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SINGAPORE - Mega Matrix Inc. (NYSE American:MPU), whose stock has surged over 52% in the past week according to InvestingPro data, announced Wednesday the reinstatement of its Ethereum staking business and the appointment of Yaman Demir as Executive Director. The company, currently valued at approximately $61 million, has shown significant momentum recently, though trading at premium valuations based on InvestingPro’s Fair Value analysis.
The company has purchased 40 Ethereum tokens at $2,462 per ETH as part of its strategy to resume staking operations, which were initially launched in 2022 but suspended in 2024 due to regulatory uncertainty. According to the company’s press release, recent regulatory clarity prompted the decision to restart the business. InvestingPro data shows the company maintains a healthy financial position with a current ratio of 2.37, indicating strong ability to meet short-term obligations.
Mega Matrix plans to conduct solo staking exclusively through third-party certified providers such as Coinbase, with all Ethereum assets to be held by established custodians including Coinbase Custodian and Cactus Wallet.
The company stated that staking rewards earned will either be reinvested into Ethereum or used for general corporate purposes.
In a separate announcement, the company appointed Yaman Demir to its Board of Directors on June 27. Demir is described as a digital asset investor with experience across multiple cryptocurrency projects including DeFi, NFT infrastructure, Layer1 networks, and stablecoins.
Mega Matrix, a Cayman Islands corporation headquartered in Singapore, operates FlexTV, a short-video streaming platform, through its wholly owned subsidiary Yuder Pte, Ltd.
The company had previously disclosed plans to purchase Bitcoin and/or Ethereum as treasury reserve assets. The latest initiatives are part of what the company describes as a Web3-focused strategy.
In other recent news, Mega Matrix Inc. has made notable advancements in its strategic initiatives. The company recently announced the acquisition of 12 bitcoins at an average price of $105,554 each, totaling approximately $1.27 million. This purchase marks Mega Matrix’s initial foray into utilizing Bitcoin as a treasury reserve asset, aligning with their strategy to diversify financial holdings. Additionally, Mega Matrix’s Board of Directors has approved plans to further expand its cryptocurrency reserves by including Ethereum, as part of a broader strategy to enhance its financial portfolio. The company acknowledges the inherent risks associated with cryptocurrency investments, including market volatility and regulatory changes.
In another development, Mega Matrix has entered a strategic partnership with Interactive Films LLC, a subsidiary of Snail, Inc., to co-develop and distribute short dramas globally. This collaboration aims to leverage both companies’ strengths in the entertainment sector, with Mega Matrix managing production and Snail Games contributing its expertise in AI and immersive storytelling. The partnership is expected to enhance content offerings and expand international distribution channels. These initiatives reflect Mega Matrix’s commitment to innovation and diversification in its business operations.
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