Mega Matrix Files $2 Billion Shelf Registration for Digital Asset Treasury
NYSE-listed Mega Matrix (MPU) filed a $2 billion shelf registration to create a digital asset treasury focused on ENA, the governance token of the Ethena stablecoin protocol.
Main points from the filing:
- The firm plans to sell up to $2 billion in securities to acquire crypto assets.
- Mega Matrix's stock fell by 6% before recovering; it is down nearly 30% since announcing its crypto strategy on August 25.
- The company aims to be the first public entity to anchor its treasury in stablecoin governance using ENA.
- Ethena supports the USDe "digital dollar," designed to maintain a $1 price while generating yield through spot cryptocurrencies and derivatives.
- A new company, StablecoinX, announced similar plans for an ENA treasury through a SPAC merger.
- Digital asset treasury firms are raising funds in traditional markets to accumulate cryptocurrencies.
- Many firms in this sector have seen substantial declines, with some trading significantly below their net asset values.