transition, but not its operating scale.

The company planned a Nasdaq listing for its AI business. No filing date, target valuation, exchange timetable or approval status appears in the report, leaving the listing as a plan rather than a completed transaction. Its timing against a 90%-plus valuation decline creates a clear capital-markets test.

The proposal would place an AI business within a company whose original strength came from Malaysian online services. The source does not say whether the planned listing would include Zetrix AI’s blockchain operations, its Islamic bonds or RMJDT. It therefore provides no segment perimeter for the offering.

How serious is the bond risk?

The report also says “the project faces risk of default on its Islamic bonds.” It does not state that a default has occurred and identifies no bond amount, maturity, coupon, trustee or creditor. The available disclosure establishes risk rather than a missed payment, and it concerns corporate obligations rather than Wong’s stock-secured loan.

That distinction matters because the two financing exposures run through different balance sheets. The margin call prompted a founder to sell equity; bond stress would concern Zetrix AI’s ability to meet contractual payments to investors. The source provides no figures for assessing either exposure, so its default language cannot be converted into a loss estimate.

What does RMJDT add?

Johor Crown Prince Ismail Ibrahim introduced RMJDT, a stablecoin backed by ringgit cash and short-term government bonds. Its issuance is planned on the Zetrix blockchain, giving the network a named stablecoin use case and connecting Zetrix AI’s blockchain strategy with a Malaysian public-sector initiative.

The stated backing gives RMJDT a defined reserve composition: ringgit cash and short-term government bonds. The report does not name a custodian, redemption terms, reserve ratio, issuance date or token standard, so those operational parameters remain unresolved before launch. Supply, distribution and adoption targets are also absent.

Zetrix AI also plans to participate in Malaysia’s effort to establish a national public blockchain. That participation would extend the company’s role beyond hosting a proposed stablecoin issuance into national infrastructure development, although the report names no participating agency, consortium, governance model or implementation schedule.

The combination raises execution stakes across three fronts: addressing the equity-valuation decline, meeting Islamic-bond obligations and delivering blockchain projects with disclosed technical parameters. The source does not report a default, listing decision or public-chain mandate. It instead describes simultaneous financial, ownership and execution pressure.

Over the remainder of 2026, the relevant checkpoints are a clearer post-sale shareholder register, whether any Islamic-bond obligation falls into default, and documented progress on RMJDT, the Nasdaq plan and Malaysia’s national public blockchain. Those milestones will test whether Zetrix AI can turn its blockchain positioning into operating value after a market-value decline of more than 90% from RM10.5 billion.