Mega Matrix (MPU) filed a $2 billion shelf registration with the SEC on Thursday aiming to build a digital-asset treasury centered on Ethena’s governance token ENA. The company says proceeds from the shelf could be used to acquire crypto assets tied to the protocol.
The filing (linked below) allows Mega Matrix to offer up to $2 billion of securities. The stock slipped as much as 6% intraday after the disclosure and remains roughly 30% below its level before the firm announced its crypto pivot on Aug. 25.
Why it matters: Ethena backs the USDe “digital dollar”, a stablecoin designed to target a $1 peg while generating yield by holding spot crypto such as bitcoin and ether and shorting equivalent derivatives. ENA is the protocol’s governance token and could benefit if Ethena’s revenue-sharing or activation mechanisms are implemented.
The move places Mega Matrix among a recent wave of publicly listed companies—sometimes called digital asset treasury firms (DATs)—that raise capital in traditional markets to accumulate crypto holdings. A separate sponsor, StablecoinX, has announced a similar plan to create an ENA treasury via a SPAC.
Risks and context: The DAT strategy has been volatile. Several listed treasuries tumbled 70%–80% recently amid heightened scrutiny from exchanges and regulators, and some trade below the net asset value of their holdings. Investors should note that ENA’s value hinges on Ethena’s protocol performance, market liquidity and evolving regulation.
Source: SEC filing. Read the original coverage for full details.