Mega Matrix Files $2 billion SEC Registration for Stablecoin Yield Play

- Mega Matrix targets Ethena governance tokens with $2 billion filing. - Strategy focuses on revenue and protocol influence through synthetic assets. On September 4, 2025, Cointelegraph reported that Mega Matrix filed a $2 billion SEC shelf registration. The company plans to advance its stablecoin strategy through Ethena’s ENA governance token. Having recently pivoted to digital assets, the small-cap holding company now aims to acquire governance tokens tied to Ethena’s synthetic stablecoin ecosystem. Mega Matrix’s approach focuses on gaining indirect exposure to revenue streams from Ethena’s synthetic stablecoin, USDe, while also securing influence over the protocol’s governance. Because Ethena’s unique mechanism allows ENA holders to benefit from redistributed protocol revenues, the company seeks an advantageous position within this innovative ecosystem by prioritizing ENA holdings over direct USDe involvement. This filing coincides with a growing trend among firms that use digital asset treasury strategies to generate yield. Regulatory developments have further fueled interest in synthetic alternatives like Ethena’s USDe. For instance, the US GENIUS Act prohibits stablecoin issuers from directly paying yield to holders. As of 16:15 UTC on September 4, Ethena (ENA) was trading at $0.673, a 7.462% decrease within the last 24 hours, while Ethena USDe (USDe) was trading at $1.001, a 0.011% increase during the same period.