Singapore-based holding company Mega Matrix (NYSE: MPU) has filed a universal shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (SEC) on September 4, 2025. The filing seeks to grant the company flexibility to issue up to $2 billion in various securities, including Class A ordinary shares, preferred shares, debt securities, and warrants, over the next three years.
The capital raised will be earmarked for the company's DeFi Asset Treasury (DAT) strategy, which focuses on the systematic acquisition of key stablecoin governance tokens. Mega Matrix specifically named Ethena's ENA token as a primary target, aiming to build one of the largest stablecoin governance token treasuries in the decentralized finance space.
According to company management, governance tokens like ENA represent "the equity of stablecoin ecosystems," providing both financial upside and significant influence within these ecosystems. The company believes accumulating these tokens will give it "a seat at the table where the future of money is being coded."
Despite the ambitious strategy, initial market reaction was skeptical. Following the announcement, Mega Matrix's shares dropped 3.83% to $1.75, according to Yahoo Finance data. The company acknowledged risks including market volatility, regulatory uncertainty, and competition in the DeFi space.