Mega Matrix is a publicly traded holding company that has shifted towards digital assets. The company has submitted a $2 billion shelf registration application to the U.S. Securities and Exchange Commission (SEC) to fund treasury strategies focused on stablecoins, highlighting that more companies are experimenting with digital asset reserves.
The funds are intended to be directed towards the Ethena stablecoin ecosystem, with proceeds used to accumulate the governance token ENA (ENA) of the protocol. Mega Matrix stated that this move aims to allow the company to access the revenue generated by Ethena's synthetic stablecoin USDe while ensuring influence over protocol governance.
In SEC terminology, a shelf registration is a regulatory filing that allows a company to register securities for future issuance, enabling it to sell shares in tranches rather than all at once.
In its announcement, the company emphasized that the strategy "focuses on ENA, concentrating influence and revenue on a single digital asset."
Mega Matrix plans to establish a significant position in ENA rather than directly holding USDe, which may benefit from Ethena's "fee conversion" mechanism—a blockchain feature that, once activated, allocates a portion of protocol revenue to ENA holders.
The company noted that the rapid growth of leading stablecoin issuer Circle and the rise of digital asset treasury strategies are driving its focus on Ethena.
It also cited the U.S. GENIUS Act, which prohibits issuers from directly paying yields to stablecoin holders. Ironically, this restriction has driven demand for synthetic yield-bearing alternatives like Ethena's USDe.
"Because the GENIUS Act prohibits issuers from providing yields directly to holders, investors are turning to yield-bearing stablecoins or staking stablecoins for returns," said Julio Moreno, head of research at CryptoQuant, in an interview with Cointelegraph.
Ethena's model differs from traditional fiat-backed stablecoins like USDC or USDT. USDe is a synthetic stablecoin designed to maintain its dollar peg using a mixed collateral portfolio hedged through perpetual futures contracts. This structure allows the protocol to generate revenue from funding rates in the derivatives market.
Although still smaller than its collateralized competitors, Ethena's growth is notable. In August, developer Ethena Labs reported that the protocol's cumulative total interest income had exceeded $500 million.
According to CoinMarketCap data, USDe has risen to become the third-largest stablecoin globally, with a market capitalization of $12.5 billion.
Mega Matrix's $2 billion shelf registration is unusually large for a company of its size. The company currently has a market capitalization of approximately $113 million, with first-quarter revenue dropping to $7.74 million and a net loss widening to $2.48 million. Its core business remains the short video streaming platform FlexTV.
Its shift to a digital asset treasury strategy is not entirely unexpected; just a few months ago in June, the company spent $1.27 million to purchase Bitcoin (BTC).
Even so, Mega Matrix is not alone in adopting digital assets as a balance sheet strategy. Many smaller companies are either adding cryptocurrencies to their treasuries or fully transitioning to digital asset holdings.
A recent example is ETHZilla, a former biotechnology company that has accumulated hundreds of millions of dollars worth of Ethereum (ETH) through various financing strategies. Other companies taking a similar path include BitMine Immersion Technologies, SharpLink Gaming, and Bit Digital.
Despite rapid growth, significant risks are associated with digital asset treasury strategies, according to Josip Rupena, CEO of lending company Milo. In an interview with Cointelegraph, Rupena compared the model to collateralized debt obligations—complex financial products that played a central role in the 2008 financial crisis.
"There is this aspect where people take a relatively reliable product, past mortgages or today's Bitcoin and other digital assets, and then start engineering them, taking them in directions where investors are uncertain about what exposure they are getting," he said.
Related: Driven by DEX, trading bots, and whale meme coin speculation, Avalanche activity continues to surge.
Original article: “Mega Matrix applies for $2 billion shelf to build Ethena stablecoin governance treasury”
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