MEGA MATRIX CORP. Reports Second Quarter 2023 Financial Results

PALO ALTO, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU), today announced financial results for its second quarter ended June 30, 2023.

Financial Highlights

• The Company had cash and cash equivalents of $6.8 million, and total liquidity (defined as cash equivalents and restricted cash, stable coins and digital assets) of approximately $9.2 million, as of June 30, 2023. Total assets were $10.8 million as of June 30, 2023. Equity attributable to MPU’s shareholders amounted to $11.8 million as of June 30, 2023.
  

Operational Highlights

• Treasury holdings of Ethereum (“ETH”) were 1,392.5, with a fair market value of approximately $2.6 million as of June 30, 2023. 
  
  
• The Company explored Solo-Staking by staking 256 ETH to become eight (8) validators to Ethereum to earn ETH rewards and yield.        
  
  
• On March 1, 2023, Mega Matrix’s Singapore subsidiary (“SPD”) and Bit Digital Singapore Pte. Ltd. (“Bit Digital”), the Singapore subsidiary of Bit Digital Inc. entered into a shareholders’ agreement with Marsprotocol Technologies Pte. Ltd. (“MTP”) to provide staking technology tools in digital assets through the staking platform “MarsProtocol,” an individual and institutional grade designed staking platform. On August 4, 2023, SPD, Bit Digital and MTP entered into a termination agreement whereby the parties agreed that SPD purchased Bit Digigal’s 40% interest in MTP for SGD$120,000. As a result of the transaction, SPD owns all outstanding ordinary shares of MTP, and MTP will no longer provide non-custodial staking tools to third parties.
  

Management Commentary

Mr. Yucheng Hu, CEO of Mega Matrix Corp. said “I am delighted to announce that, in the second quarter of 2023, our company has continued to explore Ethereum-related business through continuous purchase and solo-staking of Ethereum, which strengthens our investment and support for Ethereum ecosystem We look forward to the development of the Ethereum ecosystem, and will actively explore the expansion and innovation of related businesses.”

About Mega Matrix: Mega Matrix Corp. (the “Company”) is a holding company located in Palo Alto, California with five subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), MarsProtocol Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”), Marsprotocol Technologies Pte. Ltd., a Singapore corporation (“MTP”) and JetFleet Management Corp. a California corporation (“JetFleet”). The Company focuses on crypto-related business and will continue to focus on third-party management service contracts for aircraft operations through its majority owned subsidiary JetFleet, which was part of the Company’s legacy business. For more information, please contact [e-mail] or visit: http://www.megamatrix.io.