FinanceShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMega Matrix Files 2B Shelf to Fund Crypto Treasury Bet on EthenaThe firm eyes to benefit from the rapid growth of Ethena's digital dollar USDe, fitting into a broader trend of listed companies accumulating cryptocurrencies.By Krisztian Sandor, AI BoostEdited by Stephen Alpher Sep 4, 2025, 6:54 p.m. (stuxPixabay) What to know: NYSE-listed Mega Matrix (MPU) filed a 2 billion shelf registration to fund a digital asset treasury focused on Ethena's governance token, ENA.Shares recovered from a 6 decline after the announcement, but remain down nearly 30 since the firm revealed its crypto pivot.Digital asset treasury firms captivated stock markets this year, but the trend shows signs of bursting.In this articleBTCBTC110,497.611.32NYSE-listed firm Mega Matrix (MPU) filed a 2 billion shelf registration on Thursday to establish a digital asset treasury focused on ENA (ENA), the governance token of stablecoin protocol Ethena.According to the filing with the Securities and Exchange Commission (SEC), the firm could sell up to 2 billion of securities, with plans to use proceeds from future offerings to accumulate crypto assets.STORY CONTINUES BELOWDon't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.
See all newslettersSign me upBy signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.The company's stock declined as much as 6 before recovering following the news. It's still down nearly 30 since the firm disclosed its crypto pivot on August 25.With the move, Mega Matrix said it aims to be the first publicly traded company to anchor its digital asset treasury in stablecoin governance by stashing Ethena's ENA token.Ethena is the decentralized finance (DeFi) protocol behind the 12 billion USDe "digital dollar," a token designed to keep a steady 1 price and generate yield by holding spot cryptocurrencies like bitcoin BTC110,503.97, ether (ETH) selling (shorting) equal amount of derivatives.
The protocol's governance token ENA could benefit from protocol revenues once the mechanism is activated.In July, a newly-formed company called StablecoinX announced similar plans to go public through a SPAC merger and establish an ENA treasury, targeting to close the deal by the end of the year.Digital asset treasury firms, or DATs, took Wall Street over by storm, with listed firms pivoting to amass cryptocurrencies by raising funds on traditional capital markets. Strategy (MSTR) pioneered this playbook to eventually become the largest corporate owner of bitcoin, while recent entrants increasingly turned their focus to smaller tokens.However, the trend may have already burst with several names plunging 70-80 in the past months and some already trading below the net asset value of their holdings.Read more: Crypto Treasury Names Hammered Further as Nasdaq Reportedly Ups ScrutinyDigital Asset TreasuryEthenaAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
For more information, see CoinDesk's full AI Policy.More For YouStripe, Paradigm Unveil Tempo as Blockchain Race for High-Speed Stablecoin Payments Heats UpBy Krisztian Sandor, AI BoostEdited by Stephen AlpherThe chain's stablecoin-first design aims to handle global payouts, microtransactions, remittances and AI agentic payments, Stripe CEO Patrick Collison said.What to know: Stripe and Paradigm unveiled Tempo, their joint blockchain designed for high-throughput payments that's already in private test mode.Visa, Deutsche Bank, Shopify, Nubank, OpenAI and Revolut are among companies participating in the design.Tempo joins a growing roster of stablecoin-focused blockchains competing to disrupt cross-border payment flows.Read full storyLatest Crypto News Asia Morning Briefing: Outperform or Die? BTC Treasury Firms Versus ETFsStripe, Paradigm Unveil Tempo as Blockchain Race for High-Speed Stablecoin Payments Heats UpWorld Liberty Financial Blacklists Justin Sun's Address With 107M WLFIFigmas 91M Bitcoin Bet Isnt a Michael Saylor Move, CEO SaysCrypto Treasury Names Hammered Further as Nasdaq Reportedly Ups ScrutinyFireblocks Dives Further Into Stablecoins With Intro of In-House Payments NetworkTop StoriesAsia Morning Briefing: Outperform or Die? BTC Treasury Firms Versus ETFsCrypto Treasury Names Hammered Further as Nasdaq Reportedly Ups ScrutinyWorld Liberty Financial Blacklists Justin Sun's Address With 107M WLFIBitcoin Slips Below 110K as Analysts Weigh Risk of Deeper PullbackStripe, Paradigm Unveil Tempo as Blockchain Race for High-Speed Stablecoin Payments Heats UpNFL Opener Draws 600K on Polymarket as Platform Targets 107B Sports Betting IndustryIn this articleBTCBTC110,497.611.32.
*Reporting by Coindesk.*
Crypto Treasury News: Mega Matrix (MPU) Files $2B Shelf to Fund Ethena (ENA) Bet
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