Mega Matrix files with SEC to establish ENA treasury with $2 billion value

Decoding the DAT Strategy: ENA is the Key Asset

The shelf registration, once effective, will allow MPU to raise up to $2 billion in tranches, adjusted based on market conditions and capital needs, without the need to file multiple SEC filings.

Proceeds will fund systematic purchases of ENA on the open market, targeting unstakeable tokens for instant governance and yield exposure.

Unlike holding USDe directly, ENA positions MPU to benefit from Ethena’s “fee conversion” — an on-chain mechanism that, when activated, distributes protocol revenue to holders, potentially including staking rewards and incentives.

Ethena’s ecosystem is tailor-made for this gamble. USDe, a delta-neutral synthetic dollar backed by hedged crypto collateral (e.g. ETH/stETH longs offset by perpetual futures short positions), has exploded to a $12.5 billion market cap — the third-largest stablecoin behind USDT ($168 billion) and USDC.

It generates returns from positive funding rates in the bull market, accumulating over $500 million in gross profit revenue since launch. Staked USDe (sUSDe) offers a flexible APY averaging 10-15% by 2025, attracts DeFi liquidity, and integrates with Aave, Curve, and Pendle.

ENA, with a total supply of 15 billion (6.9 billion in circulation), governs the protocol: Holders elect a Risk Committee twice a year and vote on parameters such as collateral allocation and expansion (e.g. SOL support).

Staked ENA (sENA) accumulates rewards from ecosystem airdrops (e.g. 15% of Ethereal's future supply) and restaking via Symbiotic to ensure cross-chain security.

MPU sees ENA as a “stake in the stablecoin ecosystem,” providing financial benefits through fee sharing and “a seat at the table” for decisions that shape decentralized currencies. This strategy extends beyond ENA to other governance tokens, pooling resources to influence the broader expansion of DeFi, but starting “exclusively” with ENA to create centralized impact.

Fluctuations in great ambition

For MPU, its $2 billion book value far exceeds its $113 million market cap, raising concerns about dilution — the stock fell 6% initially, down 30% since the August correction. DAT stocks like SharpLink and BitMine have fallen 70-80%, trading below NAV amid scrutiny of the Nasdaq.

ENA's volatility (down 49% from its all-time high of $1.32) is tied to the risks of the USD: mass liquidations, failures of custody systems (e.g., hacked exchanges), and negative equity during recessions.

Ethena mitigates risk through an insurance fund, but overcollateralization (more than 150%) leaves the cryptocurrency vulnerable to capital outflows. Regulatory ambiguity remains: the SEC considers some tokens to be securities, and clarification of the GENIUS Act is still pending from the Treasury Department. The MPU warns of implementation risks, including the inability to buy at a desired price and broader economic shocks.

ENA unlocking (e.g. October 2, 2025 for contributors) could put pressure on price, with 54% of supply still vested until 2028.

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