The post Mega Matrix Bets Big on Ethena With $2 Billion Shelf Registration appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ September 5, 2025 2:22 am