Mega Matrix Files To Issue Up to $2B Shares For ENA Treasury

Mega Matrix Inc. has filed a universal shelf registration statement to expand its governance token treasury, with Ethena’s ENA its primary target. The filing with the U.S. Securities and Exchange Commission (SEC) supports the company’s plan to issue up to $2 billion in shares.

Filing Targets ENA and Broader Stablecoin Governance Tokens for Treasury Expansion

The registration, on Form F-3, once effective, will allow Mega Matrix to offer securities worth up to $2 billion. According to the press release, these securities may include Class A ordinary shares, preferred shares, debt securities, and warrants. The company said proceeds will be used to systematically accumulate stablecoin governance tokens under its DAT strategy. This comes as regulators also make progress regarding stablecoin oversight. Recently, the U.S. Treasury sought public input on the GENIUS Act.

Ethena’s ENA token is a key part of the plan, but not the only focus. Mega Matrix confirmed its intent to acquire leading governance tokens across stablecoin ecosystems. The firm emphasized that governance tokens offer both economic benefits and influence in each of their respective networks.

The company said the filing was part of its long-term plan to establish one of the biggest stablecoin governance token treasuries. Mega Matrix will influence the future of stablecoin through its treasury, which focuses on ENA and other governance tokens. It also aims to secure digital asset reserves for the long term.

The registration has not yet been declared effective by the SEC. No securities can be sold until approval, and specific terms will be disclosed in future prospectus supplements.

Mega Matrix Is Using Share Authorization to Build a DeFi Treasury

The company also emphasized that the $2 billion share authorization offers essential flexibility. The management said it positions the company to steadily build governance token holdings, beginning with ENA but expanding to a wider set of tokens critical to stablecoin systems.

The company acknowledged risks tied to its ENA treasury strategy. They include volatility in ENA and other digital assets, regulatory uncertainty, reliance on future financing and broader economic conditions. Similar strategies are emerging across the industry, with Everything Blockchain tapping Flare’s XRP DeFi framework for crypto treasury.

Another issue is the possibility of litigation and competition. The filing notes the ways listed companies are using regulated share offerings to explore the digital asset market. Provided a successful implementation, the ENA treasury of Mega Matrix could serve as an example of how established firms approach decentralized finance using authorized capital-raising techniques.