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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.

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$110,890.28, 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

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Mega Matrix is mobilizing a potential $2 billion in capital through a new shelf registration, aiming to execute a corporate-scale accumulation of key stablecoin governance tokens and corner nascent markets for protocol influence.

Summary

Mega Matrix filed $2 billion universal shelf registration with the SEC.
The capital will fund systematic acquisition of stablecoin governance tokens.
Shares fell 3.83% to $1.75 following the announcement, per Yahoo Finance.

According to a press release dated September 4, the Singapore-based holding company, which trades on the NYSE exchange under the ticker MPU, filed a universal shelf registration statement on Form F-3 with the SEC.

The filing seeks to provide Mega Matrix with the flexibility to issue up to $2 billion in various securities, including shares, debt, or warrants, over a three-year period. The company said the capital is earmarked for its “DeFi Asset Treasury,” DAT, strategy, with Ethena’s ENA token named as a primary target for systematic accumulation.

“The $2 billion universal shelf registration, once effective, provides MPU with the flexibility to support our DAT strategy in this new era. Governance tokens are the equity of stablecoin ecosystems, such as ENA. By building strategic positions, MPU gains both financial upside and a seat at the table where the future of money is being coded,” Mega Matrix management said.

Mega Matrix pivots to stablecoin governance

Mega Matrix, which operates the short-drama streaming platform FlexTV through its subsidiary Yuder Pte. Ltd., is now channeling its ambitions toward the core infrastructure of decentralized finance and aims to build “the largest” stablecoin governance token DAT company.

The company’s thesis, as stated in the release, is that governance tokens like ENA represent the equity of stablecoin ecosystems. Besides accruing potential financial returns, Mega Matrix is betting that its crypto treasury can accumulate significant voting power and give it a “seat at the table where the future of money is being coded.”

Per the statement, the company will offer securities “from time to time,” in response to specific capital needs and favorable market conditions. It clarified that the exact terms, including what type of security is sold and at what price, will be determined at the time of each individual offering and detailed in a subsequent prospectus filed with the SEC.

Initial market reaction was cautiously skeptical. Following the announcement, the company’s shares dropped 3.83% to $1.75, according to Yahoo Finance data.

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Mega Matrix (MPU) Files $2B Shelf to Fund Ethena (ENA) Bet

Mega Matrix seeks $2b war chest to amass stablecoin governance tokens

Mega Matrix pivots to stablecoin governance