Mega Matrix Files $2B Shelf to Build Stablecoin Governance Token Treasury

Highlights:

• Mega Matrix plans to build a $2 billion treasury with a focus on a stablecoin governance token.
• ENA is the first target in the company’s decentralized finance strategy.
• The GENIUS Act drives demand for yield via governance tokens like ENA.

Mega Matrix Inc. has submitted a $2 billion shelf registration with the U.S. SEC. The aim is to finance a digital asset treasury. According to the press release, the company seeks to accrue governance tokens based on stablecoin ecosystems. The first target of this strategic move is Ethena’s ENA token. The firm is listed on the NYSE American Exchange. Its market capitalization is approximately $113 million in the market currently. This bold filing is a turning point in digital finance, as it connects Wall Street capital and Web3 governance protocols.

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Focus on Stablecoin Governance Tokens

Mega Matrix will establish a reserve of a stablecoin governance token. These tokens provide revenue exposure in addition to voting in decentralized protocols. The first focus is Ethena’s ENA token, which governs the synthetic stablecoin USDe.

ENA holders will be able to earn protocol revenue through Ethena’s fee-switch mechanism. This mechanism shares income on protocols when activated with token holders. Mega Matrix is planning to take advantage of this yield and achieve a governance position.

Mega Matrix Inc. Announces Filing of a $2 Billion Universal Shelf Registration Statement on Form F-3 to Accelerate Stablecoin Governance Token Treasury Reserve (“DAT”) Strategy

Mega Matrix Inc. (“MPU” or the “Company”) (NYSE American: MPU), today announced the filing of a $2… pic.twitter.com/Owaeoj7MSV

— Mega Matrix (@MegaMatrixMPU) September 4, 2025

The company clarified its intentions in the statement. “Governance tokens represent the equity of stablecoin ecosystems, including $ENA,” according to the firm. The shelf filing will enable Mega Matrix to sell different securities in the long term. These are shares, debt instruments, and warrants.

The authorization of the $2 billion will give it long-term financial flexibility. Moreover, offerings issued by means of these funds will contribute to the treasury strategy. Mega Matrix aims to become a major holder of tokens that impact the stablecoin protocols.

ENA Strategy Tied to DeFi Revenue Growth

USDe, Ethena’s synthetic stablecoin, is different from the traditional fiat-backed coins like USDT or USDC. The currency is pegged to the U.S. dollar through hedged perpetual futures. This enables the protocol to earn yield on derivatives markets.

Ethena Labs recently announced over $500 million in cumulative revenue. ENA token owners might gain in the event of the protocol leveraging its revenue-sharing switch. Mega Matrix is positioning itself to take advantage of this upside potential.

The company also bypasses yield regulatory restrictions by focusing on ENA. The GENIUS Act does not allow the issuers of stablecoins to pay yield directly to users. Consequently, investor attention has turned to governance tokens pegged to yield-generating stablecoins. The strategy used by Mega Matrix avoids such restrictions. Instead of holding USDe, it holds ENA and is indirectly exposed to Ethena’s revenue streams. This solution indicates a growing trend in treasury management of digital assets.

Strategic Shift Reflects Broader DeFi Adoption

Mega Matrix is not the only firm that is adopting crypto reserves. It purchased 12 BTC in June. It currently aims to create one of the largest stablecoin governance token treasuries in the public markets.

🚨JUST IN: 🇸🇬Mega Matrix Inc. announces their first purchase of 12 BTC as part of their #bitcoin treasury strategy. pic.twitter.com/u6vaEBtc7o

— NLNico (@btcNLNico) June 25, 2025

The company underlined that the move is one of the long-term plans of the treasury. It believes that such a method will place Mega Matrix at the center of decentralized finance. The company considers governance tokens as corporate strategy assets.

Other firms have also ventured into the space. From biotech companies to gaming companies, traditional businesses are moving into Web3. Mega Matrix now joins them by incorporating stablecoin governance tokens into its financial plan. If successful, the Mega Matrix ENA-focused treasury could have an impact on how public companies interact with DeFi. The shelf filing is currently pending SEC approval. No securities will be offered for sale until the registration is effective.

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