Ethereum News Today: Mega Matrix Bets $2B on DeFi Governance—Is DAT's New Era Ready?

Mega Matrix, a NYSE-listed company, has filed a $2 billion shelf registration with the U.S. Securities and Exchange Commission (SEC) to establish a digital asset treasury focused on ENA, the governance token of the stablecoin protocol Ethena. The move positions the firm as the first publicly traded company to anchor its digital asset treasury in stablecoin governance. The company disclosed that proceeds from future securities offerings will be used to accumulate crypto assets, particularly ENA.

The announcement initially triggered a 6% drop in Mega Matrix’s shares before the stock partially recovered. However, the stock remains down nearly 30% since the firm first announced its pivot to the crypto space on August 25. This market reaction reflects broader skepticism about the viability of digital asset treasury (DAT) strategies, particularly as several firms in the sector have seen their stock prices decline by 70% to 80% in recent months. Some of these names are trading below the net asset value of their holdings, indicating a growing market correction.

Ethena, the DeFi protocol behind the $12 billion stablecoin USDe, plays a central role in Mega Matrix’s strategy. USDe is designed to maintain a $1 peg while generating yield by holding spot cryptocurrencies such as Bitcoin and Ethereum. The protocol’s governance token, ENA, is expected to benefit from protocol revenues once its mechanism is activated. This integration into the stablecoin governance framework represents a broader trend of DeFi protocols seeking to align corporate treasury strategies with tokenized financial instruments.

The DAT trend gained significant traction in 2025 as traditional Wall Street firms sought to raise capital on traditional markets to amass crypto assets. MicroStrategy (MSTR) was an early pioneer in this strategy, eventually becoming the largest corporate owner of Bitcoin. More recently, firms have increasingly focused on smaller tokens, such as ENA, which is central to Mega Matrix’s new strategy. In July, another company, StablecoinX, announced similar intentions to go public via a SPAC merger and establish an ENA-focused treasury, aiming to close the transaction by the end of the year.

Despite these developments, the DAT sector has shown signs of overvaluation. As Nasdaq reportedly increases its regulatory scrutiny of the space, investors are reassessing the risks associated with crypto-backed treasuries. The recent performance of DATs highlights the growing disparity between market expectations and the underlying fundamentals of crypto assets. While the sector was initially seen as a disruptive force in traditional finance, the current market environment suggests that investors are becoming more selective, emphasizing liquidity, transparency, and governance in their evaluations of digital asset strategies.

Mega Matrix’s move underscores the evolving landscape of corporate treasury management in the crypto space. The company’s decision to anchor its digital treasury in governance tokens signals a shift from purely speculative crypto holdings toward more structured and protocol-aligned strategies. As regulatory clarity and market stability continue to develop, the success of such strategies will depend on their ability to demonstrate tangible value and resilience in the face of macroeconomic and market volatility.

Source:

[1] Mega Matrix Files $2B Shelf to Fund Crypto Treasury Bet on Ethena (https://www.coindesk.com/business/2025/09/04/mega-matrix-files-usd2b-shelf-to-fund-crypto-treasury-bet-on-ethena)

[2] Understanding Decentralized Finance (DeFi): Basics and Risks (https://www.investopedia.com/decentralized-finance-defi-5113835)

[3] Mantle 2.0: New Meta Accelerating DeFi-CeFi Convergence (https://cointelegraph.com/news/mantle-2-0-new-meta-defi-cefi-convergence)

[4] Ethereum's Trillion-Dollar Ambition: Are We About to See a Return to Ethereum Wave (https://token.im/blog/en-us/articles/50356093732249-Ethereum-s-Trillion-Dollar-Ambition-Are-We-About-to-See-a-Return-to-Ethereum-Wave)