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SINGAPORE - Mega Matrix Inc. (NYSE American:MPU), a $39.18 million market cap company whose stock has gained nearly 8% in the past week despite a 31% year-to-date decline, announced Wednesday it has purchased 12 bitcoins at an average price of approximately $105,554 per bitcoin, including fees and expenses, since the end of May.
The company described the acquisition as part of its treasury strategy in a press release statement.
"Our acquisition of Bitcoins is an execution of our strategic decision to adopt BTC as a treasury reserve asset, reinforcing our commitment to diversification and value creation," said Yucheng Hu, Chief Executive Officer of MPU.
Mega Matrix operates as a holding company and runs FlexTV, a short-video streaming platform and producer of short dramas, through its indirect wholly owned subsidiary Yuder Pte, Ltd.
The company is incorporated in the Cayman Islands with headquarters in Singapore.
This marks Mega Matrix’s first reported bitcoin purchase as part of its treasury operations. The total investment amounts to approximately $1.27 million based on the reported average purchase price.
In other recent news, Mega Matrix Inc. has announced its decision to diversify its financial portfolio by purchasing Bitcoin and Ethereum as treasury reserve assets. This strategic move aligns with a broader trend among companies exploring cryptocurrencies as potential stores of value. While the company has not disclosed the specific amount or timeline for the acquisition, it acknowledges the inherent risks of cryptocurrency volatility. Additionally, Mega Matrix Inc. has entered a strategic partnership with Snail, Inc.’s subsidiary, Interactive Films LLC, to co-develop and distribute short dramas globally. This collaboration aims to combine Mega Matrix’s expertise in short-video streaming with Snail Games’ proficiency in immersive storytelling and AI technology. The partnership is set to enhance creative direction, script development, production, and distribution of serialized content. The companies plan to finalize definitive agreements within 45 days, potentially expanding Mega Matrix’s influence in the entertainment industry. These recent developments reflect Mega Matrix’s efforts to align with evolving digital trends while continuing to prioritize its core business.
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