NYSE-listed agency Mega Matrix (MPU) filed a $2 billion shelf registration on Thursday to determine a digital asset treasury centered on ENA (ENA), the governance token of stablecoin protocol Ethena.
In line with the submitting with the Securities and Alternate Fee (SEC), the agency might promote as much as $2 billion of securities, with plans to make use of proceeds from future choices to build up crypto belongings.
The corporate’s inventory declined as a lot as 6% earlier than recovering following the information. It is nonetheless down almost 30% for the reason that agency disclosed its crypto pivot on August 25.
With the transfer, Mega Matrix stated it goals to be the primary publicly traded firm to anchor its digital asset treasury in stablecoin governance by stashing Ethena’s ENA token.
Ethena is the decentralized finance (DeFi) protocol behind the $12 billion USDe “digital greenback,” a token designed to maintain a gentle $1 worth and generate yield by holding spot cryptocurrencies like bitcoin , ether (ETH) promoting (shorting) equal quantity of derivatives. The protocol’s governance token ENA may gain advantage from protocol revenues as soon as the mechanism is activated.
In July, a newly-formed firm referred to as StablecoinX introduced related plans to go public by way of a SPAC merger and set up an ENA treasury, concentrating on to shut the deal by the top of the 12 months.
Digital asset treasury corporations, or DATs, took Wall Avenue over by storm, with listed corporations pivoting to amass cryptocurrencies by elevating funds on conventional capital markets. Technique (MSTR) pioneered this playbook to finally change into the biggest company proprietor of bitcoin, whereas current entrants more and more turned their focus to smaller tokens.
Nonetheless, the pattern could have already burst with a number of names plunging 70%-80% up to now months and a few already buying and selling beneath the web asset worth of their holdings.
Learn extra: Crypto Treasury Names Hammered Additional as Nasdaq Reportedly Ups Scrutiny
