Mega Matrix, a publicly traded company, has filed a $2 billion shelf registration to establish a digital asset treasury centered on Ethena's governance token, ENA. This strategic pivot aims to make Mega Matrix the first publicly traded company to anchor its treasury in stablecoin governance, offering investors a proxy for the fast-growing stablecoin sector.

Ethena is the decentralized finance (DeFi) protocol behind the USDe "digital dollar," a synthetic dollar that maintains its peg and generates yield through a delta-neutral hedging strategy involving spot cryptocurrencies and shorting an equivalent amount in derivatives. By focusing its treasury on ENA, Mega Matrix is betting on the growth of the Ethena ecosystem and the increasing importance of its governance token. This development signals a broader trend of traditional financial players seeking exposure to the burgeoning digital asset space, not just through direct holdings but also by investing in the underlying infrastructure and governance of DeFi protocols.