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The firm eyes to benefit from the rapid growth of Ethena’s digital dollar USDe, fitting into a broader trend of listed companies accumulating cryptocurrencies.
By Krisztian Sandor, AI Boost|Edited by Stephen Alpher
Sep 4, 2025, 6:54 p.m.
- NYSE-listed Mega Matrix (MPU) filed a $2 billion shelf registration to fund a digital asset treasury focused on Ethena’s governance token, ENA.
- Shares recovered from a 6% decline after the announcement, but remain down nearly 30% since the firm revealed its crypto pivot.
- Digital asset treasury firms captivated stock markets this year, but the trend shows signs of bursting.
NYSE-listed firm Mega Matrix (MPU) filed a $2 billion shelf registration on Thursday to establish a digital asset treasury focused on ENA (ENA), the governance token of stablecoin protocol Ethena.
According to the filing with the Securities and Exchange Commission (SEC), the firm could sell up to $2 billion of securities, with plans to use proceeds from future offerings to accumulate crypto assets.
STORY CONTINUES BELOW
The company’s stock declined as much as 6% before recovering following the news. It’s still down nearly 30% since the firm disclosed its crypto pivot on August 25.
With the move, Mega Matrix said it aims to be the first publicly traded company to anchor its digital asset treasury in stablecoin governance by stashing Ethena’s ENA token.
Ethena is the decentralized finance (DeFi) protocol behind the $12 billion USDe “digital dollar,” a token designed to keep a steady $1 price and generate yield by holding spot cryptocurrencies like bitcoin BTC$110,032.19, ether (ETH) selling (shorting) equal amount of derivatives. The protocol’s governance token ENA could benefit from protocol revenues once the mechanism is activated.
In July, a newly-formed company called StablecoinX announced similar plans to go public through a SPAC merger and establish an ENA treasury, targeting to close the deal by the end of the year.
Digital asset treasury firms, or DATs, took Wall Street over by storm, with listed firms pivoting to amass cryptocurrencies by raising funds on traditional capital markets. Strategy (MSTR) pioneered this playbook to eventually become the largest corporate owner of bitcoin, while recent entrants increasingly turned their focus to smaller tokens.
However, the trend may have already burst with several names plunging 70%-80% in the past months and some already trading below the net asset value of their holdings.
Read more: Crypto Treasury Names Hammered Further as Nasdaq Reportedly Ups Scrutiny
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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By Jamie Crawley|Edited by Nikhilesh De
3 hours ago
The stablecoin network is designed to provide higher efficiency and lower risk than currently exists when providers use more fragmented and disperse systems.
What to know:
- Crypto custody heavyweight Fireblocks has unveiled its own payments network to help participants move stablecoins around.
- The network’s participants already number more than 40, including Circle and Bridge, and process a combined $200 billion in stablecoin payments per month.
- Fireblocks described the new network as a stablecoin equivalent to SWIFT.
