Mega Matrix operates two distinct businesses: FlexTV, a short-drama streaming platform, and a digital asset treasury strategy. FlexTV produces and distributes serialized short-form dramas built for mobile viewing, with episodes running 1–3 minutes each in vertical format. Content is organized into series of 40–100+ episodes and targets the format gap between long-form streaming (like Netflix) and short user-generated video (like TikTok). FlexTV produces original English, Japanese, and Thai dramas, and licenses third-party content translated into 16 languages, distributing across 200+ countries with a library of roughly 968 dramas spanning 10,500+ multi-language titles. FlexTV monetizes through a freemium model — users get a few free episodes, then pay via in-app coin purchases or subscriptions — plus in-app advertising and content licensing to third-party platforms. User acquisition relies on paid social media advertising and influencer marketing. In 2025, Mega Matrix moved to an asset-light production model, replacing in-house teams with external studios and AI tools to reduce per-drama costs. The digital asset treasury is a separate capital allocation strategy, holding BTC, Ethena governance tokens (ENA), and stablecoins, generating returns through asset appreciation and DeFi staking yields. Mega Matrix funds this strategy through equity issuances, following a model similar to MicroStrategy's BTC treasury approach but focused on the stablecoin and DeFi ecosystem.