MEGA MATRIX CORP. Reports Fiscal Year 2022 Financial Results

PALO ALTO, Calif., March 31, 2023 (GLOBE NEWSWIRE) -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU), today announced financial results for its fiscal year ended December 31, 2022.

Financial Highlights

• The Company had cash and cash equivalents of $7.3 million, and total liquidity (defined as cash equivalents and restricted cash, stable coins and digital assets) of approximately $10.7 million, as of December 31, 2022. Total assets were $12.6 million as of December 31, 2022. Equity attributable to MPU’s shareholders amounted to $8.0 million as of December 31, 2022.
  
  
• The Company closed two private placements during October 2022 through February 2023, pursuant to which the Company raised gross proceeds of $11 million by issuance of 9,479,999 shares of common stock.
  

Operational Highlights

• Treasury holdings of Ethereum (“ETH”) were 334.2, with a fair market value of approximately $0.4 million as of December 31, 2022. 
  
  
• The Company explored Solo-Staking by staking 160 ETH to become five (5) validators to Ethereum to earn ETH rewards and yield.
  
  
• On March 3, 2023, Mega Matrix’s Singapore subsidiary, Saving Digital Pte. Ltd., and Bit Digital Singapore Pte. Ltd., the Singapore subsidiary of Bit Digital Inc. (Nasdaq: BTBT), entered into a shareholders’ agreement with Marsprotocol Technologies Pte. Ltd. to provide staking technology tools in digital assets through the staking platform “MarsProtocol,” an individual and institutional grade designed staking platform ("Joint Venture”). For more information, please visit http://www.marsprotocol.com.
  

Management Commentary

“I am delighted to announce that our company has successfully explored Ethereum related business in 2022, through continuous purchase and solo-staking of Ethereum, strengthening our investment and support for Ethereum ecosystem. This is an important attempt for our company in the field of digital currency. We look forward to the development of the Ethereum ecosystem, and will actively explore the expansion and innovation of related businesses,” said Mr. Yucheng Hu, CEO of Mega Matrix Corp. “The company has also completed the development of ETH node staking platform, MarsProtocol, and entered into a Joint Venture with BTBT to jointly provide proof-of-stake technology tools for digital assets staking through the MarsProtocol platform which will enable users to earn ETH rewards through an easy-to-use and non-custodial staking platform.”