Nyse-listed firm Mega Matrix (MPU) Filed A $ 2 billion shelf registration on Thursday to establish a digital asset ark dedicated to ENA (This)The token management of the Stablecoin protocol Etherna.
According to filing the Securities and Exchange Commission (Sec)The firm can sell up to $ 2 billion of security, with plans to use proceeds from future offerings to accumulate crypto assets.
The company’s stock refused about 6% before recovering the news. It has still dropped almost 30% since the firm revealed Its crypto pivot on August 25th.
Using the move, Mega Matrix said it aims to be the first -first company that has exchanged the public to claim the Digital Asset Treasury in Stablecoin management by avoiding Ethena’s ENA token.
Ethena is the decentralized finance (Defi) Protocol behind $ 12 billion USDE “Digital Dollar,” a token designed to maintain a stable $ 1 price and produce yield by handling cryptocurrencies spots like bitcoin Ether (Et) seller (Shorting) equal amounts of derivatives. Managing the token protocol can benefit from protocol revenues once the mechanism is activated.
In July, a newly formed company called Stablecoinx announced Similar plans to go public through a spac merger and establish an ENA treasury, which targets to close the deal at the end of the year.
Treasury companies of digital assets, or DAT, have taken Wall Street by storm, with listed companies pivoting in cryptocurrencies by raising funds to traditional capital markets. Strategy (Mstr) This playbook has been signed to eventually become the biggest owner of the Bitcoin corporation, while recent -only enterprises will further their focus on smaller tokens.
However, the May explode By many names that have dropped 70% -80% in recent months and some have traded below the net asset value of their holdings.
Read more: Crypto Treasury names were still beaten while NASDAQ reported scrutiny
