Mega Matrix Inc. (MPU) Files for $2 Billion Shelf Registration

Mega Matrix Inc. (MPU), a holding company on the NYSE American exchange, has filed a $2 billion shelf registration with the U.S. Securities and Exchange Commission. This move aims to create the first publicly traded corporate treasury focused on ENA, the governance token for the Ethena protocol.

Strategic Focus

MPU’s strategy involves capturing yield and asserting governance over USDe, Ethena’s stablecoin, which has rapidly increased in value. Currently, USDe boasts a market capitalization exceeding $12.5 billion, a significant rise from $5.7 billion at the start of summer.

Since August 2024, the stablecoin’s market cap has grown over 200%, compared to 87% for Circle’s USDC and 39.5% for Tether’s USDT, as reported by The Defiant.

“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. He noted that by August 2025, USDe’s circulation is expected to reach $10 billion, a new record for stablecoin growth.

Growing Importance of Stablecoins

Songtao Jia, Chief Strategy Officer of MPU, emphasized that as stablecoins become the backbone of digital finance, MPU’s focus on stablecoins and ENA is strategically sound. “Just as Bitcoin is seen as ‘digital gold’ and Ethereum as ‘digital oil,’ stablecoins are increasingly viewed as the ‘infrastructure’ of digital finance,” Jia stated.

This announcement comes amid an increasing institutional adoption of Digital Asset Treasury (DAT) strategies, facilitated by new regulations, including the recent passage of the GENIUS Act.

The overall stablecoin market capitalization now exceeds $285 billion, marking a 5% increase in just one week. Tether’s USDT currently holds a 58% market share, down from 62% last month, with a market cap of $168 billion, according to DefiLlama.

New Developments

MPU’s decision comes shortly after Ethena Labs announced the creation of a new ENA-focused treasury company called StableCoinX, which raised $360 million. StableCoinX is set to list its stock on Nasdaq under the symbol USDE in the future.

“MPU’s strategy focuses on acquiring unlocked ENA from the spot market to gain immediate governance rights,” Jia explained. “In contrast, StableCoinX is focused on purchasing locked ENA from the Ethena Foundation and insiders.”

Current Market Conditions

As for ENA, it’s currently trading at $0.65, experiencing a 10% drop today but still reflecting a 13% increase over the past month, according to CoinGecko.