Mega Matrix Inc. (MPU), a publicly traded holding company, has filed a $2 billion shelf registration with the SEC to establish a corporate treasury centered on ENA, the governance token of the Ethena protocol. This move aims to be the first of its kind for a publicly traded company.
MPU’s strategy is to earn yield and gain governance influence over USDe, Ethena’s rapidly growing stablecoin. With a current market cap exceeding $12.5 billion, USDe has shown remarkable growth, outpacing major stablecoins like USDC and USDT. According to Colin Butler of MPU, the choice to focus on ENA was due to the protocol’s verifiable sustainability and record-breaking growth, which saw it generate over $100 million in revenue in just 250 days and expand its circulation to $10 billion in about 500 days.
This initiative is part of a broader trend of institutions adopting Digital Asset Treasury (DAT) strategies, fueled by growing stablecoin adoption and new regulations like the GENIUS Act. MPU’s approach differs from other ENA-focused companies, such as StableCoinX, by primarily acquiring unlocked ENA from the spot market to gain immediate governance rights.
The news comes as the total stablecoin market capitalization has surpassed $285 billion. While ENA’s price has dipped 10% on the day of the announcement, it remains up nearly 13% over the past month.
September 2025, Cryptoniteuae
