MPU’s First Bitcoin Purchase Signals New Crypto Treasury Strategy

Rhea-AI Filing Summary

Mega Matrix (NYSE:MPU) submitted a Form 6-K dated June 28 2025 outlining the company’s first step in its previously approved plan to hold Bitcoin and Ethereum as treasury reserve assets.

The filing discloses that the company has purchased 12 BTC, as detailed in the attached press release net proceeds from future sales of Class A Ordinary Shares may be used for growth initiatives, working capital and additional cryptocurrency acquisitions. Until deployed, any unused funds may be placed in short-term, investment-grade instruments.

The report emphasises that planned expenditures may change significantly, giving management broad discretion over capital allocation. The Bitcoin purchase was not quantified in dollar terms, and no financial statements were included. The attached press release is expressly not incorporated by reference into Exchange Act filings except where specifically referenced.

Positive

• Execution of previously announced plan with first purchase of 12 Bitcoin, marking tangible progress toward a cryptocurrency treasury strategy

Negative

• Management retains broad discretion over net proceeds and notes that spending plans "may change significantly," reducing visibility into future capital allocation

Insights

Corporate Treasury Analyst

TL;DR: First 12-BTC buy signals crypto-treasury kickoff, but financial materiality remains unclear.

Key insights: The company has executed its stated strategy by acquiring 12 Bitcoin, demonstrating operational follow-through and positioning itself for potential balance-sheet diversification. However, the filing omits purchase price, carrying value and percentage of total cash, preventing assessment of financial impact. Management’s broad discretion clause provides flexibility but reduces transparency on capital deployment discipline. Investors should monitor subsequent 6-K updates for size, cost basis and valuation methodology of any additional crypto holdings.

Risk Analyst

TL;DR: Crypto allocation raises valuation risk; vague use-of-proceeds language heightens uncertainty.

The filing introduces new asset-class exposure without disclosing hedging policies or impairment testing approach, creating potential earnings volatility. The statement that spending plans "may change significantly" shifts execution risk onto shareholders, especially given management’s unrestricted authority to invest in Bitcoin and Ethereum. The absence of dollar figures for the 12-BTC purchase limits risk quantification. While the initial amount is modest, the open-ended framework could magnify exposure rapidly.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2025

 

Commission File Number: 001-42370

 

MEGA MATRIX INC.

 

Level 21, 88 Market Street

CapitaSpring

Singapore 048948

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒          Form 40-F ☐

 

 

 

 

 

Explanatory Notes

 

As previously disclosed, the Board of Directors of Mega Matrix Inc. (the “Company”) approved the purchase of Bitcoin and/or Ethereum to hold as a treasury reserve asset.

 

The following section entitled “Use of Proceeds” is incorporated by reference in the registration statements on Form S-8 (File No. 333-277227) and on Form F-3 (File No. 333-283739), each as filed with the Securities and Exchange Commission, to the extent not superseded by documents or reports subsequently filed.

 

Use of Proceeds

 

We intend to use the net proceeds from the sale of Class A Ordinary Shares to fund our growth plans, for working capital and other general corporate purposes, including the acquisition of Bitcoin and Ethereum as treasury assets.

 

Although we intend to use the net proceeds of this offering for the foregoing purposes, the planned expenditures may change significantly. As a result, our management will have broad discretion in the allocation of any net proceeds. Pending use of any net proceeds, we may invest any proceeds in a variety of capital preservation instruments, including short-term, investment-grade, and interest-bearing instruments.

 

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Press Release

 

A news release announcing the first purchase of Bitcoin is attached as Exhibit 99.1. The news release referred to in this report and attached as an exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by the Company under the Securities Act, or the Exchange Act, except as may be expressly set forth by specific reference in such filing

 

EXHIBIT INDEX

 

Exhibit No.	 	Description of Document
99.1	 	Press Release – Mega Matrix Inc. Announces First Purchase of 12 BTC

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 	Mega Matrix Inc.
 	 
 	By:	/s/ Yucheng Hu
 	 	Yucheng Hu
 	 	Chief Executive Officer
 	 	 
Dated: June 25, 2025	 	 

 

 

 

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FAQ

Why did MPU file a Form 6-K on June 28 2025?

The filing reports Mega Matrix’s first purchase of 12 Bitcoin and updates investors on its intended use of share-sale proceeds.

How many Bitcoin did Mega Matrix (MPU) purchase according to the 6-K?

The attached press release 12 BTC as a treasury reserve asset.

What does MPU plan to do with net proceeds from future Class A share sales?

According to the filing, proceeds will fund growth initiatives, working capital and additional Bitcoin or Ethereum acquisitions.

Does the 6-K disclose the cost or valuation of the 12 BTC purchase?

No. The report confirms the quantity purchased but does not disclose the dollar amount or cost basis.

Can MPU change how it spends the proceeds?

Yes. The company states planned expenditures may change significantly, giving management broad discretion over allocation.