Mega Matrix Expands ENA Holdings as Treasury Strategy Reaches $6 Million

Highlights:

• Mega Matrix has expanded its ENA holdings to $6M with a second $3M purchase.
• The company is pursuing a treasury strategy focused on stablecoin governance tokens.
• The market reaction has remained cautious as shares dip despite the expansion plan.

Mega Matrix Inc. announced a second $3 million purchase of Ethena’s ENA token, bringing its total holdings to $6 million. The company revealed the move in a press release today, confirming its continued expansion into the stablecoin governance token market.

#BREAKING

ENA Treasury Company's Mega Matrix has accumulated 8,460,000 ENA tokens, with an average purchase price of $0.7165.#Bitcoin $BTC

— Bpay News (@bpaynews) September 19, 2025

According to the disclosure, the Singapore-based holding company bought 8.46 million tokens at an average cost of $0.7165 per token. This total includes the latest $3 million purchase completed during the week before the announcement.

The acquisition builds on Mega Matrix’s earlier entry into ENA, when it made its first $3 million investment on September 12. That initial purchase marked the launch of its DeFi Asset Treasury (DAT) strategy. Since then, the company has executed purchases using a one-day volume-weighted average price model.

Mega Matrix Inc. Announces First Purchase of $3 million worth of ENA tokens to implement its Stablecoin Governance Tokens DAT Strategy

Mega Matrix Inc. (NYSE American: MPU) today announced its first strategic acquisition of approximately $3 million worth of ENA tokens based on… pic.twitter.com/tXFLk1PSLJ

— Mega Matrix Inc. (NYSE American: MPU) (@MegaMatrixMPU) September 12, 2025

Company officials emphasized that these acquisitions represent a deliberate and ongoing process. They highlighted their intention to accumulate ENA weekly, adjusting based on market conditions.

Mega Matrix Expands ENA Holdings Through Treasury Strategy

Mega Matrix framed its ENA purchases as a strategic step in developing a treasury reserve for stablecoin governance tokens. Management described ENA and similar assets as “the equity of stablecoin ecosystems.” They stressed that such tokens provide influence over DeFi protocols and a position in shaping digital finance.

The company officially unveiled the DAT strategy on September 12 with its first ENA acquisition. However, preparations began earlier in the month when it filed a universal shelf registration with the U.S. Securities and Exchange Commission. The filing, submitted September 4, allows Mega Matrix to raise up to $2 billion to support this treasury initiative.

Executives noted that ENA holdings could bring advantages beyond balance sheet growth. In their opinion, the governance power of foundational DeFi platforms can yield, create new partnerships, and ensure corporate positioning. They opine that these are what add value to the company as the digital economy matures.

To ensure discipline in execution, the company relies on the one-day VWAP method for purchases. This model helps them minimize market disruption while building a sizable treasury reserve. The latest accumulation underscores Mega Matrix’s commitment to the approach it presented earlier this month.

The company also highlighted its financial resources. It recently secured $16 million through a private placement aimed at supporting this expansion. Mega Matrix has developed various avenues to support its treasury project with that funding and the $2 billion shelf registration.

Market Response Highlights Investor Uncertainty

Although the management has remained consistent in its strategy, the market has responded to the new announcement with some degree of cautiousness. Shares of Mega Matrix dipped 2.49% in pre-market trading following the disclosure. The response contrasted sharply with the 15% rally recorded after the first ENA purchase earlier in the month.

Mega Matrix currently holds a market capitalization of $93 million, according to InvestingPro data. Executives stressed their long-term vision and the intention to be the first U.S.-listed company to base a corporate treasury on stablecoin governance tokens.