Mega Matrix Bets Big on Ethena With $2 Billion Shelf Registration

The NYSE-listed company plans to accumulate ENA, the governance token of the Ethena protocol, as a treasury asset.

Mega Matrix Inc. (MPU), a holding company that trades on the NYSE American exchange, has filed a $2 billion shelf registration with the U.S. Securities and Exchange Commission to build the first publicly traded corporate treasury focused on ENA, the governance token of the Ethena protocol.

The company’s strategy is anchored in capturing both yield and asserting governance influence over USDe, Ethena’s stablecoin, as it continues to grow rapidly. Currently, USDe has a market capitalization of over $12.5 billion, up significantly from $5.7 billion at the start of summer.

Since August 2024, this stablecoin’s market capitalization has grown more than 200%, compared with 87% for Circle’s USDC and 39.5% for Tether’s USDT, The Defiant recently reported.

“We chose ENA because the USDe protocol has already demonstrated verifiable sustainability. It generated over $100 million in cumulative revenue in just 250 days – one of the fastest DeFi protocols in history to reach that milestone,” said Colin Butler, Executive Vice President and Global Head of Markets at MPU, per a press release. “By August 2025, in about 500 days, USDe expanded its circulation to $10 billion, setting a new record for stablecoin growth speed.”

Songtao Jia, Chief Strategy Officer of MPU, echoed that as stablecoins are becoming the “backbone of digital finance,” it makes sense for MPU to focus on stablecoins and ENA. “Just as Bitcoin is regarded as ‘digital gold’ and Ethereum as ‘digital oil,’ stablecoins are increasingly recognized as the ‘infrastructure’ of digital finance,” Jia said.

The news comes as more institutions adopt Digital Asset Treasury (DAT) strategies and stablecoin adoption grows under new regulations. In mid-July, the U.S. House of Representatives passed the GENIUS Act, which was subsequently signed into law by President Donald Trump on July 18.

The total market capitalization of stablecoins now exceeds $285 billion, up over 5% in just the past week alone. Tether’s USDT holds a 58% market share, down from 62% last month, with a market capitalization of $168 billion, per DefiLlama.

MPU’s move also comes just over a month after Ethena Labs announced the formation of a new ENA-focused treasury company dubbed StableCoinX. That ENA treasury company raised a total of $360 million and plans to list its stock on Nasdaq under the symbol USDE in the future.

“MPU’s strategy is to primarily acquire unlocked ENA from the spot market, which provides immediate governance rights,” Jia told The Defiant. “By contrast, StablecoinX focuses on purchasing locked ENA from the Ethena Foundation and insiders.”