Mega Matrix has filed a $2 billion shelf registration with the U.S. Securities and Exchange Commission (SEC) to establish a digital asset treasury centered on Ethena’s governance token, ENA. The company intends to raise funds by selling securities and channel the proceeds into crypto, with ENA as its flagship holding.
Ethena is the decentralized finance protocol behind the $12 billion USDe “digital dollar,” which maintains its $1 peg through a mix of crypto spot holdings and derivatives strategies. ENA, its governance token, could eventually benefit from protocol revenues.
Mega Matrix aims to be the first publicly listed firm to anchor its treasury in stablecoin governance tokens, marking a departure from the playbook pioneered by Michael Saylor’s Strategy, which focused on Bitcoin.
The move comes amid a cooling trend in digital asset treasuries, with several similar ventures down 70–80% in recent months. However, Mega Matrix believes anchoring in ENA could offer a fresh angle for investors.
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