Mega Matrix filed a $2 billion shelf registration with the U.S. Securities and Exchange Commission (SEC). The company plans to use the funds to build a treasury focused on the Ethena stablecoin ecosystem.
The company aims to accumulate Ethena’s ENA token, which provides both governance rights and access to protocol revenue. Mega Matrix said the strategy is “exclusively on ENA, concentrating influence and yield in a single digital asset.”
Instead of holding USDe stablecoin directly, Mega Matrix will depend on the ENA token’s onchain “fee-switch” mechanism. Once active, this feature distributes part of Ethena’s revenue to ENA holders.
Ethena Stablecoin USDe and Market Growth
The Ethena stablecoin USDe is synthetic and backed by collateral hedged with perpetual futures. This model differs from fiat-backed stablecoins such as USDC or USDT.
Ethena generates yield by using funding rates in derivatives markets. This design allows USDe to maintain its peg while producing interest revenue. Ethena Labs reported that its cumulative gross interest revenue crossed $500 million in August.
According to CoinMarketCap, USDe reached a market capitalization of $12.5 billion, making it the third-largest stablecoin globally. Its rapid growth highlights how synthetic models are competing with traditional stablecoins.
GENIUS Act Shapes Ethena Stablecoin Demand
The U.S. GENIUS Act prohibits stablecoin issuers from paying yield directly to holders. This rule has increased demand for yield-bearing alternatives like the Ethena stablecoin USDe.
Julio Moreno, head of research at CryptoQuant, explained: “Precisely because the GENIUS act banned issuers from providing yield directly to holders, investors are turning to yield-bearing stablecoins or staked stablecoins to get yield.”
Mega Matrix cited the GENIUS Act as one reason for focusing its strategy on ENA tokens. By accumulating ENA, the company gains indirect exposure to Ethena’s revenue without breaching restrictions on stablecoin issuers.
Mega Matrix Market Position and Treasury Strategy
Mega Matrix has a market capitalization of about $113 million. In its latest quarterly results, the company reported revenue of $7.74 million and net losses of $2.48 million. Its main business is still FlexTV, a short-form streaming service.
Despite its smaller size, the company filed for a $2 billion shelf, far larger than its current value. In June, Mega Matrix also bought $1.27 million in Bitcoin, signaling its move toward digital asset treasury strategies.
Other companies have followed similar paths. ETHZilla, originally a biotechnology firm, built a large Ethereum treasury worth hundreds of millions of dollars. Firms like BitMine Immersion Technologies, SharpLink Gaming, and Bit Digital also added crypto assets to their balance sheets.
