Mega Matrix Inc. (MPU), a Singapore-based company listed on the NYSE American exchange, has filed a $2 billion universal shelf registration with the U.S. Securities and Exchange Commission (SEC) to bolster its stablecoin governance token strategy. The filing, made on Form F-3, aims to build a substantial treasury centered on governance tokens within stablecoin ecosystems, with a particular focus on Ethena's ENA token.

The shelf registration, once approved by the SEC, will grant Mega Matrix the flexibility to offer various securities, including Class A ordinary shares, preferred shares, debt securities, warrants, and units. The company intends to use the proceeds to systematically acquire stablecoin governance tokens, furthering its "DeFi Asset Treasury" (DAT) strategy.

Mega Matrix's primary target is Ethena's ENA token. The company believes that governance tokens like ENA represent the equity of stablecoin ecosystems. By building strategic positions in these tokens, Mega Matrix aims to gain both financial upside and influence the future direction of these networks. The company envisions becoming the largest stablecoin governance token DAT company.

The move comes as regulators are increasingly focusing on stablecoin oversight. The U.S. Treasury, for example, has sought public input on the GENIUS Act. This legislation prohibits issuers from directly paying yield to stablecoin holders, which has inadvertently fueled demand for synthetic yield-bearing alternatives like Ethena's USDe.

Ethena's USDe is a synthetic stablecoin that maintains its dollar peg using a mix of collateral hedged with perpetual futures contracts. This mechanism allows the protocol to generate yield from derivatives markets. As of August 2025, Ethena Labs reported that the protocol's cumulative gross interest revenue had surpassed $500 million. USDe has since become the third-largest stablecoin by market capitalization, reaching $12.5 billion.

Mega Matrix's decision to focus on ENA rather than holding USDe directly aligns with the evolving regulatory landscape. By accumulating ENA tokens, the company aims to capitalize on Ethena's "fee-switch" mechanism, an on-chain feature that could distribute a share of protocol revenues to token holders once activated.

The $2 billion share authorization provides Mega Matrix with essential flexibility to steadily build its governance token holdings. The company's management believes that governance tokens are the equity of stablecoin ecosystems, such as ENA. By building strategic positions, Mega Matrix gains both financial upside and a seat at the table where the future of money is being coded.

Mega Matrix's strategic shift towards stablecoin governance tokens marks a significant transformation of its business model and capital structure. While the shelf registration is awaiting SEC approval, it signals the company's ambitious intentions to establish a major presence in the decentralized finance (DeFi) space and influence the development of stablecoin ecosystems.