# EDGAR Filing Document

**Accession Number:** 0001953021
**File Stem:** 0000000000-25-010740
**Filing Date:** 2025-10
**Character Count:** 7986
**Document Hash:** 6c261b5ae215cb5894ad0416362ad54a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010740.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0000000000-25-010740

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251001

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mega Matrix Inc
- **CENTRAL INDEX KEY:** 0001953021
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-290026

**BUSINESS ADDRESS:**
- **STREET 1:** 89 NEXUS WAY, CAMANA BAY
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9009
- **BUSINESS PHONE:** 929-841-4670

**MAIL ADDRESS:**
- **STREET 1:** 89 NEXUS WAY, CAMANA BAY
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MarsProtocol Inc.
- **DATE OF NAME CHANGE:** 20221101
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-084287

## Text-Extract

```

                                                            September 30, 2025

Yucheng Hu
Chief Executive Officer
Mega Matrix Inc
Level 21, 88 Market Street
CapitaSpring
Singapore, 048948

       Re: Mega Matrix Inc
           Registration Statement on Form F-3
           Filed September 4, 2025
           File No. 333-290026
Dear Yucheng Hu:

       We have conducted a limited review of your registration statement and
have the
following comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form F-3
Our Company
Overview, page 1

1.     We note your disclosure that you have already launched your treasury
reserve asset
       strategy using Ethena governance tokens ("ENA") as well as your
disclosed existing
       holdings of 40 ETH and 12 BTC. Please expand your disclosure to describe
whether
       you plan on integrating cryptocurrencies into your FlexTV operations. If
so, please
       revise to state how you plan to treat the cryptocurrency received in
connection with
       business operations, including, if applicable, how you plan on using
digital assets to
       support your streaming customers. Lastly, please make corresponding
changes to your
       Risk Factors, as appropriate.
 September 30, 2025
Page 2
2.     We note your disclosure that as part of your Digital Asset treasury
strategy, you will
       have significant investments in ENA, BTC, ETH, and other Digital Assets.
Please
       expand your disclosure to:
           Provide a discussion of the material aspects of your treasury
strategy and how you
          intend to generate profit through this strategy.
           Quantify the amount of Digital Assets the company intends to acquire
and hold,
          and in what proportions. If the company has not yet identified all of
the Digital
          Assets, disclose when and how the company plans to identify the
particular
          Digital Assets it expects to acquire and hold. As appropriate, please
also update
          your use of proceeds disclosure accordingly.
           Provide a discussion of    tokenomics    discussing the past and
current supply of
          the Digital Assets you hold or intend to acquire and hold, how they
are created,
          any burn mechanism, the amount locked up and the related unlocking
schedule,
          and any inflationary or deflationary mechanisms.
3.     Please identify the third-party advisors, if any, involved in the
execution of your ENA
       treasury strategy, how you determined to retain or engage with them, and
describe
       their various roles and material terms of your arrangements with them.
In addition,
       please disclose whether you will be relying on third-parties to hold
ENAs or any other
       digital assets you hold or intend to hold in the future, such as
Bitcoin. In this regard,
       we note a reference to your intent to use "established custodians,
including Anchorage
       and Cactus Wallet," however it is not clear if you currently use such
custodians.
4.     We note your disclosure that you may engage in staking, re-staking or
other permitted
       activities that involve the use of smart contracts or decentralized
applications as part
       of your treasury management strategy. Please revise to:
           Describe the material aspects of your plans to stake digital assets
that you hold.
           Disclose your policies and procedures regarding your staking plans.
For example,
           state how much of your digital assets you intend to stake, and
explain how your
           agreement with any staking provider will operate.
5.     You state that as of the date hereof you hold 40 ETH and, as of June 25,
2025, you
       held 12 BTC. Confirm whether these amounts continue to represent all of
your current
       Digital Asset holdings. Clarify how you used the proceeds of the
offering you closed
       on July 24, 2025, the proceeds of which you disclose "will provide a
solid capital
       foundation for [y]our digital asset treasury strategy."
Digital Assets have historically experienced, and are expected to continue to
experience, high
price volatility..., page 13

6.     Please revise to include quantitative examples of the historic prices
for the Digital
       Assets that you plan to acquire.
Risk Factors
Risks Related to our Digital Assets Treasury Reserve Strategy and Staking, page
13

7.     We note your risk factor disclosure that addresses the novelty of
digital assets and the
       resulting risks, including commercial and technical uncertainty. There
or in a new risk
       factor, please revise to enhance your disclosure by describing any
material financing,
       liquidity, or other risks you face related to the impact that a crypto
asset market
 September 30, 2025
Page 3

       disruption may have, directly or indirectly, on the value of ENA
(including the staked
       version) or other digital assets you hold or intend to hold.
8.     We note your disclosure that the Company will safeguard its Digital
Assets using
       custodians, including Anchorage and Cactus Wallet. Please revise to
identify your
       custodians and disclose the material terms of your custody arrangements.
Please also
       file your agreement(s) as exhibits to your registration statement if
material. In
       addition, please revise to disclose the scope and limitations of the
insurance coverage
       that your custodians provide and discuss whether coverage is shared by
other custody
       customers, and whether that could result in the coverage being
insufficient to
       compensate you for losses.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

      Please contact Nicholas Nalbantian at 202-551-7470 or Mara Ransom at
202-551-
3264 with any other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Trade &
Services
cc:   John Yung

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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