Mega Matrix has fired the first shot in its ambitious $2 billion strategy by acquiring 3.86 million ENA tokens. This move signals a bold corporate pivot from streaming content to directly accumulating governance power within the foundational layers of DeFi.
Summary
- Mega Matrix launched its $2 billion DeFi treasury plan with a $3 million purchase of 3.86M ENA tokens.
- The Singapore-based firm plans weekly ENA accumulation as part of its DeFi Asset Treasury strategy.
- Shares jumped 15% pre-market following the announcement.
According to a press release dated Sept. 12, the Singapore-based holding company Mega Matrix (NYSE: MPU) executed its inaugural purchase under a new DeFi Asset Treasury (DAT) strategy, acquiring $3 million worth of Ethena’s ENA token.
The acquisition, averaging $0.7117 per token inclusive of fees, was accumulated over a two-week period using the one-day volume-weighted average price. Mega Matrix management confirmed in the statement that this is not a one-off trade, but the initial step in a systematic, weekly accumulation plan contingent on market conditions.
“Moving forward and based on market conditions, we plan to systematically execute our strategy by accumulating ENA on a weekly basis, reinforcing our commitment to building the premier treasury reserve for stablecoin governance tokens,” the team said.
From shelf registration to ENA accumulation
The ENA purchase is an execution of a plan Mega Matrix first telegraphed to the market just days ago. On Sept. 4, the company filed a universal shelf registration statement on Form F-3 with the Securities and Exchange Commission, a move that, once effective, grants it the flexibility to raise up to $2 billion over a three-year period through the potential issuance of various securities, including shares, debt, or warrants.
The company said this potential capital pool is earmarked solely for its DAT strategy, with ENA named as a primary target for systematic accumulation. According to management, governance tokens like ENA represent “the equity of stablecoin ecosystems” and can provide a “seat at the table where the future of money is being coded.”
Investors appeared receptive to the shift. Following the announcement of the ENA purchase, Mega Matrix’s stock climbed 15% in pre-market trading to $1.94, according to Yahoo Finance data. That response stands in contrast to the initial filing earlier this month, which saw shares slip nearly 4% as the market digested the scale of the $2 billion plan.
