MEGA MATRIX CORP. Reports First Quarter 2023 Financial Results

PALO ALTO, Calif., May 12, 2023 (GLOBE NEWSWIRE) -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU), today announced financial results for its fiscal first quarter ended March 31, 2023.

Financial Highlights

• The Company had cash and cash equivalents of $8.6 million, and total liquidity (defined as cash equivalents and restricted cash, stable coins and digital assets) of approximately $11.6 million, as of March 31, 2023. Total assets were $12.1 million as of March 31, 2023. Equity attributable to MPU’s shareholders amounted to $13.0 million as of March 31, 2023.

• The Company closed one private placements during first quarter 2023, pursuant to which the Company raised gross proceeds of 6.6 million by issuance of 5,079,999 shares of common stock.
  

Operational Highlights

• Treasury holdings of Ethereum (“ETH”) were 471.2, with a fair market value of approximately $0.4 million as of March 31, 2023. 

• The Company explored Solo-Staking by staking 288 ETH to become nine (9) validators to Ethereum to earn ETH rewards and yield.

• On March 1, 2023, Mega Matrix’s Singapore subsidiary 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. Till first quarter ended March 31, 2023, Bit Digital has staked 1056 ETH to become thirty-three (33) validators to Ethereum to earn ETH rewards and yield through the staking technology tools provided by “MarsProtocol”. For more information, please visit http://www.marsprotocol.com.
  

Management Commentary

Mr. Yucheng Hu, CEO of Mega Matrix Corp. said “I am delighted to announce that our company has continued explored Ethereum related business in first quarter 2023, 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 will look forward to the development of the Ethereum ecosystem, actively explore the expansion and innovation of related businesses.”