The NYSE-listed firm plans to build up ENA, the governance token of the Ethena protocol, as a treasury asset.
Mega Matrix Inc. (MPU), a holding firm that trades on the NYSE American alternate, has filed a $2 billion shelf registration with the U.S. Securities and Alternate Fee to construct the primary publicly traded company treasury centered on ENA, the governance token of the Ethena protocol.
The corporate’s technique is anchored in capturing each yield and asserting governance affect over USDe, Ethena’s stablecoin, because it continues to develop quickly. At the moment, USDe has a market capitalization of over $12.5 billion, up considerably from $5.7 billion at the beginning of summer time.
Since August 2024, this stablecoin’s market capitalization has grown greater than 200%, in contrast with 87% for Circle’s USDC and 39.5% for Tether’s USDT, The Defiant lately reported.
“We selected ENA as a result of the USDe protocol has already demonstrated verifiable sustainability. It generated over $100 million in cumulative income in simply 250 days – one of many quickest DeFi protocols in historical past to succeed in that milestone,” mentioned Colin Butler, Government Vice President and International Head of Markets at MPU, per a press launch. “By August 2025, in about 500 days, USDe expanded its circulation to $10 billion, setting a brand new report for stablecoin development pace.”
Songtao Jia, Chief Technique Officer of MPU, echoed that as stablecoins have gotten the “spine of digital finance,” it is sensible for MPU to deal with stablecoins and ENA. “Simply as Bitcoin is considered ‘digital gold’ and Ethereum as ‘digital oil,’ stablecoins are more and more acknowledged because the ‘infrastructure’ of digital finance,” Jia mentioned.
The information comes as extra establishments undertake Digital Asset Treasury (DAT) methods and stablecoin adoption grows underneath new laws. In mid-July, the U.S. Home of Representatives handed the GENIUS Act, which was subsequently signed into regulation by President Donald Trump on July 18.
The entire market capitalization of stablecoins now exceeds $285 billion, up over 5% in simply the previous week alone. Tether’s USDT holds a 58% market share, down from 62% final month, with a market capitalization of $168 billion, per DefiLlama.
MPU’s transfer additionally comes simply over a month after Ethena Labs introduced the formation of a brand new ENA-focused treasury firm dubbed StableCoinX. That ENA treasury firm raised a complete of $360 million and plans to checklist its inventory on Nasdaq underneath the image USDE sooner or later.
“MPU’s technique is to primarily purchase unlocked ENA from the spot market, which supplies rapid governance rights,” Jia instructed The Defiant. “Against this, StablecoinX focuses on buying locked ENA from the Ethena Basis and insiders.”
ENA is presently buying and selling at $0.65, down 10% on the day, however nonetheless up almost 13% over the previous month, based on CoinGecko.
